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Meeting of the Finance Committee September 14, 2012

Meeting of the Finance Committee September 14, 2012 . New Internal Financial Model Objectives. Provide tools that will allow the University to operate more efficiently in a future constrained by limited resources.

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Meeting of the Finance Committee September 14, 2012

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  1. Meeting of the Finance CommitteeSeptember 14, 2012

  2. New Internal Financial ModelObjectives • Provide tools that will allow the University to operate more efficiently in a future constrained by limited resources. • Emphasize transparent decision-making, incentive-based allocations and prudent stewardship of University resources. • Empower the individual academic units to be innovative and cost efficient. • Build incentives into the system to encourage entrepreneurism among our deans, administrative leaders, faculty and staff. • Enable us to align our resources more precisely with our core mission areas of education, research, patient care and service.

  3. New Internal Financial Model Accomplishments • President’s statement of purpose • Researched peer financial models • Conducted financial reporting needs analysis • Reconciled common data set for modeling • Began revision of budget process to transition to new model • Supported change preparedness assessment – academic & service • Charged Steering Committee Task Forces: • Financial reporting, system preparedness, and training • Communications and change management • Revenue and incentives • Cost and service level architecture • Decision-making, governance and policy making

  4. New Internal Financial ModelTimeline The University will transition to the new financial model in conjunction with budget development cycles Here Launched May 18, 2011 By President Sullivan Implement Phase 1 Monitor Phase 1 Design Phase 2 Design Phase 1 Implement Phase 2 Conceptual Study May 2011-July 2012 Aug. 2012 – Dec. 2012 Jan. 2013 – June 2013 Jan. 2014 – June 2014 July 2013 – Dec. 2013 Stage 5 Stage 1 Stage 2 Stage 3 Stage 4 Budget Development Cycle FY2014-15 Budget Development Cycle FY2013-14 Budget Development Cycle

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