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! www.univmassboston.gosignmeup.com Main--> Finance--> Financial Planning ▸ FIN-00400 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-00450 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