The Financial Vitality team has evaluated the university’s financial health and has shared our findings in several forums including Faculty Senate, Staff Council, Council of Chairs, Academic Leadership, and the Chancellor’s Cabinet. Overall, we have identified some areas for review and potential improvement and will continue to seek ideas from others in the university community. Also, we are working with the Texas Woman’s Finance Division to develop budget processes and analytical tools that will guide and manage future financial activities. This year, we will prioritize tools and resources that aid in the financial analysis of colleges and programs and in benchmarking with state peer institutions.  The results of these efforts will be shared and used to develop a suite of financial tools that will assist unit leaders in reaching desired financial outcomes.  The steps in this process will include:

• Developing an accurate assessment of college and program financial health;
• Sharing that assessment with the Texas Woman’s community;
• Identifying areas for improvement; and
• Using budget processes and analytical tools to manage activities that have a significant impact on the university’s financial vitality.

For more information, contact initiative champions Jason Tomlinson and Chris Ray.

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Written by the Strategic Plan Design Team