UVa New Financial Model - Providing Resources for the Mission
Dear University Colleagues:
October 25, 2011
We are working to develop a new internal financial model for the University to meet a pressing demand. In recent years we have seen increasing pressure on all of our revenue sources, and we expect that this pressure will continue to intensify in the future. To fulfill our academic aspirations, we need to steward the University's resources wisely. The new financial model will emphasize transparent decision-making, incentive-based allocations, and prudent stewardship of the University's resources. It will inspire inclusive planning and empower individual academic units to be innovative and cost-efficient. Incentives will be built into the system to encourage entrepreneurship among our deans, administrative leaders, and faculty and staff members across the University. Most importantly, this new long-range planning model will enable us to align our resources more precisely with our core mission areas of education, research, patient care, and service.
I have appointed Executive Vice President and Provost John Simon and Executive Vice President and Chief Operating Officer Michael Strine as executive sponsors of this important initiative. A steering committee comprising deans, vice presidents, and representatives from the Faculty Senate is charged with making key policy and operational decisions as we replace our current resource allocation model and implement improved financial reporting.
This work affects all of us in the University community. Recognizing this, John Simon and Michael Strine and other members of the steering committee will be communicating regularly with groups across the Grounds, in person and through other means, to ensure that all of us remain well informed throughout this important time of empowerment and change.
Today brings news and the first outreach of this communication. Your feedback will be valuable and welcome as our work progresses. Please click on this link http://www.virginia.edu/uvatoday/newsRelease.php?id=16415 to learn more through today's issue of UVa Today.
I am very grateful for the work and commitment of everyone involved in this project as we prepare to implement a new budget model for the 2013-14 fiscal year. The new system will benefit all of us as we continue to work together toward our shared goals.
Teresa A. Sullivan