On behalf of UCSB Finance and Resource Management (FARM), we would like to announce the Financial Management Modernization Program (FMM), a multi-year program that aims to transform UCSB’s financial management capabilities by implementing enhanced budgeting, accounting, and financial reporting throughout campus. The program is sponsored by FARM and led in partnership with divisional financial officers and a team of stakeholders from various UCSB departments.
Why is our financial system changing?
Currently, the lack of standardization around financial processes on campus makes data gathering and analysis extremely difficult, increasing organizational risk. Elements of the new system will make it easier for all levels of organizational units to create budgets, categorize transactions, analyze, plan, and manage their financial accountability.
Significant components of the current system’s software, PeopleSoft, are not compatible with other campus departments, who therefore rely on custom applications to manage their finances. The new system will utilize Oracle Financials Cloud (OFC), a platform that provides significant usability and integration improvements, real-time reporting capabilities, and an enterprise budgeting system.
The UC Office of the President has mandated that all campuses shift to a single, unified Common Chart of Accounts (CCOA) by July 2024. Since the chart is a foundational component of financial reporting for all departments on campus, this change essentially requires a reimplementation of the entire campus financial system. The need for reimplementation presents an opportunity to leverage modernized software and tools that maximize efficiency, primarily through implementing OFC software.
How can I stay informed?
As we progress through the program timeline and get closer to our go-live date of July 2024, we will support departments and staff through the necessary stages of this critical transformation. Expect future communications containing important reminders, requests, and dates to be aware of.
We will host a virtual, campus-wide town hall for all system users on Tuesday, May 24 from 1-2 p.m. PT. The town hall will provide a detailed overview of the program and discuss what is changing, what to expect between now and the go-live date, and how to engage. Employees will have the opportunity to ask questions and learn more about core capabilities of OFC. Please encourage your staff members who currently work with the campus financial system to attend the town hall, and inform them of training and tasks required for system users as they are communicated to you. Click here to register for the town hall.
If you would like to obtain more information before the town hall, please visit the project website at financemanagement.ucsb.edu. Here you can learn more about the project’s timeline, members of the governance board, and frequently asked questions.
As a program comprising various departments, we understand that concerns may arise in regards to resource constraints that exist on campus, as well as the change fatigue that has resulted from previous projects. Past lessons learned at UCSB have helped us improve how we manage major transformations to best support our campus through this implementation.
Thank you for your cooperation and support in modernizing our campus financial system.