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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

Overview of College and University Finance

Presented by:

John Griffith and David Proulx

purposes
Purposes

FINANCIAL MANAGEMENT

ACCOUNTING

CONTROL

PLANNING

BUDGETING

REPORTING

how does this relate to me
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?
reviewing the tuition mix
Reviewing the Tuition Mix
  • What does this mean?
  • What are the risks?
  • What are the opportunities ?
fund accounting overview
Fund Accounting Overview
  • We use fund accounting
  • Funds established based on purpose of fund
  • Major fund groups are:
    • Current Funds
    • Plant Funds
    • Endowment Funds
current unrestricted funds
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
current restricted funds
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.
how does this relate to me17
How does this relate to me?
  • Do you understand all the external restrictions on your funds?
  • This is a large area of exposure.
plant funds
Plant Funds
  • Includes fixed assets and long-term debt
  • Capital construction and Repair & Renovation fund
  • Capital Replacement
how does this relate to me19
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?
endowment funds
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.
how does this relate to me22
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?
how does this relate to me24
How does this relate to me?
  • What is an appropriate level of reserves?
  • What factors impact appropriate reserve levels?
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