Create Cognos financial reports for presentation, decision-making, and analysis.

Create Cognos financial reports for presentation, decision-making, and analysis. Print All

Initiative Title	Create Cognos financial reports for presentation, decision-making, and analysis.
Submitted in Previous Year(s)	No
Critical Information, Notes, Justification, Rationale	The College's financial reporting capabilities are insufficient. It is rather surprising that a $60 million organization does not have the ability to run or produce a monthly Balance Sheet or any other financial statement with ease, accuracy, and/or confidence. Timely, accurate financial reports are essential for informed decision-making, presentation, and analysis.
Consequences of this initiative not being funded	It will continue to be difficult to make sound, informed business/financial decisions due to the lack/flexibility of good financial reports. Also, information requests from the Board of Trustees may go unanswered because we do not have the information readily available.
Department Goals	Improve financial reporting to enhance data-informed decision making and analysis.
Programs
Locations
Estimated Completion Date	08/31/2020
Will this initiative span multiple budget years?	No
Importance	High
Funding Source	Request for Prioritization
Created	01/15/2019 11:23 am
Updated	06/10/2019 12:10 pm

Institutional Goals

Goal	How will the initiative support this institutional goal?
STRATEGIC PLAN 2015-2020 PRIORITY IV: Efficient and Effective Operations: We will anticipate and adapt to changing economic realities while maintaining the infrastructure and resources necessary to foster innovation and develop & deliver high quality programs and services. c: Review and revise allocation methods to ensure appropriate investment in people, services, facilities, & technologies.	Sound, timely financial reports provide data for analysis, variance reporting, cash flow needs, and decision-making.
STRATEGIC PLAN 2015-2020 PRIORITY IV: Efficient and Effective Operations: We will anticipate and adapt to changing economic realities while maintaining the infrastructure and resources necessary to foster innovation and develop & deliver high quality programs and services. d: Foster a collective commitment to comprehensive planning, assessment, and prioritization to ensure institutional effectiveness.	In order to perform comprehensive planning an organization needs to have a handle on its financial viability for current and future needs.

Action Steps

Action Step	Responsible Party	Order
Assign staff member to become expert Cognos report writer.	VPAF	1
Ensure proper training and development in Cognos financial report writing.	VPAF, IT staff, staff member	2
Design financial reports to be written in Cognos.	VPAF	3
Create designed financial reports in Cognos.	Staff member	4
Use newly created financial reports for presentation, decision-making, and analysis.	Various	5

Expected Outcomes

Outcome	Order
Desired financial reports will be timely, accurate, and useful.	1

Assessment Methods

Method	Description	Other Method	Responsible Party
Other	Enter other assessment method	Financial reports are built and run in Cognos.	VPAF and staff

Resources

INITIAL YEAR COST:	$0.00
RECURRING COST:	$0.00

Equipment

Need	Cost (Initial/Recurring)	Supporting Departments
TOTAL:	$0.00 / $0.00

Facility

Need	Cost (Initial/Recurring)	Supporting Departments
TOTAL:	$0.00 / $0.00

Supply

Need	Cost (Initial/Recurring)	Supporting Departments
TOTAL:	$0.00 / $0.00

Staffing

Need	Cost (Initial/Recurring)	Supporting Departments
TOTAL:	$0.00 / $0.00

Training

Need	Cost (Initial/Recurring)	Supporting Departments
TOTAL:	$0.00 / $0.00

Marketing

Need	Cost (Initial/Recurring)	Supporting Departments
TOTAL:	$0.00 / $0.00

Other

Need	Cost (Initial/Recurring)	Supporting Departments
Use of in-house staff hours	$0.00	Information Services & Network Infrastructure
TOTAL:	$0.00 / $0.00

Prioritization

Level 5 Level 5 Cabinet Middle States	Level 4 Level 4 PBIE Committee	Level 3 Level 3 Academic Affairs and Student Services, Provost, VP Office Administration and Finance, VP Office Board of Trustees Chief Diversity Officer Institutional Advancement, VP Office President, Office of Student Services, VP Office SUNY Orange Foundation Sustainability Workforce Development, Strategy & Innovation, VP Office	Level 2 Level 2 Alumni Relations and Special Events Athletics Business Math Science and Technology, AVP Office Business Office CAPE Career and Internship Services Communications Office Enrollment Mgt and Student Financial Services, AVP Office Facilities Food Tech Grants Health Professions, AVP Office Hudson Valley Educational Consortium Human Resources, AVP Office Information Technology, CIO Office Institutional Planning Assessment and Research Lab School Learning & Student Success, AVP Office Liberal Arts, AVP Office Marketing Newburgh Campus Phi Theta Kappa Security Student Engagement and Completion, AVP Office	Level 1 Level 1 Academic Advising Academic Support Middletown Academic Support Newburgh Academic Technology Accessibility Services Admissions and Recruitment Arts and Communication Behavioral Sciences Biology Bursar Business Capital Projects Center for Student Involvement Center for Teaching and Learning Clinical Laboratory Science Computer Science and Technology Criminal Justice Cultural Affairs Custodial and Grounds Dental Hygiene Deployment & Operations Diagnostic Imaging Education Educational Opportunities Program Educational Partnerships English Enrollment Support Services Environmental Health and Safety ESL CAPE Financial Aid Global Studies Governance Honors Program HVAC Information Services & Network Infrastructure Interdisciplinary Studies Liberty Partnership Program Library Mail and Copy Services Maintenance Mathematics Movement Science Nursing Occupational Therapy Payroll Physical Therapy Records and Registration Science Engineering and Architecture Student Services - Data Management Student Services Central Student Services Newburgh Campus Student Support Initiatives Testing Center TRiO Student Support Services Unused Wellness Center Work Force Development CAPE	Initiative Title	Department
28 Notes View	28 Notes View	2			Create Cognos financial reports for presentation, decision-making, and analysis. $0.00 / $0.00	Administration and Finance, VP Office

Level 4 (PBIE Committee)

The College needs to have sufficient financial reporting abilities to be able to manage its fiscal duties proficiently. This initiative states that our organization does not have the tools to produce an accurate monthly balance sheet with proficiency. While this proposal to design Cognos reports to improve financial reporting is satisfactory to meet this dire need, the committee feels this may be a static measure and not a dynamic and fluid reporting tool and perhaps other alternatives should be considered.

The proper financial reporting tools are essential for strategic planning, for effective and efficient operations and the objectives outlined within this priority. Although there are no costs associated with the current proposal, the College still needs to invest in the correct tools that are specifically designed for financial reporting for data-informed decision making.

Level 5 (Cabinet)

Project is moving forward

Assessment

Date	Department Name	Status	Cost to Date	Funding Source
01/15/2020	Administration and Finance, VP Office	In progress	0.00	Operating Budget