Sustainable Financial Model
The Sustainable Financial Model (SFM) Working Group spent fall of 2019 and spring of 2020 looking at historical information and assessing several options for a new financial model to guide the University of Idaho’s budget process. The group’s deliberations resulted in the recommendations included in the SFM white paper.
Sustainable Financial Model - White Paper
Please leave comments and share input related to the Sustainable Financial Model Working Group white paper below. This comment period will end August 31, 2020.
Sustainable Financial Model Working Group - FAQ’s
The Vandal Hybrid budget model will launch in FY22. During FY21, colleges, departments and units can take the opportunity to use the suggested metrics to plug data into the model and project outcomes.
A working group is being pulled together by President Green over the summer to review and assess metrics for the financial model. The metrics, when used in the model, will help guide decision-making around budgets and align with the guiding principles outlined in the white paper. Metrics could include enrollment, job placement, six-year graduation rate and incentives for collaboration and interdisciplinary work. The metrics working group results will be reviewed by Faculty Senate, Provost Council and Staff Council, and will be posted on this website in early fall when the work is complete.
Interim Provost & Executive Vice President Torrey Lawrence and Vice President for Finance and Administration Brian Foisy, and their respective staff, will work with colleges, departments and designated financial staff to map out the new approach for the budget process.
As mandated by the Idaho State Board of Education, Program Prioritization will continue. The process evaluated academic programs in 2019-20 and will evaluate non-academic programs in the upcoming 2020-21 year. Data from Program Prioritization will be used to inform the decision-making process within IPEC as well as University Budget & Finance Committee (UBFC), which should help inform the budget model. We expect to align metrics for the budget model and program prioritization.
SFM WORKING GROUP PARTICIPANTS
Chandra Zenner Ford
President’s Office Executive Sponsor
Provost and EVP co-chair
VP Finance and Administration co‑chair
retired CFO Simplot
retired Chairman Deloitte
retired CFO Albertsons
Dean College of Law
Chair, Faculty Senate College of Business and Economics
Vice Chair Staff Council
Director Admin Services, College of Agriculture and Life Sciences
Recorder: Patty Houle