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Business & Finance

Business & Finance. Accounting Controller’s Office Grants Accounting Student Accounts/Loans Budget Financial Analysis Payroll Human Resources Student Employment Investments Internal & External Audit. Facilities Construction Management Union Security Parking Mail & Copier Services

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Business & Finance

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  1. Business & Finance

  2. Accounting Controller’s Office Grants Accounting Student Accounts/Loans Budget Financial Analysis Payroll Human Resources Student Employment Investments Internal & External Audit Facilities Construction Management Union Security Parking Mail & Copier Services Real Estate Dining Services Bookstore Debt Management Risk Management B&F Division

  3. Mission & Vision • B&F Mission: To support the exceptional learning/living environment envisioned in the Drake University mission statement through stewardship of all University resources and extraordinary service to students, employees, donors and the broader Drake community. • B&F Vision: Each B&F unit will be “best in class”, operating with the highest standards of integrity, transparency and professionalism.

  4. Key Goals of B&F • Enhance long-term financial health of Drake • Ensure resource allocation aligned with strategic priorities • Provide competitive and safe environment • Facilitate and monitor competitive compensation package • Mitigate institutional risk and preserve University assets

  5. Environmental Trends • Unpredictable financial markets • Accessibility and affordability • Rising consumer expectations • Transparency & accountability • Governmental, regulatory & legal risks • Changing workforce • Sustainability • Neighborhood resurgence

  6. Financial Stability Initiatives • Reduce endowment spending from 5% to 4.5% by FY09 • Reinvest 50% of operating surplus into quasi-endowment to build future “reserves” • Achieve AA private rating from Moody’s • Create an integrated 3-year strategic budget, incorporating • 3 year salary plan • 3 year unit-level strategic budgets • 3 year capital budget, endowment model & debt plan

  7. Access Initiatives • Consider reducing freshmen merit aid & reallocating to need-based aid • Consider commitment to meet a minimum % of need for each student • Consider maximum on UG student debt with need-based grant aid guarantee

  8. Affordability Initiatives • Retain “Best Buy” status: • Reduce duplication to lower operating costs • Consolidate/Centralize key administrative functions • Continue to keep tuition increases below HEPI • Reallocate funding to higher priorities • Demonstrate “value”

  9. Customer Service Initiatives • 24-7 Service via enhanced web services • Help Directory (alphabetical by “service”) • Other: FAQ; on-line payments; direct deposit; transcript orders; student employment applications; campus cards • Continuous facilities & grounds enhancements • 1st priority: student living & learning environments • Campus Master Plan plus deferred maintenance • Multi-year capital budget – communicate plans • “Best in Class” for each B&F unit • Research & adopt best practices • “Fresh Eyes” Project – visit the “best”

  10. Transparency Initiatives • Expand Web Postings: • Key financial indicators and annual results • Audited financial statements (done) • Tuition rationale • Historical cost savings initiatives • Budget results • Capital plans • Modified SOX; ethics code • HLC & DOE financial ratios • Key vendors—corporate philosophy

  11. Accountability Initiatives • Apply for The Malcolm Baldridge National Quality Award • Next step after accreditation • Public demonstration of excellence & accountability • Presented by the President of the US • Must demonstrate continued positive results in: • student learning outcomes • student & stakeholder satisfaction • financial outcomes • human resources • social responsibility • organizational effectiveness

  12. Risk Management Initiatives • Improve risk management via broader campus education • Expand written policies & procedures • Centralize key functions for better control of high-risk areas • Extend internal audit beyond the numbers • Enhance security, e.g. electronic security & keyless entry

  13. Workforce Initiatives • Create leadership development program for faculty & staff • collaboration of HR & CPS; mentors; job shadowing • Use creative employment models • pooled services; student employees; retiree transitions • Position Drake as “employer of choice” • work/life support; research funding; competitive compensation; hiring bonuses

  14. Sustainability Initiatives • Use LEED principles • Reduce energy consumption • Use “green” chemicals • Go paperless • Recycle & Reuse • Use locally-grown food in Dining Operations • Reduce e-waste • Incent alternatives to vehicles/parking

  15. Neighborhood Initiatives • Assist developers in identifying student-friendly businesses • Support business growth with expanded parking, signage & security • Continue Drake Real Estate’s improvement plan • Create “The Eero Saarinen Project at Drake” • A collaborative venture with B&F, art department & state architectural association to provide educational sessions & tour of campus architecture

  16. B&F Role in Drake’s Future • Continue B&F mission: support, stewardship and service • Pursue B&F vision: each unit “Best in Class” • Assist Drake to become the national model for excellence, effectiveness, innovation, accessibility and accountability in higher education

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