As part of this adoption, our campus will be migrating to the Oracle Financials Cloud (OFC) platform, which is also being adopted by many other campuses. The current CFS utilizes Oracle’s PeopleSoft Financial Supply Chain Management 9.2 software; however, Oracle has announced that primary support for PeopleSoft may end in December 2031. PeopleSoft is primarily used within Business & Financial Services as significant components of the software are not compatible with other campus departments, who therefore rely on custom applications for their financial management processes. These customized systems, such as the Grand Unified System (GUS), were initially developed to address unique reporting needs of smaller campus departments and will no longer be necessary with the capabilities of the new CFS. Additionally, the campus will be adopting OFC procurement to provide real-time integration with financials. Integration of research fund tracking within the OFC system will improve extramural and intramural fund management, both in day-to-day operations and in reporting.
A restructured and managed COA, combined with standardized financial reports, will provide the campus with the opportunity for a singular, unified financial tool that will improve training and unify processes on campus, enabling the accurate and timely management of campus financial resources.