CHIEF FINANCIAL OFFICER
June 30, 2016
ALL ACADEMICS AND STAFF AT UC SAN DIEGO
On July 1, 2016, UC San Diego begins the new fiscal year operating under the Simplified Operating Funds Initiative (SOFI). The initiative consolidates 60 individual funds into 2 funds that support core operations in order to reduce complexity in the financial management of unrestricted campus resources. It also helps the campus meet the reporting expectations of various stakeholders on how their funds are spent.
Departments will receive their FY 2016/17 core operating budgets in SOFI funds and should begin spending those budgets on July 1. During the past five months, campus has worked hard to get ready for implementation, creating new indexes, replacing payroll distribution lines, and consolidating operating budgets from multiple funds into the SOFI funds. I extend a very hearty thank you to those who have participated in making these changes.
The adoption of SOFI requires transitional activities to ensure continuity between the current method of financial management and the future simplified model: for example, exchanging carry-forward balances in legacy funds for SOFI funds and replacing indexes in downstream financial and reporting systems.
Remember, SOFI does not change how much money our campus has available to spend on operations, nor does it change budget decisions or allocation methodologies. SOFI does not include any restricted funds, like contracts and grants income, or funds that are designated for a specific use, such as those generated from our health system clinical enterprise or the self-supporting programs on campus.
If you are just now hearing about the initiative, I invite you to watch our narrated overview For other information, including critical dates, a list of the 60 funds that are included in SOFI, and other resources, visit the SOFI website, at http://blink.ucsd.edu/finance/budget/sofi/index.html.