Implementation Report for Action Plan 5

Iowa State University Extension

ISU Extension Futuring Committee:
Action Plan 5 Implementation Report

Financial Management and Revenue Generation

Plan Leader: Laurie Gustafson

Long-Term Goal

Define and implement accounting and financial reporting systems to effectively manage a complex organization by July 1, 2007.

Short-Term Goals

1. Define and implement an enhanced, integrated ISU Extension county accounting and financial reporting system for all 100 county offices by July 1, 2006.

2. Define and implement an enhanced ISU Extension campus accounting and financial reporting system for all program areas by July 1, 2007.

3. Merge revenue generation goals into the planning phase of program development by July 1, 2005.

4. Continue annual revisions of the pricing process for revenue generation, maintaining consistency within and across units, as appropriate.

Action Steps (ISU Extension Finance Team) for Short-Term Goal 1

Laurie Gustafson will chair an Extension County Accounting Strategic Planning Committee that will

1. Develop a plan to enhance the current system to become an integrated system for all county accounting functions and financial reporting. Plan to be defined by December 31, 2004.

2. Define new or enhanced software to meet the requirements of the Strategic Planning Committee by March 31, 2005.

3. Train bookkeepers, office assistants and county directors in the pilot counties by June 30, 2005.

4. Implement new or enhanced system for pilot counties by July 1, 2005. Revise as necessary in first year of the pilot program.

5. Bookkeepers from pilot counties begin training all other county bookkeepers/office assistants (January 1, 2006 to June 30, 2006). Complete implementation by July 1, 2006.

Action Steps (ISU Extension Finance Team) for Short-Term Goal 2

1. Laurie Gustafson will chair the Extension Fiscal Officers Committee to develop a new chart of accounts by March 31, 2005, and define income statement financial reports and create format by July 1, 2005.

2. Work with ISU Accounting and ATS to design bridge features between the ISU Accounting system and the newly defined Extension income statement reporting by July 1, 2006.

3. Work with program fiscal officers to implement the new monthly income statement reports monthly by December 31, 2006.

4. Work with the ISU Extension Finance Team to implement the new consolidated income statement for Iowa State University Extension to be all inclusive (programs, counties and ISU Extension) by July 1, 2007.

Action Steps (provided by Administrative Team)

1. Be proactive in focusing on programming goals with staff that also will support revenue generation needs. Program should drive revenue generation, not vice versa. Setting ambitious programming goals will force revenue generation.

2. Use existing or new tools, such as the revenue generation worksheet, throughout the program planning phase.

3. Where appropriate, encourage a shift from staff serving a geographical area to using expertise as driven by market and client need.

4. High profile, statewide programs need consistent pricing in all publicity and marketing. If a county feels that the cost needs to be reduced, it should be done locally by sponsorship but all marketing material remains consistent throughout the region.

5. Develop a process for consulting with field staff/county staff to adequately recover expenses for statewide programs.