University of Virginia Library

APPROVAL OF STUDENT SYSTEM REVISED BUDGET

(approved by the Finance Committee on June 7, 2007)

WHEREAS, in October 1999, the Board of Visitors of the University of Virginia authorized the then-Executive Vice President and Chief Financial Officer to initiate and complete the implementation of all phases of the Integrated System project and to approve and execute contracts with software vendors and consulting firms necessary for the successful implementation of the software during those phases; and

WHEREAS, the University successfully implemented the finance phase of the Integrated System Project in July 2001 and successfully implemented the human resource/payroll phase in October 2002, within the approved budget of $39.3 million; and

WHEREAS, in October 1999, the cost of implementing the student information system was anticipated at $15.6 million; and

WHEREAS, the University has completed rigorous selection and negotiation efforts for a software vendor, PeopleSoft Campus Solutions, and for a consulting firm, CedarCrestone, that will provide services to assist with the third phase of the Integrated System project, the implementation of a student information system at the University; and

WHEREAS, the University, with assistance from the consulting firms CedarCrestone and the Gartner Group, has prepared a business case, a revised project budget, and a project plan that includes methodologies to monitor progress, identify and mitigate risk, and to develop and maintain quality within the project; and

WHEREAS, the University recommends a comprehensive, revised budget of $51.2 million; and

WHEREAS, the University anticipates the need for short-term financing; and

WHEREAS, the Board of Visitors has previously authorized up to $20 million in short-term financing, to be repaid by June 2010, for the Integrated Systems Project;

RESOLVED that the Board of Visitors approves a project budget of $51.2 million for the third phase of the Integrated System Project, bringing the total project budget for all three phases to $90.5 million; and

RESOLVED FURTHER that the Board of Visitors increases the short- term financing approved in June 2001 to a maximum of $30 million and extends the term from June 2010 until December 2019, ten years after the completion of the student system implementation; and

RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer is authorized to execute all contract and loan documents; and

RESOLVED FURTHER that the Executive Vice President and Provost and the Executive Vice President and Chief Operating Officer shall provide reports to the Finance and Educational Policy Committees no less frequently than semi-annually describing progress on the project and compliance with the business plan.