Stanford University_The Role of the Finance Team.pdf
Stanford’s School of Humanities and Sciences (H&S) encompasses 23 diverse departments and 70 interdisciplinary programs and centers. Financial understanding in the budget units varies widely, and, in some cases, is limited. A key goal of the finance team is to improve financial management throughout H&S. The team mentors the school’s administrators and enhances abilities and skill sets at the department and budget-unit level.
A 2010 survey of budgeting challenges put a spotlight on graduate aid, which totaled a significant 20 percent of overall expense across 23 budget units, but was inadequately managed. Learn about two improvement strategies that emerged from the 2010 survey and based on Axiom Software – implementation of (1) the Graduate Forecasting and Planning System (GFPS) and (2) a budget planning system in all units to replace Excel templates with an intuitive system for both finance and non-finance users.
“Continuous support is provided during the entire fiscal year to build those skills sets so that unit-level staff can actively manage throughout the year,”
Jim Henry, Director of Finance, School of Humanities and Sciences
- Enterprise performance management
- Long-range planning
This case study was originally published in an article entitled “Financial Fix,” which appeared in the June 2018 issue of Business Officer, the monthly flagship magazine of the National Association of College and University Business Officers in Washington, D.C.