Huron Consulting Group Announces efacs(TM)
CHICAGO, Jun 23, 2011 (BUSINESS WIRE) --
Huron Consulting Group (NASDAQ: HURN), a leading provider of business consulting services, today announced efacs(TM), a new web-based facilities and administrative (F&A) system designed to help higher education institutions optimize the reimbursement of costs from federal sponsors to support the research enterprise.
"The recovery of facilities and administrative costs is a critical revenue stream for research institutions," said Laura Yaeger, executive vice president, Huron Education. "The efacs solution helps our clients use more efficient and effective tools to calculate their F&A rate and ensure various allocation methodologies can be readily supported for optimal allocation of costs across the enterprise."
Huron's efacs (electronic facilities and administrative cost system) solution takes into account the specific needs of higher education institutions and academic medical centers that require a sophisticated tool to measure, monitor and chart costs, and recover these federally funded expenditures. The efacs solution works with an institution's existing system and does not require expensive maintenance or complex set-up. Key features include:
- Standard process of documenting and accumulating costs,
- Cost alignment during the review process,
- Detailed audit trail,
- Logical and streamlined allocation process/incorporation of data,
- Efficient uploading of other allocation statistics, and
- Calculation of various F&A rate scenarios using different assumptions and methodologies.
"The efacs solution approaches facilities and administrative cost calculation with the user in mind. It uses a straightforward approach to this complex exercise," said Andres Chan, senior manager of Financial Analysis at the University of Southern California.
William M. Lawlor, director of Financial Compliance and Cost Analysis at the University of Nebraska Medical Center, describes Huron's efacs solution as "intuitive, visual, easy to follow, and logical."
"We designed the efacs solution after listening to our clients, who were looking for more efficient ways to calculate cost rates and prepare their research proposals," said Peter Eschenbach, managing director and Huron Education Technology solution leader. "Because this solution is specifically tailored to this one vital area - facilities and administration - it is uniquely positioned to address the needs of higher education institutions. What's more, it's easy to use and adaptable to any technical environment."
Huron's efacs solution is web-based and written in Java, the most commonly used platform at higher education and research institutions. It will produce A-21 compliant proposals, and its design utilizes tools and structures already in place at universities. Learn more at www.huronconsultinggroup.com/efacs.
Higher education institutions and academic medical centers interested in a demonstration of the efacs solution should contact Michael M. Smith, managing director in Huron Education, at firstname.lastname@example.org.
About Huron Education
Huron Education is the premier provider serving the unique needs of the higher education industry. Our team of professionals, each with extensive knowledge and experience in the business of higher education and academic medical centers, delivers comprehensive services to the industry and partners with institutions to improve business performance across the enterprise. Our professionals draw from their experience working in the strategic, financial, operational, and regulatory aspects of higher education to develop and implement the most effective solutions. Huron Education has helped more than 90 of the nation's top 100 research institutions improve their financial performance so they can continue their traditions of extraordinary achievement.
About Huron Consulting Group
Huron Consulting Group helps clients in diverse industries improve performance, comply with complex regulations, reduce costs, recover from distress, leverage technology, and stimulate growth. The Company teams with its clients to deliver sustainable and measurable results. Huron provides services to a wide variety of both financially sound and distressed organizations, including healthcare organizations, Fortune 500 companies, leading academic institutions, medium-sized businesses, and the law firms that represent these various organizations. Learn more at www.huronconsultinggroup.com
SOURCE: Huron Consulting Group
Huron Consulting Group
Jennifer Frost Hennagir