Dear Colleague,
Over the past few months, many of us have been accessing finance data to help close out budgets for FY25 and establish FY26 budgets that support the effective stewardship of the institution.
While budgets might have been top of mind recently, finance data is the most frequently used data throughout the year at KU. Thank you to users across campus who access AIRE's growing suite of financials dashboards to make data-informed decisions so that KU's resources are used effectively.
Two Finance Dashboards you should know about:
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Check out the Budget Summary page to explore budgets, expenses, revenue encumbrances, forecasts and current balances for all KU units.
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Developed in partnership with the CFO's Office, the Sources and Uses Dashboard is used for budget planning purposes, showing how effectively a unit utilizes their resources.
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These dashboards provide timely, accurate, integrated data accessible to everyone at KU. There is a lot of finance data for you to explore and analyze, so it's essential to understand where the data comes from, where it is stored, and how it is processed.
In this edition of Open AIRE, we'll walk you through the finance data lifecycle at KULC, highlighting how data from everyday transactions - like travel requests, purchases, and payroll - that happen in multiple source systems is consolidated into a single place for your strategic and operational reporting.
As ever, please reach out to AIRE-help@ku.edu if you have any questions.
With very best wishes,
Corinne Bannon | Chief Strategy & Data Officer and Vice Chancellor
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Finance data is generated every day at KU. It is created when payroll is processed, travel requests and receipts are submitted, budgets are updated, tuition is assessed, and departmental procurement cards are used, to name just a few examples.
At KULC, finance data therefore starts its life in a wide variety of different source systems managed by units spread across the campus.
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Key Source Systems for Finance Data:
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Financials in the Cloud (FITC)
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KULC's source of record for financial transaction data including accounts payable, accounts receivable, general ledger, purchase orders, suppliers, and chartfields. FITC is managed by FMS (Financial Management System), within the Controller's Office. Tuition data from Enroll & Pay also becomes data in FITC.
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| Oracle Budget Planning Cloud System (PBCS)
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The Budgeting & Planning system stores data relevant to budgeting financial data. Entries created in PBCS are the source of budget and projection information at KU.
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| Data relevant to Endowment funds.
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| Data relevant to travel and p-card expenses.
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To make data-informed decisions the finance data generated in the source systems needs to be brought together in one place. Using Oracle Data Integrator, the data found in each source system is extracted, transformed, and then loaded into the AIRE Data Warehouse.
The data warehouse stores KU data from different sources - student, HR, finance, research etc. - providing a single, integrated source for cross-system data access.
The financial datamart, for example, merges data from all areas of the finance domain into a single source of integrated truth that is used campus wide.
Partnership with KU financial colleagues ensures uniform decision-making regarding reporting methodology.
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3) Data is made available for campus users
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Finally, data is made available to consumers, primarily through dashboards and reports on Oracle Analytics Cloud (OAC), as well as official and ad hoc reports.
OAC is one of KU's business intelligence platforms. This tool is commonly used to surface, analyze, and visualize finance data from the AIRE data warehouse.
In order to ensure data accuracy, a reconciliation dashboard is monitored daily. Additionally, AIRE partners with the Controller's Office and Office of Research annually to verify the financial datamart reconciles to the general ledger.
- An example of data available through OAC would be Financials at a Glance, KULC's most used dashboard.
- An example of official reporting that uses financial data are the various Rankings KU is a part of.
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A Summary of the Finance Data Lifecycle |
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You can explore KULC's finance data further on Oracle Analytics Cloud (single sign-on is required). Select the "Financials" tab to access available finance-related dashboards.
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If you have any questions about finance, or any other data-related question, please contact AIRE at AIRE-help@ku.edu
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1450 Jayhawk Blvd., Room 21 University of Kansas | Lawrence, KS 66045 US
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