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Budgeting and Financial Management at Case 101 Overview of the Case Budget Session 1

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Title: Budgeting and Financial Management at Case 101 Overview of the Case Budget Session 1


1
Budgeting and Financial Management at Case
101Overview of the Case BudgetSession 1
October 26, 2006
  • John Anderson, Provost
  • Hossein Sadid, Chief Financial and Administrative
    Officer

2
Budget and Financial Management at Case
101Course Objectives
  • Session I Understand the alignment between
    academic and financial priorities
  • Understand the budget process on a university
    and school level
  • Session II Ability to read and understand the
    Universitys Budget Book
  • Session III Become familiar with financial
    drivers endowments, debt and working capital

3
Guiding Principles for Financial Management
  • Responsible risk taking guided by strategic
    academic plans and priorities
  • Focus on business plans to support spending
  • First quartile endowment performance
  • Capital investment guided by integrated planning
  • Debt supported by credible business plans
  • Transparency in all activities and communications
    coupled with accountability
  • Focus on optimal maintenance of physical assets

4
Office of Planning and BudgetsReporting Lines

CFAO Finance and Admin.
Provost Academic
VP Planning Budget (Split Personality)
5
Office of Planning and Budgets Functions
  • The reorganized Office of University Planning and
    Budget will oversee the following major functions
    (Aug. 2004)
  • Financial planning linked to the strategic plan
    (five-year plans, budget development)
  • Budget management (forecasting, compliance,
    control)
  • Institutional research (benchmarking,
    internal/external reporting, trend analysis)

6
Financial Planning/Budget/Forecast Process (FY07)
Resource Key FSBC Faculty Senate Budget
Committee UPC University Planning Committee UBC
University Budget Committee
THIS CYCLE ASSUMES THAT A STRATEGIC PLANNING
PLATFORM EXISTS VISION/GOALS/OBJECTIVES
7
Refresh Five Year Plans (FY08-FY12)
  • Certain revenue (i.e. undergrad tuition,
    endowment payout) and expense (i.e. indirect cost
    allocations, fringe rate, partnership fee)
    assumptions will be provided to the schools to
    refresh their five-year plans
  • The final document produced by The University
    Planning Steering Committee will be used as a
    guide
  • Input from the University Planning Committee, the
    University Budget Committee, and the Faculty
    Senate Budget Committee will be incorporated into
    the process
  • The schools will be asked to update their plans
    based on an integration of their priorities with
    university-wide goals
  • In a decentralized university, planning proceeds
    on two fronts simultaneously locally, from a
    school-specific perspective and globally from a
    university-wide perspective. The sum of the
    local perspectives does not always equal the
    global one! Nor should it. The trick is to keep
    the system loosely coupled enough to sustain
    faculty and decanal entrepreneurship and survive
    in a complex world, yet tightly coupled enough to
    create a sense of the whole, a sense of bonding
    commonality, of one university. (Edward L.
    Whalen, Responsibility Center Budgeting,1991)

8
Fiscal Year 2007 Revenue BudgetUniversity-wide
(000s)
  • Total Revenues - 815.7 million
  • Research and Training 37
  • Tuition Fees 30
  • Endowment Income 9
  • Overhead Recovery 9
  • Auxiliary Services 5
  • Restricted/Unrestricted Gifts 5
  • Other Sources 4
  • Organized Activities 1
  • State Support .5

9
Fiscal Year 2007 Revenue BudgetBy School (000s)
  • Total Revenues 815.7 million
  • Medicine 50
  • UGEN 15
  • Arts and Sciences 10
  • Engineering 9
  • Management 5
  • Law 3
  • Dental Medicine 3
  • Nursing 3
  • MSASS 2

10
Fiscal Year 2007 Revenue BudgetEngineering
(000s)
  • Total Revenues - 75.7 million
  • Research Training 37
  • Tuition Fees 34
  • Endowment Income 11
  • Overhead Recovery 11
  • University Support 4
  • Restricted/Unrestricted Gifts 3

11
Fiscal Year 2007 Revenue BudgetLaw (000s)
  • Total Revenues - 28.4 million
  • Tuition Fees 77
  • Endowment Income 15
  • Restricted/Unrestricted Gifts 5
  • Research and Training 1
  • Other Sources 1
  • Overhead Recovery 1

12
Fiscal Year 2007 Expense BudgetUniversity-Wide
(000s)
  • Total Expenses - 826.5 million
  • Salaries and Fringes 32
  • Non-Salary Direct 29
  • Student Aid 13
  • Plant 6
  • Auxiliaries 5
  • University Services 5
  • Info Tech Services 3
  • Student Salaries 3
  • Student Services 2

13
Fiscal Year 2007 Expense BudgetBy School (000s)
  • Total Expenses -826.5 million
  • Medicine 50
  • UGEN 15
  • Arts and Sciences 10
  • Engineering 9
  • Management 5
  • Law 3
  • Dental Medicine 3
  • Nursing 3
  • MSASS 2

14
Budget and Financial Management at Case
101Course Objectives
  • Session I Understand the alignment between
    academic and financial priorities
  • Understand the budget process on a university
    and school level
  • Session II Ability to read and understand the
    Universitys Budget Book
  • Pre-class assignment - Review Budget on Cases
    website
  • Search for 2007 Budget then click on Budget
    Performance Data or http//www.case.edu/provost/bu
    dget/budgetdata.htm
  • Come to class on November 16th with questions
    and ready for discussion
  • Session III Become familiar with financial
    drivers endowments, debt and working capital
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