This book will help new administrators (department chairs, directors, deans) understand and become more proficient in their financial managementrole within the institution.Highly accessible,practitioners will be able toput the book's guidance to immediate use in their work. It is also grounded in the latest knowledge base and filled with examples from across all types of institutions, so that it makes an ideal text for a courses in graduate programs in higher education leadership and administration. Specifically, thebook:
provides an understanding of the basics of budgeting and fiscal management in higher education
defines the elements of a budget, the budget cycle, and the steps for creating a budget
suggests ways of avoiding common pitfalls and problems of managing budgets
contains effective strategies for dealing with loss of resources
includes end-of-chapter reflection questions and an expanded glossary of terms
Written in plain language this volume provides practical approaches to many complex problems in fiscal management.
This new edition of the book contains new information in every chapter reflecting both the most recent developments in higher education and feedback from readers of the earlier edition. The information on the current higher education financial environment has been updated, and the case studies have been revised. Readers will be introduced to Bowen's theory of resources and expenses as an important way to understand budgetary decision making in colleges and universities. Special attention ispaidtothe use of restricted funds, thebudget implications of faculty appointments and the challengescaused by personnel policies for staff. In addition,greater attention is given to development and implementation of repair and replacement programs in auxiliary enterprises. The challenges that arise when budget problems are postponed are also discussed.The volume contains a number of suggestions for practitioners with new budgeting and fiscal responsibilities.