Welcome from the President
One of my highest priorities as president is the development of a new internal financial model that inspires inclusive planning and that ultimately allows the University to more effectively fulfill its mission. The new model will emphasize transparent decision-making, incentive-based allocations, and prudent stewardship of the University's resources. It will empower the individual academic units to be innovative and cost-efficient, and incentives will be built into the system to encourage entrepreneurialism 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 Pat Hogan as executive sponsors of this important initiative. A planning steering committee comprised of deans, vice presidents, and representatives from the Faculty Senate designed key policy and operational components as we began moving to replace our current resource allocation model and to implement improved financial reporting.
A core work group that included representatives across the University developed reviews of peers to lead toward guiding principles, discussed revenue attribution and cost allocation alternatives, considered financial reporting and system requirements, and prepared their schools and service centers for the road ahead.
This work affects all of us in the University community. Recognizing this, John Simon, Pat Hogan and others 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. Your feedback will be valuable and welcome as our work progresses. We want this to be an inclusive process, with every member of the University community feeling a sense of involvement and ownership.
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 2014-15 fiscal year. The new system will benefit all of us as we continue to work together toward our shared goals.
Very truly yours,