Cornell is implementing the Kuali Financial System (KFS) to replace its aging, unsustainable mainframe financial systems and bring Cornell’s financial technology into the 21st century. The current systems have been in place since the 1970s, and Cornell’s ability to support and maintain the legacy mainframe application is a significant risk that KFS addresses. Additional goals are to improve financial transaction processing with standardization across departments, new workflow features that include a single inbox of action items for users, and enhanced reporting.
This system will provide better financial data for decision making through a new chart of accounts informed by reporting and analysis needs, and will result in more effective and efficient use of reporting tools, minimizing the number of different tools used and eliminating the need for ancillary systems.
More information is available on the Kuali Financial System at Cornell site. Among the resources available on the site are a glossary, details about the new chart of accounts, and a library of videos and presentations.
