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Executive Steering Committee Decisions


WyoCloud Executive Steering Committee Decisions

Decision Date Approved Decision Background
UW Conversion to Accrual Accounting July 7, 2016 With the implementation of the Oracle Cloud Finance System, UW will adopt accrual accounting to record transactions.  This approach will ensure best practice compliance with GASB/FASB accounting standards and will also result in:
  • Streamlining of the budget process to compare progress on university objectives and improve decision making with the distribution of funds available;
  • Common, consistent definitions and procedures can be implemented at the university across colleges for the recording and reporting of financial information; and
  • The ability to produce reports at the required level of summary or detail, with significantly less manual effort or adjustments needed to produce timely & accurate financial reports at any time during the fiscal year.
UW will use a single business unit September 14, 2016 This is an overall system setting in the Oracle system and based on business practices at UW and recommendation from our partners at Oracle, UW will use a single business unit in the future state.
UW will transition to a more open security model October 6, 2016  
A budget year reference will no longer exist within the new Chart of Accounts. October 6, 2016 During the budget redesign process the University will establish new carry-forward policies and processes, where appropriate, for budget amounts not used in a budget year.
WyoCloud finance system will start with balance sheet values only at the start of the system period on 7/1/17.  5 years of historical data will be held in the Data Warehouse.  November 3, 2016 The configuration and integrations team recommended converting 3 years of historical data, based on industry best practices.  Based on need for 3 full biennium’s of data for accurate forecasting in the future, 3 years of data will be initially available in the data warehouse and an additional 2 years of data will be converted after go-live. 
UW transition to use of per diem February 9, 2017 The official travel policy will change to provide per diems for meals while traveling. The per diem amount, a specific amount of money an organization gives an employee per day to cover living expenses when traveling for work, will be based on federal rates, but departments will have the discretion to set rates that do not exceed that amount. Federal per diem rates can be found at the US General Services Administration website.

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