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IRM Guiding Principles

The charge of the Budget and Financial Modeling task force was to “create a new budget model that is transparent, data-driven, supports entrepreneurship and innovation, and aligns resources needed for our strategic mission, vision and themes.” In addition to assessing current financial practices, the task force was instructed to “develop strategies to optimize financial resources and expenditures by adopting best financial practices.”

The task force adopted the following seven principles to provide overarching guidance as decisions were made throughout the budget model design process:

  • Align resources with institutional priorities
  • Support the decision-making process with reliable data and analysis
  • Improve budget transparency
  • Incentive revenue growth and cost effectiveness 
  • Improve fiscal accountability and management of resources
  • Evaluate the budget process periodically and adjust as necessary 
  • Develop a budget model that promotes clarity and understanding for academic and administrative leaders with financial responsibilities