Senior financial leadership must maintain vigilance about managing financial risk and the overall financial health of the university to support long-term viability. Management tools to identify, monitor, and manage key financial risks must be aligned with the complexities of both the institution and the economic environment.
It is important to develop a set of key questions from a strategic financial risk perspective within a cohesive framework. The framework will enable trend analysis over time. This project develops key performance indicators and other financial metrics.
Goals & outcomes
Examples of questions to be answered by this project:
- Are resources sufficient and flexible enough to support the mission?
- Do operating results indicate the institution is living within available resources?
- Does asset performance and management support the strategic direction?
- Are we appropriately funding the activities that we have currently undertaken?
- Do our spending patterns align with strategic initiatives?
- How do we compare financially with our peer institutions, and are we in a position to compete effectively?
- Is this information available today?
- If we are to pursue our growth strategy, how much resource do we have available today as a baseline for funding the expansion?
- Is there a sufficient return on net assets?
