The budget model will promote student success, stimulate strategic growth, encourage innovation and entrepreneurship, and support transdisciplinarity and institutional excellence.
The budget model will be characterized as:
- Responsibility centers will be expected to fund the direct cost of their operations, cover their allocated costs, and maintain internal budget balance.
- Administrative centers will be expected to operate efficiently and effectively, contain costs, and stay within approved budgets and cost allocation rates.
- Service centers will be expected to operate efficiently and effectively, utilize assessment data to demonstrate effectiveness, and stay within approved budgets and cost allocation rates.
- Transparent: All faculty, staff, and administrators will know the rules, have access to the information they need, understand how costs are allocated and chargeback rates determined, and have the opportunity to participate in the budget development process.
- Reasonably predictable: The rules won’t change without broad discussion among key stakeholders and the budget will serve as a strong predictor of financial results.
- Simple: The budget model will allocate revenues and costs based on a relatively few key metrics and be easy to understand and communicate.
- Performance based: The budget model will be structured to provide incentives and reward performance.
- Data driven: The budget model will rely on data that are valid, reliable, and verifiable.