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UNIVERSITY OF MASSACHUSETTS BOSTON Budget & Financial Planning Growing Financial Strength Education & Training Aug 2013 Sue Wolfe Assistant Vice Chancellor,

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Presentation on theme: "UNIVERSITY OF MASSACHUSETTS BOSTON Budget & Financial Planning Growing Financial Strength Education & Training Aug 2013 Sue Wolfe Assistant Vice Chancellor,"— Presentation transcript:

1 UNIVERSITY OF MASSACHUSETTS BOSTON Budget & Financial Planning Growing Financial Strength Education & Training Aug 2013 Sue Wolfe Assistant Vice Chancellor, Budget & Financial Planning

2 Revenue diversity Enrollment Student fees State support Grants (federal, state) Other (private, ESS, auxiliaries) Financial management Expenditure control Reporting Analysis Multi-year planning Asset base Physical infrastructure Deferred maintenance IT infrastructure Financial flexibility Endowment (investments) Reserves (net assets) Debt Growing Financial Strength

3 FY14 Goals ▸ Develop multi-yr financial plan with input from subject matter experts and stakeholders to ensure positive operating margin by FY16, debt service ratio not to exceed 10%, and financial cushion of no less than 20% of operating budget ▸ Identify and support best practices in the efficient and effective use of resources ▸ Provide reporting and analysis that informs and supports executive decisions ▸ Support a budget process and expenditure oversight that brings clarity to the use and allocation of resources ▸ Expand depth of financial management expertise throughout the University through expanded partnerships and professional development opportunities

4 Why change? Fulfilling the Promise Capital master plan System Office oversight Financial pressures (internal & external) ▸ enrollmentnew programsnew buildings ▸ operating margin debt service ratio financial cushion ▸ System policies (12 cr cap, state vs non-state, fin aid - UMass Pledge) ▸ revenue operations and subsidies ▸ right-sizingprogram pro-forma ▸ staff turnover

5 Financial Reporting 1)General concepts (revenue, use of funds, chart of accounts, internal resources) 2)Application training (PeopleSoft, Summit, FAST) 3)Financial reporting (internal, external) 4)Budget development

6 Financial Mgmt 1)Budget development 2)Effective stewardship and accountability metrics 3)Multi-year projects, key budget drivers 4)Research and analysis (special topics) 5)Ethics 6)Governance

7 Topics in Public Higher Ed 1)Public vs. private vs. for-profit institutions 2)Performance metrics and management 3)Responsibility center management 3)Debt service and other financial methods for growth

8 Fall semester GoSignMeUP! Main--> Finance--> Financial Planning ▸ FIN Financial Reporting Monday 9/2310 AM -12 Noon Monday 9/3010 AM -12 Noon Monday 10/710 AM -12 Noon Monday 10/2110 AM -12 Noon ▸ FIN Financial Management Monday 10/28 10 AM -12 Noon Monday 11/4 10 AM -12 Noon Monday 11/18 10 AM -12 Noon Monday 12/2 10 AM -12 Noon Location: Healey Library, Lower Level


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