With the implementation of Responsibility Centered Management (RCM), the way Ohio University budgets and reports results against the budget plan have significantly changed. It became apparent that a redesign effort should be considered for the current Chart of Accounts (COA) to better align with the RCM budget model and framework. As a result, the University has engaged Navigator Management Partners to assist in this effort.
Below is a list of the initial project goals defined for the Chart of Accounts Redesign project.
- Implement a more meaningful Chart of Accounts to address the reporting & programmatic needs
- Responsibility Centered Budgeting
- Management and financial reporting
- Position the University to develop and implement Grants Accounting
- Increase the reporting capabilities to meet the requirements of the University
- Provide flexibility to categorize and aggregate data across the University
- Enhance fund source identification
- Create hierarchies that allow the ability to "drill down" to the lowest level
- Review and improve categorization of Natural Accounts
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