Managing Money in Higher Education
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Institutions of higher learning operate in unique financial environments which balance the needs of nonprofit institutions (in most cases) with the need to provide a high quality education to students. Administrations in higher education must bring together the often conflicting requirements of students, faculty, alumni and the community at large in order to meet their obligations to the various stakeholders of the institution. In some cases, research is conducted at the institution and the faculty's reputation is critical to the long-term success of the organization; in other cases, one (or more) schools in the university may greatly influence the school's reputation. Still other schools have outstanding and highly visible athletic programs which serve to market the school to both athletes and nonathletes. All colleges and universities, regardless of their areas of expertise, must balance limited funding with the many demands placed on that funding. Public schools must provide records and be accountable to the states which finance them; private institutions must answer to the various donors. All schools are also accountable to students, who are the ultimate consumers of the education, and those that engage in research or who otherwise operate under grants must be accountable to the source of those grants. This research examines William Vandament's book, Managing Money in Higher Education, which attempts to guide school administrators through the often co
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ion (Vandament, 1989, p. 32).
The creation, implementation and monitoring of the financial plan are the focus of the next three chapters. Here, Vandament again departs from conventional approaches by suggesting that administrators can take a proactive approach to raising money, for example, instead of being left in the position of waiting for traditional donors to come through for a particular program or service. In this way, Vandament is encouraging his readers to become entrepreneurs and market their schools with a focus on raising funds as the marketing goal (Vandament, 1989, p. 44).
Once the budget has been constructed, Vandament helps readers understand that it must be carefully administered in order to ensure that it maintains its integrity. Issues here range from preventing and detecting embezzlement to avoiding paying for goods or services not received (Vandament, 1989, pp.ß66 67). If the plan is not administered well, it matters little how much effort went into developing it. The tips that Vandament includes in this chapter are intended to help the nonfinancial professional through the difficulty of administering the plan; it is hoped that those more familiar with financial practices would already be aware of the s
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Approximate Word count = 1682
Approximate Pages = 7 (250 words per page)
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