Design the Right Budget Approach to Quickly Adapt to Change
What We Do
We’re experts in robust budget model design for higher education, ensuring your budget process aligns with your strategic goals.
The business environment for colleges and universities demands a more forward-looking integrated budgeting model. This model should include planning for labor, grants, capital, and year-end forecasting in a single, coordinated framework.
Our team of higher education consultants will guide you to design, build and implement your institution's new budget model.
Define
We'll evaluate your current state, engage various stakeholders, and define budgeting objectives to align with best practices
Design
This step includes alignment of processes with strategic goals, keeping in mind the impact on all parties and departments
Implement
We'll coordinate internal processes to ensure appropriate buy-in and accountability from all stakeholders
How We Help
Build a Better Budget Model
We’ll help you develop a single framework for the annual budgeting process based on a comprehensive view
of your institution’s strategic plans and available resources. This framework identifies, defines, and sequences
the key participants, deliverables, and dependencies in the budget process.
A good financial budgeting model will establish strong connections between the financial plan, annual budget, and year-end forecasts.
We’ll help you evaluate the financial implications of strategic options while the strategic plan is in development and quantify resources
required long-term to support your strategy at an acceptable level of risk.
Featured Higher education insights
2019 Higher Education CFO Outlook: Performance Management Trends and Priorities
This report addresses how leaders of higher education institutions view the current business environment and investigates whether strides are being taken to stay viable in 2019 and beyond.
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Capital Allocation: Making Integrated Decisions in a Dynamic Environment
Today the “investment safety net” is gone and the impact of bad capital decisions has both immediate and long-term implications.
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Taking It Higher: Elevating the Role of Finance in Higher Education to Meet New Business Challenges
This compilation case study outlines specific actions University of Kentucky, Tufts University, Quinnipiac University, University of Vermont, University of New England, and Stanford University are taking to overcome new challenges caused by the changing business environment in higher education.
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Financial Outlook: 2018 Report for Higher Education
Kaufman Hall recently surveyed finance teams and key institution leaders to gauge institution priorities impacting their financial outlook for 2018, challenges they face, and key actions they plan to ensure financial performance.
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Talk with one of our experts to discuss the right path forward for your organization