Provost Rosowsky has charged Vice President for Finance Richard Cate with implementing the University’s new incentive-based budgeting model by July 1, 2015. Vice President Cate has formed several working groups composed of representatives from a dozen academic and administrative units to carry out this important work. The work will be based on the current IBB algorithms and will be adjusted as necessary to reflect the President’s final decisions and/or enhancements recommended by the Steering Committee as it evaluates the model over the next year.
Please consult this site for more information about the implementation project, including the work group charges, timeline, and regular updates.
- Build business processes and systems that accurately reflect both the final IBB algorithms and the overall revenues and expenses of the University
- Develop a new annual budget process and timeline for the University
- Develop the means to accurately reconcile revenue and expense to the general ledger and UVM's annual audited financial statements under IBB
- Create the necessary systems to enable relevant, accurate, and timely IBB financial data and reports and provide access to all those on campus who needed them
- Develop communication, professional development, and transition plans to support faculty and staff needs associated with the change, minimize disruptions, and provide for a successful implementation of incentive-based budgeting
Last modified January 13 2015 11:19 AM