Stratus

Unveiling the STRATUS Chart of Accounts

We’re kicking off our newsletter with a bang: the STRATUS Chart of Accounts redesign! As the foundation for all financials, we knew we had to get the Chart of Accounts right. So we held discovery sessions with dozens of stakeholders to uncover needs. Here’s what we heard:

  • You need the flexibility to track revenues and expenses at all levels—including departments.
  • Some projects and strategic goals span divisions. You need a way to track these costs too.
  • You don’t want to memorize new numbers—you want the existing numbers to work better for you.

Based on this input, we designed the new Chart of Accounts with:

  • A new Cost Center concept enabling you to track costs at the lowest levels within a department, roll them up to the highest levels within the university, and everywhere in between.
  • A new University Objective segment which allows you to track revenue and expenses according to university-wide goals and objectives.
  • No unnecessary new numbers. Wherever logical, Cost Center values equal the current Dept. ID values.

Read on for more details on the STRATUS Chart of Accounts (COA) and overall project progress.

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What's Changing

The biggest change will be a simpler user experience with more intuitive data flows and approvals. You’ll gain access to tools and dashboards that make it easier to track and manage your budgets. You’ll also notice changes to some COA components. Fund Codes will be known as Source Codes and will have new data values. ProjectID will be managed in a new Grants/Projects module outside of the Chart of Accounts. Initiative values will now be available to use for revenues as well as expenses.

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What's Not Changing

Accounts are not changing. You’ll also still have access to the Initiative field to further track and summarize activities within Cost Centers. Note that the Initiative values may or may not change—that will be determined at a future date.

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design sessions were held to inform the Chart of Accounts redesign

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requirements are incorporated into the new COA design

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TU departments are represented on the STRATUS project team

Project Update

Six months into the STRATUS Project, we have hit all of our key milestones on time. We’ve completed the Planning and Alignment phases, held a virtual kickoff, developed the new Chart of Accounts framework, and completed a Change Management Assessment and Strategy. We’ve gained insights and requirements from dozens of discovery and design sessions spanning all of the project workstreams. Now we’re using these insights to inform work on the more technical aspects of the project.

For more information on how STRATUS is modernizing, standardizing, and simplifying TU’s business processes, visit the STRATUS webpage or email the project team.

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Towson University, 8000 York Road, Towson, MD 21252

A University System of Maryland Member Institution