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Financial Stewardship Institute: Strategic Investment-Budget Reductions

Financial Stewardship Institute: Strategic Investment-Budget Reductions. S trategic C ollege A sset M anagement Manuel Balesteri , Knight Library Katy Hatfield, VPFA Carol Jones, LCB Mary Page, LERC Sue Wieseke, PE&Rec.

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Financial Stewardship Institute: Strategic Investment-Budget Reductions

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  1. Financial Stewardship Institute: Strategic Investment-Budget Reductions Strategic College Asset Management Manuel Balesteri, Knight Library Katy Hatfield, VPFA Carol Jones, LCB Mary Page, LERC Sue Wieseke, PE&Rec

  2. “We didn’t actually overspend our budget. The allocation simply fell short of our expenditures.”-Keith Davis

  3. The Assignment The budget for the university needs to be cut! SCAM has been hired to create a tool that will assist department leaders in analyzing budget reduction opportunities and identifying strategies for investing limited resources.

  4. The Goal Development of a financial model tool that objectively allows users to evaluate business units, colleges, and programs. The ultimate intent of the evaluation and resultant score the model produces will be to identify (1) unnecessary or duplicated programs; (2) inefficient processes; and (3) overspending.

  5. Critical Assessment Mission: Knowing how programs fit the “big picture”. Financial Commitment: What are the true funding sources and costs associated with programs. Competencies - Knowledge, Skills and Abilities: Identifying weaknesses by understanding strengths. Market: Keeping on top of demand.

  6. The Financial Model Tool

  7. The Financial Model Tool

  8. The Financial Model Tool

  9. The Financial Model Tool

  10. Additional opportunities Across campus collaboration Grants/sponsorships/gifts Sustainable practices

  11. “Never base your budget requests on realistic assumptions as this could lead to a decrease in your funding.” Scott Adams/Dilbert

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