Overview of college and university finance
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Overview of College and University Finance Presented by: John Griffith and David Proulx Purposes FINANCIAL MANAGEMENT ACCOUNTING CONTROL PLANNING BUDGETING REPORTING How does this relate to me? Does your unit have diverse revenue sources?

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Overview of college and university finance l.jpg

Overview of College and University Finance

Presented by:

John Griffith and David Proulx


Purposes l.jpg
Purposes

FINANCIAL MANAGEMENT

ACCOUNTING

CONTROL

PLANNING

BUDGETING

REPORTING


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How does this relate to me?

  • Does your unit have diverse revenue sources?

  • Are you over dependent upon one revenue source?

  • What steps if any is your unit taking to diversify your revenue?


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Reviewing the Tuition Mix

  • What does this mean?

  • What are the risks?

  • What are the opportunities ?


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Fund Accounting Overview

  • We use fund accounting

  • Funds established based on purpose of fund

  • Major fund groups are:

    • Current Funds

    • Plant Funds

    • Endowment Funds



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Current Unrestricted Funds

  • Educational and General Fund

    • Instructional operating funds of the University

    • Tuition, indirect cost recovery and state appropriation revenue

  • Internally Designated Funds

    • Funds - designated for a specific program - example: study away programs, PI funds

  • Auxiliary Enterprise Funds

    • Supported through separate revenue streams (fees)

    • Examples include: MUB, Campus Rec, Housing, Dining


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Current Restricted Funds

  • Restricted Gifts

    • Donations from alumni, corporations and others

    • Funds can only be used in accordance with donor’s restrictions

  • Grants/Contracts

    • Federal, State and private grants to perform research or public service.

    • Expenditures must be in compliance with Federal and State regulations as well as Grant Proposal/Awards.


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How does this relate to me?

  • Do you understand all the external restrictions on your funds?

  • This is a large area of exposure.


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Plant Funds

  • Includes fixed assets and long-term debt

  • Capital construction and Repair & Renovation fund

  • Capital Replacement


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How does this relate to me?

  • Is your unit saving funds in a plant fund to replace a capital asset (car, equipment, computers, future renovations)?

  • Should you be?


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Endowment Funds

  • Gifts from an external donor that can not be expended.

  • A portion of the investment income (4%) is paid out to be expended according to donor’s restrictions.

  • Quasi endowments are designated by Trustees.


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How does this relate to me?

  • Does your unit have a quasi-endowment fund?

  • What are the advantages and disadvantages of establishing a quasi endowment fund?


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How does this relate to me?

  • What is an appropriate level of reserves?

  • What factors impact appropriate reserve levels?


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