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For additional information on the OneStream project, please see:

Advisory Committee Terms of Reference

Enterprise Budget & Forecasting Software Solution

1. Purpose

The Advisory Committee for the Enterprise Budget & Forecasting Software Solution project supports the Steering Committee by providing operational perspectives, advice, and insights regarding the institutional budget tool project. The Advisory Committee plays a critical role in the project’s success by making recommendations to the Steering Committee based on the expertise of its members.

2. Project Background

Current State

The operating and ancillary funds budgeting and resource allocation process at the university currently relies solely on manual Excel-based methods, leading to inefficiencies and increased susceptibility to human error. This process involves substantial time spent gathering and validating data, resulting in inconsistencies and hindered decision-making.

Future State

The university aims to implement a comprehensive budgeting and forecasting software solution designed to enhance accuracy, efficiency, and timely decision-making in budgeting and resource allocation processes at both institutional and portfolio levels. This solution will eliminate the need for manual Excel consolidation and improve the overall user experience.

3. Mission Statement

The mission of the Advisory Committee is to provide operational insights and advice that enhance the implementation and utilization of the selected budgeting and forecasting software. The Committee will offer recommendations and provide support that influence key project decisions and outcomes.

4. Committee Objectives

• Operational Insights: Offer recommendations and operational perspectives to the Steering Committee regarding project implementation and any emergent challenges.
• Stakeholder Engagement: Foster communication and engagement among various stakeholders involved in the budgeting and forecasting processes to ensure alignment with institutional goals.
• Project Participation and Resource Allocation: Members may be required to actively engage in various stages of the project or designate a qualified resource from their respective areas to participate in phases such as design and user acceptance testing. Committee members will leverage their influence to ensure that appointed participants receive adequate time and support to contribute effectively to the project.

5. Membership

Membership Term: The Committee will be active until the software has been operational for approximately 3-6 months post-implementation.

Steering Committee Terms of Reference

Enterprise Budget & Forecasting Software Solution

1. Purpose

The Steering Committee for the Enterprise Budget & Forecasting Software Solution is to provide strategic oversight and direction for the implementation and go-live phases of the institutional budget tool project.

2. Project Background

Current State

The university's budgeting and resource allocation process, managed by the Office of Planning and Budgeting, relies solely on manual, Excel-based methods. As a result, the process is inefficient and susceptible to human error. A considerable amount of time is spent gathering and validating information, there is inconsistency in how information is submitted, and decision-making is hindered by the cumbersome processes involved in accessing and retrieving data.

Future State

The university will implement software that facilitates budgeting and forecasting. The solution will address identified risks related to accuracy, inefficiency, and timely decision-making in the budgeting and resource allocation processes at both the institutional and portfolio levels. The selected solution will significantly reduce the need for manual consolidation of Excel spreadsheets and enhance the overall user experience.

3. Mission Statement

The mission of the Steering Committee is to enhance the budgeting, forecasting, and financial analysis capabilities of the institution by overseeing the selection, implementation, and optimization of the selected software solution. The Chair and Project Sponsor, with input from the Steering Committee, will have final decision-making authority over critical project decisions.

4. Committee Objectives

1. Strategic Direction and Alignment: Ensure the project aligns with the institutions overall financial and operational goals.
2. Decision-making Authority: Provide final decision-making authority of critical project elements impacting the budget, timelines, or project scope changes, ensuring accountability throughout the process.
3. Risk Management: Oversee the identification, assessment, and risk mitigation strategies developed by the core project team to ensure appropriate actions are taken to mitigate potential impacts on budget, timelines and scope.

5. Membership

The Steering Committee will be composed of the following members:

Membership Term: The Committee will be active through the summer of 2027 or until the software has been in operation for approximately 3-6 months.