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Finance and Fund Raising: T he President’s Role. AACC Presidents’ Academy April 17, 2010. Helen Benjamin Chancellor Contra Costa CC District, CA Jean Floten President Bellevue College, WA. Resource Management 101. Unique role of the president Pitfalls in budget review

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finance and fund raising t he president s role

Finance and Fund Raising: The President’s Role

AACC Presidents’ Academy

April 17, 2010

Helen Benjamin

Chancellor

Contra Costa CC District, CA

Jean Floten

President

Bellevue College, WA

resource management 101
Resource Management 101
  • Unique role of the president
  • Pitfalls in budget review
  • Becoming “fearless with fundraising”
unique role of president in finances and fund raising
Unique Role of President in Finances and Fund-raising

The President is the chief steward and advocate for the college in this area.

  • As steward, the president manages and holds in trust the property, finances, and other affairs of the institution.
  • As advocate, the president represents the college in all matters.
  • You provide leadership and stewardship to others who follow your lead and watch your every move. Set a superior example.

College assets do not belong to the president but are entrusted to the president for safe keeping and appropriate use.

unique role of president in finances and fund raising1
Unique Role of President in Finances and Fund-raising
  • The president is the public face of the college.
  • Managing funds responsibly and with integrity are key presidential responsibilities.
  • Before the president can fund-raise, s/he must friend-raise.
  • Public trust and confidence are basic to effective fund-raising.
keeping the college financially sound
Keeping the College Financially Sound

Develop a budget process that

  • Is simple and easy to understand
  • Provides for financial stability
  • Provides for an appropriate level of reserves consistent with board policy and direction
  • Is an integral part of the district/college planning process and related to goals and objectives
  • Provides means to address any current or future emphasis directed by the board of trustees
  • Promotes efficient use of district/college resources
  • Allows flexibility for “local” control with accountability
  • Is planned in a multi-year cycle.
keeping the college financially sound1
Keeping the College Financially Sound
  • Operate a balanced budget
  • Develop a nose for numbers, accounting logic and estimates
  • Keep a budget cushion
  • Have good accountability, internal controls/monitoring
  • Provide sound instructions to finance and budget staff
  • Fund-raise

President

setting aside adequate funds in good times for tough times
Setting Aside Adequate Funds in Good Times for Tough Times
  • Rule 1: Estimate revenue conservatively
  • Rule 2: Develop a culture of planning where all requests are considered during annual budget development
  • Rule 3: Spend conservatively
  • Rule 4: Manage year-end balances
  • Rule 5: Keep an adequate reserve
setting aside adequate funds in good times for tough times1
Setting Aside Adequate Funds in Good Times for Tough Times
  • Establish a culture in which a conservative approach to District/college finances is the norm.
  • Develop values that include planning for an uncertain future.
  • Ensure policies and procedures are in place that require a certain level of reserves.
  • Ensure budget management procedures are in place for
    • monitoring internal and external factors that could change budget assumptions;
    • ensuring flexibility in the event of unanticipated changes in revenue, expenses or community needs.
coping with possible layoffs and cutbacks
Coping with Possible Layoffs and Cutbacks
  • Honestly
  • Courageously
  • Openly
  • Prudently
coping with possible layoffs and cutbacks1
Coping with Possible Layoffs and Cutbacks
  • Build relationships
  • Explain budget situation
  • Carefully consider situation/timing
  • Establish planning council
  • Consider unique opportunities
  • Consider early retirements, furloughs
  • Be transparent
  • Meet with affected individuals/units/ unions before communicating plan
  • Treat affected employees with respect and dignity
  • Allow for appeals
pursuing diversified funding
Pursuing Diversified Funding

Know your particular funding model

  • Tuition and fees
  • Grants, contracts
  • Online education
  • Community service and self-support programs
  • Auxiliary services
  • Partnerships: BHAGs
  • Foundations

.”

questions for cfos
Questions for CFOs
  • Has deficit spending been occurring? If so, how is it addressed?
  • Is the college fund balance stable or consistently increasing?
  • Are enrollments increasing, declining, or stable? Are staffing and other expenses adjusted consisted with enrollment trends?
  • Does the college have a consistent, board approved minimum reserve?
questions for cfos1
Questions for CFOs
  • Are collective bargaining agreements settled within revenue sources in the last three years? Are the agreements affordable?
  • Is the college using one-time funds to pay for ongoing expenses?
  • Are internal controls in place to ensure financial integrity?
  • Is position control integrated with payroll?
  • What are the unfunded liabilities? Is there a plan to fund them?
questions for cfos2
Questions for CFOs
  • Headlines
  • Nobody told me…
  • Yikes! Now what…
headlines
Headlines
  • Audit finds college spent $1 million too soon
  • XXXXX college $1 million short
  • Bookkeeping error wasn\'t the first at college
  • College Program Under Scrutiny -- Audit Questions Use Of XXXX Kitchen
general college health
General College Health
  • Have an audit before or right after you are hired.
  • Request audits, whistleblower complaints for last five years. Issues or problems?
  • Facilities master plan? Severe problems; how immediate are they?
  • Current capital projects? Risk of going over budget?
  • Relationship with the City; impacts on building projects?
  • Pending lawsuits?
budget thermometer
Budget Thermometer
  • How are you funded? What revenue can you count on? Where is risk?
  • Contracts sustainable?
  • Budget balanced? Reserves used?
  • How are reserves?
  • Overall debt? How solid is the source of funds paying it down?
  • Self-supporting programs/services? Risk?
  • Over-expenditures?
three pieces of advice about fund raising
Three Pieces of Advice about Fund-Raising
  • If possible, establish an interdependent foundation (501 (c) 3) with the sole purpose of raising money for the college.
  • Hire a fund development expert to run the foundation and make that person an integral part of the college.
  • Develop a fund development plan in which the strategic directions of the college are reflected.
three pieces of advice about fund raising1
Three Pieces of Advice about Fund-Raising
  • Cultivate stages of giving
  • Understand that we must give to get
  • Build partnerships
  • Know it’s about business
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