Remodeling in 3–D
Up, down, and sideways. That’s how the University of Michigan studied its back-office services, applying private-sector principles to transform its administrative structure. The strategy features three critical elements—benchmarking, business case development, and an implementation road map.
The work of the FASB and the GASB during 2011 included little in the way of implementation. But, behind the scenes, the standard-setting bodies were deep in discussion. Chief concerns: The FASB considered how to reconstruct the reporting model for independent institutions, while the GASB continued to address accountability by proposing measurement and reporting changes.
Through its Accounting Principles Council, NACUBO participates in the AICPA Not-for-Profit Expert Panel, which addresses issues unique to independent institutions.
Staying Out in Front
Instead of waiting for a crisis as a catalyst for action, American University employed a think-tank approach to improving its budget and finance processes in ways that keep the institution ahead of the curve of unanticipated challenges.
A recent culture shift at the Financial Accounting Foundation, says CEO Terri Polley, reflects a more complex world and increased standard setting. The FAF is communicating—and listening—to help ensure that standards are working the way they're intended to work.
Profiles of individuals in roles that support the work of the chief business officer—and who represent the majority of the Business Officer reading audience.
A roundup of short news articles and useful resources for business officers
Coverage of legislation and regulatory activity that affects higher education