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Financial Update And Budget meeting February 6, 2014

Financial Update And Budget meeting February 6, 2014. The Path Forward. Stay focused on our mission and execute on our strategy Leads to bigger, stronger, more engaged university Growing and acquiring the physical assets to support growth Profile and reputation improving

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Financial Update And Budget meeting February 6, 2014

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  1. Financial Update And Budget meeting February 6, 2014

  2. The Path Forward • Stay focused on our mission and execute on our strategy • Leads to bigger, stronger, more engaged university • Growing and acquiring the physical assets to support growth • Profile and reputation improving • Significant growth in philanthropy • UM System support for strategy – facilities based upon pro forma • Challenged to get back on track to financial strength

  3. Days Operating Expense by Campus(Recommended is 65-130 days)

  4. Operating ReservesFY2008 to FY2014 FY14 Budget projected as of 10/31/13 .

  5. Operating Fund RevenuesFY2008 to FY2014B FY2014 Budget projected as of 10/31/13.

  6. Net Revenues and Expenses Operating Fund (in millions) FY14 Budget projected as of 10/31/13 .

  7. Summary – FY 2014 First submission ($18.1 M) After first request ($16.3 M) Response to targets (Ask $?) ($8.8 M) After additional challenge ($6.1 M) Desired outcome FY 2014 Improve ‘13 ($4.1) Target FY 2015 > Breakeven

  8. FY 2014 Next Steps • Expense Control • Hiring Plans • Soft Freeze • Hiring Committee • Monitor Unit Accountability Plans • Consultant for Shared Services • Revenue • Enrollment projections • Marketing, Recruiting, etc. • Other • Unit Pro Forma Development • Budget Model Revision

  9. The Hiring Committee Considerations • Consistent with mission/strategy/accreditation/etc. • Consistent with hiring plans • Included in Budget • Compliance with 2014 budget target • Reserve status • Potential to improve compliance with CRR • Compliance with minimum faculty load

  10. CRR 310.080 Regular Faculty Workload Policy “No regular faculty member can be assigned either fewer than 12 section credits or fewer than 180 student credit hours per academic year without an instructional waiver requested by the Department Chair and issued by the Dean …” • At $270 per UG-SCH, 180 SCH = $48,600 per year • How does this compare to average compensation? • Should tuition cover other costs? • What level of compliance do we have with these minimum standards? • What would be the value of increased compliance? • What would be the downside to compliance? • How much of our current challenge could be met with improvement?

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