Monika Leininger
Mleinin1@uwyo.edu
The University of Wyoming has recently approved the implementation of its first institution-wide accounting and reporting system that will cost around $30 million in light of recent budget cuts.
The new system will help make fiscal matters at the university more cohesive and encompassing of needs.
“The problem is that we do not have a fiscal communication across the university, it’s hard to keep track of how the dollars are flowing,” David Jones, vice president of academic affairs, said.
UW has not seen an upgrade in its accounting technology in 20 years.
Chad Baldwin, UW director of institution communication, said the current accounting system is not sufficient for an institution of this size.
“The systems we currently have implemented don’t talk to each other, all units around campus have had to comb together their own systems for tracking and reporting of expenses,” Baldwin said.
The new accounting system is projected to cost around $30 million. Payments for the system will be made throughout the next three fiscal years.
According to a message from UW President Dick McGinity Monday, the state legislature has appropriated $5 million for this new system as well as $5 million from the state block grant. The new system is also being funded by unspent personnel funds and reserve accounts and other appropriated funds from the university.
According to the message, UW will be seeing many changes in the next couple of years including job losses, tuition raises and decreases in funding of some departments.
Even so, Baldwin said the new accounting system should be the university’s top priority.
“It is coming at a tough time but the current set-up is essentially an embarrassment, this is something that cannot wait,” Baldwin said. “Plenty of people believe that a better system to track finances could help us get through financial stress.”
The new system will be employed in a fade process throughout the next several years. The university hopes to have the entirety of the system implemented by the 2018-19 fiscal year.
