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[Educational Webinar] Long-Range Financial Planning and Operational Budgeting for Higher Education Today
Many universities have recognized that the uncertainty in higher education today calls for new approaches to financial planning. According to a recent Inside Higher Ed survey, nearly half of all institutions have changed their budget model in the last 4 years. This same survey says only 38% of institutions use an analytic framework when considering spending decisions. A well-crafted financial planning framework is more than the budget model. It starts with a long range financial plan that assesses the institution’s financial capacity to its strategic goals. The long range plan sets the stage and target for the annual operating budget. Each of these planning processes engages with appropriate stakeholders from boards to deans to department managers to align spending decisions to organizational goals.
Watch this educational webinar to learn about building an integrated planning framework which harmonizes long-range planning, operational budgets, forecasting and reporting. The speakers give practical advice and lessons learned from work with leading universities to help identify a blueprint for establishing an effective approach to planning within your own institution.
Learning objectives for the webinar include:
- Identifying a set of financial planning best practices to implement within your institution
- Using scenario modeling and analysis alongside benchmarking data to understand the future financial impact of spending and investment alternatives
- Understanding the difference between long range planning and multi-year planning and when to use each one
- Implementing collaboration techniques that enhance institutional buy-in to financial decisions
- Associating each distinct planning process with the proper timing on the calendar and appropriate stakeholders
