ISU Extension Futuring Committee:
Action Plan 5 Resource Materials

Financial Management and Revenue Generation

Update as of March 28, 2006

Short-term Goal 1:

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

Action Steps Completed (ISU Extension Finance Team):

• Selected Extension County Accounting Strategic Planning Committee
• Extension County Accounting Strategic Planning Committee defined the strengths and weaknesses of the current county accounting system
• Extension County Accounting Strategic Planning Committee defined specifications for an integrated user-friendly system that allows report writing for enhanced management reports
• Extension County Accounting Strategic Planning Committee approved a Request For Proposal (RFP) for new County Accounting software – RFD bids due Dec. 16
• Extension County Accounting Strategic Planning Committee approved a software implementation plan that includes a 11 county pilot program beginning July 1, 2005
• Extension County Accounting Strategic Planning Committee approved the 11 county pilot counties
• Extension County Accounting Strategic Planning Committee selected Computer Team, Inc. as the consultants for the implementation of Cougar Mountain Accounting software
• Defined detailed implementation plan  [25K PowerPoint file]

Future action steps:

• Identify policy and guidelines for an accounting system that will provide systemic and consistent reporting
• Work with County Councils, Strategic Planning Committee and CEED’s to define management reports
• Complete implementation by July 1, 2006

Short-term Goal 2:

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

Action Steps (ISU Extension Finance Team):

• Chair the Extension Fiscal Officers Committee

  Fiscal officers have met monthly beginning in June, 2004

• Developed training manual for new Extension fiscal offices
• Meetings have included University fiscal officers including: Johnny Pickett, Lynn Prior-Miller, Carla Sacco, Stephanie Fox and Kathy Dobbs to discuss the University accounting/reporting system(s) and define enhanced reporting capabilities
• Determined that a new chart of accounts was not realistic due to the large number of continuous grants that currently have individual account numbers, however, it is possible to develop a “cross-walk” that will allow the current chart of accounts to be “pulled” into new Extension defined reports.
• Define income statement financial reports and create format by July 2005

In process:

• Working within the current system to define FY04 data into an income statement
• Working with CECS business manager to define reporting functions that include an income statement and project accounting

Challenges:

• Extension units do not all want to incorporate detail budgeting
• Extension units do not all want to utilize a detailed management report