As you have probably heard, the mission of the Managerial Reporting Project is to enable accurate, consistent, accessible and reliable information required to steward UVa’s resources to promote academic excellence and affordability. In the last blog post, we announced that we met the first deliverable of the project: the deployment of the Hyperion Profitability and Cost Management (HPCM) tool. The tool allows us to generate summary-level reports that demonstrate how the University Financial Model (UFM) works.
HPCM generates an operating statement which allows, for the first time, schools and units to view both the GA and GL revenue and expense data, compare budget against actuals, and view direct and indirect costs—all generated in a single report using both financial data and non-financial drivers. The statement includes revenues and central cost services as allocated under the UFM. Delivered in just a few months, HPCM was important to implement quickly, as it supports the UFM which was rolled out early this fiscal year.
HPCM, however, does not and was not intended to replace the detailed reporting and utility of Discoverer, nor does it provide budgeting and forecasting capabilities. Beyond the HPCM tool, additional efforts are underway to address the broader reporting needs for the University—including the eventual replacement for Discoverer, anticipated over the next two years.
HPCM is just one module of the overall reporting strategy, and its successful rollout to an initial targeted audience is a huge win for Managerial Reporting and the entire HPCM project team. Access to HPCM and training has been delivered to specific users in the schools and the central service units who are using UFM. Next month we will show you an example of the operating statements generated by HPCM.
No comments
Post a Comment