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
An expected budget shortfall of more than $200 million in the next five years presented an immediate challenge to the University of Kentucky’s 2021 strategic plan. An interdisciplinary team identified initiatives that could help resolve this shortfall, through savings and new revenues.
In 2013, the University of Vermont’s (UVM) budgeting system was not meeting the diverse needs of the campus community.
In the early 2010s, Quinnipiac University’s departments functioned as silos, with nonintegrated planning and non-standardized reporting across the institution.
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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.
Today the “investment safety net” is gone and the impact of bad capital decisions has both immediate and long-term implications.