Financial Management Policies

Budget: Annual Budget

General
Each year the Institute prepares an annual budget for approval by the Board of Trustees.

Budget calendar 

Preparation 
The budget calendar will be prepared by the Vice President for Administration and Provost by September of each year.

Changes in calendar
Any changes in the budget calendar will be reviewed by the Vice President for Administration and Provost with the Deans Council, the Academic Council and the Staff Council. 

Current timelines 

  1. Enrollment projections.
    Each October the Provost, Vice President for Administration, Controller, Dean of Enrollment Management, Director of Admissions and the Associate Provost will discuss with each dean and the respective program director, the projection to be used for the following fall enrollments.
  2. Tuition and room rates.
    Tuition and room rates for the following academic year are approved by the Board of Trustees at their December meeting. The administration's recommendation for the tuition rate will be reviewed with the Deans Council, Academic Council and Student Council prior to the submission of the recommendation to the Board of Trustees.
  3. Scholarship budget.
    The total dollar amount to be included in the budget for scholarships is approved by the Board of Trustees at their December meeting. The administration's recommendation for the scholarship budget will be reviewed with Deans Council and Academic Council prior to submission to the Board of Trustees.
  4. Salary and benefit discussions.
    The administration's overall recommendation for salary adjustment funds and any changes in benefit plans will be discussed with the Deans Council, Academic Council, and Staff Council beginning in October. The recommendation will be included in the budget submitted to the Board of Trustees for their approval.
  5. Academic planning.
    One or more joint meetings of the Deans Council and the Academic Council will be held each academic year to discuss academic planning
  6. Annual budget.
    The total annual budget will be submitted to the Board of Trustees for approval at their March meeting.

Budget process 

  1. Planning
    Deans and department heads will meet with their faculty/staff each fall to discuss plans for the coming year. Changes that require funding will be discussed with the Provost, Vice President for Administration, Controller and Associate Provost in advance of budget submissions.
  2. Budget requests 
    The Provost and Vice President for Administration will send the deans and department heads the worksheets to be used in the preparation of their budget request for the next year's budget.
  3. Review of budget requests
    The Provost, Vice President for Administration, Controller and Associate Provost will meet separately with each dean, department head, the President of Academic Council and the President of Staff Council to review their budget requests.
  4. Preliminary budget 
    The Vice President for Administration will prepare a preliminary budget. The preliminary budget will be reviewed by the President, Vice President for Advancement, Vice President for Administration, Vice President for Special Projects, Provost and Associate Provost (the President’s Planning Group). Additional meetings will be held between the Provost, Vice President for Administration, Controller and Associate Provost and each dean and department head as necessary to review and/or adjust the preliminary budget. The final preliminary budget will be reviewed with the Deans Council and the Academic Council prior to its submission to the Board of Trustees.
  5. Recommended budget 
    The President will submit to the Board of Trustees the annual budget for their approval. The chairman of the Board of Trustees may request the Board's Executive Committee and/or Finance, Investment and Audit Committee review the budget prior to submission to the full Board of Trustees.
  6. Approved budget
    After the budget is approved by the Board of Trustees the Controller will prepare the "Printed Budget" for each school and department.
  7. Budget Committee
    The Provost, Associate Provost, Vice President for Administration, and the Controller in consultation with the President constitute the "Budget Committee." The Budget Committee will monitor the Institute's actual performance as measured against the approved budget. All requests for additional funds will be reviewed by this Committee. The allocation of Institute contingency funds will be the responsibility of this Committee. The Committee will meet as often as needed.

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