Finance executives in colleges and universities nationwide commonly experience the tension between administrative “outsiders” and academic “insiders.” Communication challenges can emerge due to differences in business and management experience, financial education, and understanding of the univer
In the early 2010s, Quinnipiac University’s departments functioned as silos, with nonintegrated planning and non-standardized reporting across the institution.
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.
Today’s CFOs must be able to connect the dots in comprehending how all university functions relate. Understanding and supporting the intersection of finance functions and institutional goals and direction are critical.
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The short-term focus of operating budgets renders them an insufficient planning tool. However, many institutions still rely only on operating budgets and lack an integrated planning process that includes a long-range plan.
Although tuition revenue is a critical source of funding for higher education institutions in the US, the industry’s tuition planning processes and systems lack the maturity to overcome common challenges.