However, when it comes to assessing the ongoing fiscal health of the institution, it’s important to look at several years of actual financial reports, including the most recently completed statements available. Faculty members should be involved in institutional financial planning and it’s important that they receive the complete information used in creating and monitoring budgets. One key point that applies everywhere: “budget” documents are not necessarily the same as actual financial statements and reports. Use good judgment in pressing your request for additional information, but try to get at least three years of data. A report covering a single year does not necessarily provide a complete view of an institution’s financial position. Meaningful participation means that faculty representatives must receive complete information before major decisions are made.įinancial information is most useful when you can look at trends over time. The fundamental principle of faculty participation in shared governance applies to financial decisions as well.
The means for obtaining data on institutional finances vary somewhat depending on type of institution please see separate sections below addressing public and private institutions. However, there are some points that apply to all institutions. How can I get data on institutional finances?
#See finance record buy professional
The faculty-with substantial representation from its nontenured as well as its tenured members, since it is the former who are likely to bear the brunt of any reduction-should participate at the department, college or professional school, and institution-wide levels in key decisions as to the future of the institution and of specific academic programs within the institution.Ģ. At institutions experiencing major threats to their continued financial support, the faculty should be informed as early and as specifically as possible of significant impending financial difficulties. This committee should be given access to all information that it requires to perform its task effectively, and it should have the opportunity to confer periodically with representatives of the administration and governing board.Ĭircumstances of financial exigency obviously pose special problems. The soundness of resulting decisions should be enhanced if an elected representative committee of the faculty participates in deciding on the overall allocation of institutional resources and the proportion to be devoted directly to the academic program. The faculty should participate both in the preparation of the total institutional budget and (within the framework of the total budget) in decisions relevant to the further apportioning of its specific fiscal divisions (salaries, academic programs, tuition, physical plant and grounds, and so on). This principle applies equally to basic financial decision-making, and is elaborated in the AAUP statement The Role of the Faculty in Budgetary and Salary Matters. In accord with principles of shared governance described by the AAUP and other organizations over the course of several decades, the faculty should participate meaningfully in major decisions about institutional direction and priorities. What role can faculty play in institutional financial decisions?
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