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Finance and Budgeting In Education

1. Use the Internet to research the current state of the economy and how it is affecting higher education institutions. What evidence can you find that colleges and universities are addressing financial problems through the process of retrenchment?

Provide your sources of information. Use examples from your own experience if applicable.

2. Which approach to preparing an annual budget for an academic institution such as Virginia Tech Polytechnic Univ. at: http://www.vt.edu/

Would you recommend: informal, consultative, or participative? Explain your choice.

3. Discuss how you would allocate roles and responsibilities for completing the budget in a timely and effective manner.

Outcome:
Develop a budget strategy that aligns with an institution's strategic plan.

Learning Objective:
Explain the three approaches to engage community support in the budget process.

Solution Preview

1. Use the Internet to research the current state of the economy and how it is affecting higher education institutions. What evidence can you find that colleges and universities are addressing financial problems through the process of retrenchment?

There are universities that retrench because they are not able to overcome their financial problems. This means jobs lost, even faculty jobs are lost, programs are reduced, and the services provided by the university decline. The financial crunch that universities face is exacerbated by the fact that endowments have become very difficult to sell. A large number of universities have put up intent to retrench faculty and this intention has been conveyed to all the stakeholders of the universities. When the donors reduce their contributions because of economic weakness, the financial resources of universities go down and faculties are retrenched. It is believed the retrenchment is critical for the university to regain its position. ...

Solution Summary

Finance and Budgeting In Education is discussed very comprehensively in this explanation..

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