OneFinance: November 2022 program update

    November 9, 2022

    The OneFinance program team is pleased to share highlights for November and will continue to keep you regularly informed about progress, critical milestones, and what actions you may need to take in building a strong culture of financial integrity, insight, and stewardship of Yale resources.

    OneFinance North Star
    To enable Yale’s mission by simplifying and standardizing financial services in order to make life easier where everyone has a role in building a strong culture of financial integrity, insight and stewardship of Yale resources.
     

    Accomplishments

    Key projects to advance our NorthStar have been identified and prioritized. Including updating the General Purchasing Policy 3201 to include explicit language prohibiting transaction splitting for purchases. The team engaged with the Yale School of Medicine Integrated Business Office to review policy language and develop FAQs. To enhance understanding of this policy change, the Procurement team will review purchase order activity and requests so they can assist departments in promoting purchase order best practices.

    Additionally, community engagement continued through a Listening Post Survey that focused on gathering insights from the participants of the 2019 initial focus group to refresh our insights on several Procurement topics.

    What’s next?

    October

    October & beyond

    November

    Initiate Financial Training Program Development

    Roadshows & communications

    Launch OneFinance web page
        Complete oversight and notification process for split PO Monitoring project

    Initiate a central Dashboard Monitoring project

    Initiate PO Practice and Execution project

    Initiate OneFinance Think Tank

    Initiate Financial Management Optimization project

    Did you know…

    Several other noteworthy projects were completed that, while not part of the OneFinance initiative, advance the objectives of our NorthStar:

    • As part of ongoing efforts to safeguard University assets, Radiant RFID, a new inventory management system, was implemented in FY22. The new system uses Radio Frequency Identification (RFID) technology to send and receive data between asset tags and handheld transponders. What was once a decentralized, manual process for tracking the University’s moveable equipment inventory is now a centrally managed, automated process that ensures the University’s assets are accurately and efficiently tracked. The RFID project was successful due to the hard work, collaboration, and dedication of Business Operations across campus for their support in coordinating, finding, and tagging assets and the entire RFID project team, which included members from the Controller’s Office Business Assets team, Yale School of Medicine (YSM) Controller’s Office, Financial Systems & Solutions and Organizational Change Management.
    • The Finance Training team has completed the following Financial Training eLearning Courses, which are available in TMS (login to VPN to view):

    Questions?

    Please reach out to onefinance@yale.edu with any questions or comments about this important initiative.

    Thank you for your engagement and support.

    OneFinance Program Leads:

    Lisa Varni, Associate Controller, Financial Reporting
    Brian Rebeschi, Executive Director, F&A – YSM Business Operations