To: Campus Unit Finance Leads
From: Steve Agostini, Associate Vice Chancellor for Finance and Budget
I am pleased to announce that the University has selected OneStream as our campus-wide budget tool. We are planning to begin using the tool when budget planning for fiscal year 2024 begins this fall. Eventually, the budget tool will also be used for forecasting and reporting all funds at the University, as well as budgeting for capital projects.
OneStream provides a market-leading intelligent finance platform that unifies financial consolidation, planning, reporting and analytics through a single cloud-based solution, providing a comprehensive and dynamic view of the entire enterprise. The OneStream platform is used by over 950 enterprise customers in over 30 countries.
We engaged a group of school and division financial leaders to give input into requirements and help select the budget tool through a robust RFP process. We will continue working with this group to make decisions about how best to configure the tool so that it helps increase the transparency of the University’s budget and provides the information the University needs to make decisions for the years ahead.
Finance and Budget will continue to standardize practices to create a unified process for budgeting. While we are still determining the full scope of the rollout, we can share that:
- The new budget tool will provide a more inclusive look at your school or division’s budget.
- OneStream will be the system of record for budgets and will integrate with ConnectCarolina.
- At this time, controlling budget in ConnectCarolina using budget journals and budget transfers will stay the same.
- We will not replace the processes the Office of Sponsored Research (OSR) uses to manage budgets for sponsored research, although all funds including OSR budgets will be reflected in the tool.
This summer, we’ll know more about the scope of the rollout and who will have access to OneStream for the next budget cycle, and we will begin planning and providing communications, training, and other materials to support this transition. We will share slides that you can use to talk to your staff in the coming week and will share additional information through monthly updates.OneStream for Budgeting Slides