Office of Business and Finance College/Support Unit Strategic Plan

Transcription

1 DRAFT Office of Business and Finance College/Support Unit Strategic Plan OVERVIEW Introduction to the Strategic Plan 2 COLLEGE/SUPPORT UNIT DIRECTIVES Mission 3 Vision 3 Values 3 Context 4 GOALS, OBJECTIVES, STRATEGIES AND INITIATIVES Goal 6 Operating & Financial Soundness & Simplicity 5

2 Introduction to the Strategic Plan The Office of Business and Finance has been in a state of transition for much of the past year due to changes in organizational leadership as well as structure. With that transition behind us, among our first priorities are to revisit our mission, vision and values statements as well as establish agreed upon metrics and timelines for our priority initiatives. Because we have not yet had the opportunity to formulate a comprehensive plan, this preliminary submissions includes identification of our key strategic initiatives from an overall financial perspective and defines their linkages to the University Roadmap. It does not provide the corresponding timelines and metrics for these initiatives and does not include initiatives focused on the development of our own organization that will be incorporated under the University s Faculty and Staff Talent and Culture initiatives. This document will be updated once our internal planning process has been completed. 2

3 Office of Business and Finance Mission Our Mission is to deliver essential and valued business and financial services. Vision Our Vision is to be recognized as providing outstanding financial services. Values We are committed to continuous quality improvement through integrity, innovation, diversity and stewardship. 3

4 Context All Universities are facing increasing financial strain as traditional sources of revenue have declined or have become less predictable. As a public university, Ohio State has historically relied on state appropriations to support its core academic mission. Yet over the last twenty years we have seen our proportion of general funds revenues from the state decrease from 67% to 34% in With the State of Ohio facing an over $3 billion deficit in its two-year budget, state appropriations for future years are uncertain. Furthermore, the costs to deliver higher education continue to grow outpacing growth in state support. As a land-grant university, Ohio State has an obligation to provide access to education by making higher education affordable for Ohio residents. While ever effort has been made to limit tuition increases, including a tuition freeze in effect since 2007, a prolonged tuition freeze is unsustainable over the long term. At the same time, Universities are facing increasing pressure for transparency and accountability. There is constant scrutiny of tuition levels and education related expenses by citizens, government officials and the press. The University System of Ohio and the Ohio Board of Regents are increasing focuses on overall performance and fiduciary accountability. Donors are seeking evidence of the impacts of their donations and there is public debate about imposing constraints on university investment and endowment policies. As a result, universities are accelerating efforts to streamline and reduce operating costs, and to seek alternative means to cover revenue gaps including redefinition of tuition structure, development of new academic programs and new and innovative financing approaches to support infrastructure as well as teaching, research and service. 4

5 Goals, Objectives, Strategies, Initiatives. 1. Goal: Operating and Financial Soundness and Simplicity We will establish operational and financial soundness along with simplicity in processes to ultimately be known for our robust financial position using transparent, simple, and flexible systems. 1.1 Objective: Enhance and Diversify Our Revenue Sources 1.1.A College/unit strategy: Develop Other Revenue Sources Primary University strategy cross-reference: Develop Other Revenue Sources Strategy Description: Explore and evaluate new potential revenue sources through expansion of current programs and initiatives or assessment of new opportunities. 1.1.A.1 Periodic review of physical asset portfolio for purpose of maximizing revenue Primary University cross reference: Establish formal asset review and disposition principles and define roles and responsibilities for asset review and appropriate process for disposition of noncritical assets. 5

6 1.1.A.2 Leverage external partnerships and internal operations as revenue sources Primary University cross reference: Partner with other organizations on initiatives that provide a shared benefit to leverage available resources and maximize return. 2.1 Objective: Improve our Operating Efficiency 2.1.A College/unit strategy: Achieve cost reductions and streamline financial processes Primary University strategy cross-reference: Achieve cost reductions and streamline all major academic and administrative processes Strategy Description: Review of University policies, procedures and processes to ensure that they are appropriately aligned with University goals and risk management strategies. 2.1.A.1 Streamlining Primary University cross reference: Initiative Description Develop new service delivery models for core University business processes, including new tools and processing guidelines to simplify processes for customers, allow more focused understanding of policies and procedures, improve accuracy and effectiveness, and reduce overall costs. 6

7 2.1.A.2 Strategic Purchasing Primary University cross reference: Continuation of strategic purchasing initiatives including addition of prime suppliers, shared contracting with University System of Ohio and an increased focus on use of prime suppliers. 3.1 Objective: Maintain financial soundness and responsibility 3.1.A College/unit strategy: Create financial planning model to reflect 5-year financial cycles aligned with performance measures Primary University strategy cross-reference: Create financial planning model to reflect 5-year financial plan aligned with performance measures Strategy Description: Develop and implement a 5-year financial planning model aligned with performance measures 3.1.A.1 Primary University cross reference: Attain the financial performance goals approved by the Board of Trustees. 3.1.A.2 Primary University cross reference: Initiative Description Create financial planning model to reflect 5-year financial cycles 7