Initiative Title | Create Cognos financial reports for presentation, decision-making, and analysis. |
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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 |
Goal | How will the initiative support this institutional goal? |
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Sound, timely financial reports provide data for analysis, variance reporting, cash flow needs, and decision-making. |
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In order to perform comprehensive planning an organization needs to have a handle on its financial viability for current and future needs. |
Action Step | Responsible Party | Order |
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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 |
Outcome | Order |
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Desired financial reports will be timely, accurate, and useful. | 1 |
Method | Description | Other Method | Responsible Party |
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Other | Enter other assessment method | Financial reports are built and run in Cognos. | VPAF and staff |
INITIAL YEAR COST: | $0.00 |
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RECURRING COST: | $0.00 |
Need | Cost (Initial/Recurring) | Supporting Departments | |
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TOTAL: | $0.00 / $0.00 |
Need | Cost (Initial/Recurring) | Supporting Departments | |
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TOTAL: | $0.00 / $0.00 |
Need | Cost (Initial/Recurring) | Supporting Departments | |
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TOTAL: | $0.00 / $0.00 |
Need | Cost (Initial/Recurring) | Supporting Departments | |
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TOTAL: | $0.00 / $0.00 |
Need | Cost (Initial/Recurring) | Supporting Departments | |
---|---|---|---|
TOTAL: | $0.00 / $0.00 |
Need | Cost (Initial/Recurring) | Supporting Departments | |
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TOTAL: | $0.00 / $0.00 |
Need | Cost (Initial/Recurring) | Supporting Departments | |
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Use of in-house staff hours | $0.00 |
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TOTAL: | $0.00 / $0.00 |
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.
Project is moving forward