![]() ![]() Financial statements are useful summaries of the information you need to create a budget.Īfter formulating realistic expectations based on past behavior and current circumstances, you still must reconcile your future behavior with your original expectations. If you have been using personal finance software, it has been keeping those records for you if not, a thorough review of your checkbook and investment statements will reveal that information. Your assumptions may come from your actual past behavior based on accurate records that you have gathered. Creating a budget involves projecting realistic behavior. The process of creating a budget can be instructive. This long-term goal may indicate a need to start a savings plan for a down payment. In the short-term you could look for an apartment with lower rent, but in the long run, it may be more advantageous to own a home. For example, an immediate goal may be to lower housing expense. ![]() Our search for a new Vice President for Finance and Administration continues to go well, and I look forward to providing a future update.A review of your financial statements or your current financial condition-as well as your own ideas about how you are and could be living-should indicate immediate and longer-term goals. I’m confident that the steps we are taking in our near- and long-term budgeting processes will strengthen Saint Mary’s College well into the future. More information on the inaugural State of the College Address will be forthcoming. Underpinning all of this work will be our strategic plan, which I plan on communicating in an upcoming campus message and at the State of the College Address on February 22. To be successful, we’ll need to consistently align our revenues with expenses, while ensuring consistent funding of faculty and staff salary increases as well as retirement plan contributions. Invest in systems to enhance the learning and efficiency environments.Make investments which support the strategic plan, per the Board’s approval of which I will soon announce.Increase Saint Mary’s ability to recruit and retain talented faculty and staff.Maintain the lowest possible cost of education by controlling tuition as well as room and board rate increases, and funding financial aid.Moving forward, our guiding principles with budget planning will be to: We’ll reexamine the composition of our technology committee and develop campus user groups to more effectively identify user experience issues with our software. To address complexities around our current enterprise software, more robust training will be provided.In addition, we’ll work to create a customer-focused organizational structure in Finance and Administration. Develop an accessible and web-based depository of policies and procedures as well as associated training programs.Approved budgets will be distributed in a timely manner, while budget reporting will occur monthly. These projections will take into account tuition and room and board fees collected, fundraising efforts, and other revenue. Develop three-year revenue and expense projections that align budgets with our strategic plan.Mike’s experience fits well with our current budget and finance challenges and needs.īased on this in-depth assessment of the finance and administration practices that are so critical to our short-term and long-term budgeting plans, Mike will be spearheading the following recommendations that we will now work to implement campus-wide: Mike has served as Vice President for Finance and Administration at Santa Clara University and has held a variety of key strategic, financial, and operational leadership positions at the University of California San Francisco, Stanford University, and the University of Pennsylvania. This is a particularly fortuitous hire given the retirement of our Vice President for Finance and Administration, Susan Collins.Īs Interim Chief Business Officer, Mike will oversee Finance and Human Resources, manage the FY23 budget, and help develop the FY24 budget. Based on this assessment, I am providing the following updates regarding the Business Office and budget-planning process.Īs budgeting is rarely an easy task, and often requires more bandwidth and resources to get the job done, I have brought on board Michael Hindery as our Interim Chief Business Officer. Pursuant to that objective, I initiated a comprehensive assessment of our finance and administration practices led by higher-education industry experts from The Registry to recommend short-term and long-term budget-planning processes. One of my top priorities as President is to ensure an effective, transparent, and inclusive budget-planning process for Saint Mary’s College. ![]()
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