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What were the most significant decisions and events in the case and what made them significant?
Change of action: For the FY 08-09 budget process, the President asked Professor James Ward to serve as the Chair of the Budget Committee (he was the Chair of the Economics department).
Impact: This led to diversifying the conversation and the decision-making process of the budget for the institution giving an opportunity for those not in the administration to bring balance to the conversation.
Change of action: The President asked the CFO to write narrative that would explain, contextualize, and layout the budget numbers so that this can be easily accessible to those without knowledge of budget terms.
Impact: Before, the budget proposals were comprised of mostly tables and graphs that were difficult to decipher or understood "in plain English." These narratives enabled everyone to fully understand the context and what the numbers actually meant.
Change of action: President Anthony suggested to the trustee Finance Committee Chair that he use a checklist of budgeting best practices when presenting the budget to the full Board.
Impact: This approach allowed the Board to evaluate the budget independently, which no longer had to rely on CFO or administration to give out suggestion
Change of action: Achievement of financial equilibrium by FY 10-11 would require a temporary hiring freeze in FY 09-10 for positions not related to enrollment growth.
Impact: Implementing temporary hiring freeze is going to reduce cost, especially in this case, Seymour University is under financial stress and has a huge debt.
Change of Action: Raise student fees by no more than 5% for 09-10 budget.
Impact: The committee took into account the ability of students to pay and the possible impact on enrollment as a key strategy when building the budget.
Change of action: Spread out cost of major renovations by 1 or more each fall to keep up "excitement".
Impact: Renovations and facility maintenance will increase enrollment and ultimately tuition revenue
Change of Action: Developing a specific committee to work on developing and writing a five-year institution plan for the university
Impact: This signaled an end to closed-door meetings and financial decision-making dominated by administrators as well as helping develop a direction the institution wants to go in
Change of Action: New leadership for the budget committee and having people in charge made it become more excited for the changes being made instead of being hesitant, negative, and aggressive.
Impact: Change in attitude of the committee