I am formally recommending that the IT infrastructure for the first (and then subsequent) CGB be adopted in whole from http://www.kuali.org/.  I perceive multiple benefits from doing so:

• Kuali is an open source project begun several years ago, so that academic institutions might cooperatively develop and own its mission critical software.  It is quite large, and very well funded (Carnegie Mellon among others).  They have initiated to completion a number of projects (see site), including a financial accounting system.
• The Kuali Financial System (KFS) is a comprehensive suite of
  financial software designed to meet the needs of all Carnegie Class
  institutions. Based on Indiana University's Financial Information
  System (FIS), it is the first of the Kuali projects in the Kuali mold: a collaborative approach to design, an open
  development platform, and a web-based operating environment.
• The idea is to get a CGB started on a well designed financial system and then, using open source development methodologies, to branch the project so that it most efficiently and more specifically meets the needs of CGBs.
• KFS is based on Kuali Rice, an open source framework.  Frameworks are a deep concept that would best be extensively researched to recognize their relative merits – I suggest starting with http://en.wikipedia.org/wiki/L…..frameworks.  See specifically the section on Java frameworks.  Kuali Rice is an extension of the Spring Framework, from Apache.  As such, it is part of a software bundle called LAMP (Linux, Apache, MySQL, and PHP/Perl), to fully implement an open sourced web application server.  
• The IT trajectory underlying the entire Kuali set of projects is most sound.  Licensing is based on the OSI Educational Community License, so provides a basis for free access to the code, and the ability to branch and reuse that code to the benefit of CGBs.
• Adoption would come with many benefits, the most important of which is alignment with a large open source community and the potential for collaborative development.  Many of these are from local academic institutions, including MIT, Boston University, Tufts, and others.  The first node on the Internet was MIT, who subsequently engineered the open standards by which the Internet functions.  Hence Kuali resides close to the source.
• Ultimately the success/failure of an IT project is dependent on a stream of technically competent people, over time, coding to open standards.  There is a greater likelihood of succeeding through alignment with a broad open source community, such as is behind Kuali.
• There are many affiliates to Kuali, including ImpleMentor, which provides training for newbies.  
• Security and identity management are built in, an example of underlying infrastructure that completely pre-solves issues for web applications such as CGBs will require.  Other examples include workflow, notification and portal access.  These components of the Kuali Service Bus (KSB) work together to present to any single person interacting with the application (Depositor, CGB Officer, Clerk, Auditor, Loan Officer, etc.) just what they need, and just in time.  The Service Bus alone makes Kuali worthy of consideration.  See more about the KSB at http://www.kuali.org/rice.