UFM 2.0: Changes on the Horizon

While news about the implementation of Workday Financials and Adaptive Insights has been at the forefront of our collective minds lately, work to revise the University Financial Model (UFM) has been chugging along in the background and is prospectively set to take off soon.

The UFM 2.0 Implementation Committee, chaired by Eduardo Lorente, Associate Vice Provost for Budget and Financial Planning,  and Katie Walker, Executive Director in Financial Planning & Analysis, and a small group of representatives from across UVA, has been assembled and is charged with ensuring a smooth transition to UFM 2.0.

Revisions to UFM are focused on improving planning and reducing the administrative burden that comes from managing the current model.  Although University executive leadership approval of proposed changes to UFM is pending, the committee recognizes that the FY23 budget development process is rapidly approaching and we need to prepare now for a fall launch.

Through July, August, and September, the committee will work to scope out implementation needs and partner with stakeholders across Grounds in order to make the revised UFM serviceable for all, both pre- and post-go-live of Workday Financials.

Watch the UVAFinance blog for more updates from this group as work ramps up!