Financial Futures FAQ

Financial Futures is the process of developing a new approach to strategic financial alignment behind the mission of CU Boulder. Financial Futures focuses on four primary areas: 

1. Procurement Adoption Strategy 
2. Use of Gift Funds 
3. New Revenue Generation
4. Portfolio Evaluation

This process includes three phases:

• Phase I: Diagnostic
• Phase II: Solution Design
• Phase III: Implementation.  

Additional information on the phases can be found on the Financial Futures webpage.

The Financial Futures Leadership Team:

• Kelly Fox, Executive Vice Chancellor and COO and Russell Moore, Provost and Executive Vice Chancellor for Academic Affairs
• Carla Ho-a, CFO and Ann Schmiesing, Executive Vice Provost for Academic Resource Management

Additional information on Financial Futures Leadership Team’s roles and responsibilities can be found on Financial Future leadership webpage.

Other Personnel Involved:

• Workstream Sponsors and Leads
  • Oversee the development and implementation of projects within their workstreams.
  • Additional information on Workstream Leads and Sponsors can be found on each individual workstream page.
• Project Owners
  • Responsible for the development and execution of projects from the idea stage through implementation.
• Administrative Support
  • Mike Murray – Human Resources and Change Management
  • David Mallett – Budget and Finance

Financial Futures Projects progress through various stages beginning with the idea to approved implementation stage. The Financial Futures leadership team provides final implementation approval following a review of individual projects’ financial and organizational impact, milestones and key performance indicators (KPIs).

In the implementation stage, KPIs are tracked by project owners and measured Workstream Leads and Sponsors to ensure success. Once all milestones have been completed and all activities to create and sustain value have been executed projects may move into the next level with approval from the Financial Futures Leadership Team. At this point, projects are reviewed to determine what, if any, continued funding is needed to realize continued impact and the Financial Futures Leadership Team makes final decisions regarding continuing funding.

Each project has associated KPIs that define success. We are still working out the timing by which projects will be reviewed for KPI progression and budgetary alignment, and expect to have this updated by December 31, 2019. To be considered for continuing funding, projects must meet KPIs and have done so within the approved budget. 

Projects that are not meeting KPIs and/or are out of budgetary alignment may continue with temporary funding, experience scope and/or budget adjustment, or be discontinued as determined by the Financial Futures Leadership Team, in consultation with workstream sponsors and leads.

Continuing funding is contingent on the success of the Financial Futures project for which initial temporary funding is provided. For example, the Financial Futures Retention workstream funds an academic advisor based on the expectation that additional academic advisors will increase retention and that increased retention translates into base funding.

HR encourages hiring managers to work with the recruiting team when they have openings and the team will advise them on options and best approaches given the hiring managers unique circumstances.

For positions funded through Financial Futures, the employee will be notified by the hiring manager if the project is not continued. The Project Owner and Lead will work with the hiring manager and Human Resources on the layoff plan.

Approved projects will be assigned a unique fund 29 speedtype within a unique Financial Futures org. This allows for centralized review and management of all projects associated with Financial Futures.

If successful projects are approved for continuing funding, budget will be allocated to the appropriate department.  For example, a project related to student recruitment will be allocated budget in the applicable general fund speedtype and in the appropriate account code.  The exception is for auxiliary projects, which are self-funded and do not receive budget but will realize additional revenue.

Once a project is approved, Budget and Fiscal Planning initiates the process to create the speedtype housed under a General Campus org. Once created, speedtype information is distributed to workstream Lead(s) and unit fiscal managers. (See also item 1 under Budget and Accounting.)

The approved budget is based on the finalized implementation plan as submitted by the Project Owner, Workstream Lead and Sponsor for review by the Financial Futures Leadership Team.

Once a project has been approved Leads, Sponsors, Project Owners and unit financial staff will be notified of approval and budgetary limits.

Project Owners and Leads are responsible for reviewing and reconciling project budgets in accordance with University fiscal policies including payroll activity. Project owners will need to complete the following Skillsoft courses if they have not already:

• Information Security & Privacy Awareness
• Fiscal Code of Ethics
• Finance System Inquiry

Budget and Fiscal Planning is setting up automatic monthly reports that will be emailed to Project Owners and the unit finance leader.  Project Owners are strongly encouraged to connect with the appropriate unit finance leader in the management of the assigned Financial Futures project.  Project Owners, Leads, and unit finance leaders may reach out to David Mallett in Budget and Fiscal Planning (David.Mallett@colorado.edu) at any time for additional support and clarification. If unit finance leads would like to be added to the automatic monthly report distribution for projects within their areas, please notify David.

Budget and Fiscal Planning will monitor project spending and will notify Leads and Project Owners, and unit finance leader if projects are trending towards overspending.  Each instance of project overspending will be reviewed by Financial Futures leadership and project continuation and/or remedies for overspending will be determined on a case by case basis.

Individuals hired through Financial Futures are eligible for merit pay per University guidelines and merit will be funded through Financial Futures as long as Financial Futures funds the position(s), for whatever portion of salary is funded from Financial Futures funding. If positions funded through Financial Futures transition to ongoing funding, merit funding will align with ongoing position funding.  For example, if a position is added as a result of a Financial Futures project in student affairs, once the project transitions from temporary to ongoing the position will show up on the unit’s roster and merit will be allocated with the rest of the department.

There is a campus merit team that works together to develop and communicate merit processes each spring, and includes HR, Provost Office and Budget Office staff.  That group will include Financial Futures positions in their planning, and will work with units to develop a process and communication about how positions funded through Financial Futures will be handled.  

FF positions that are initially on temporary funds will be rostered in their home unit, even though funding will come from General Campus.