How University Budgets Work

Book excerpt: An accessible handbook for anyone who needs to understand a university budget—perfect for the non-finance higher ed professional. To understand how universities function, it is critical to understand how their budgets work. In this useful volume, Dean O. Smith provides a concise explanation of university budgets—why they're important, how they are prepared, what information they provide, and how they are monitored. Translating technical jargon into layman's terms, How University Budgets Work emphasizes practical matters and best practices. Writing for a non-specialist audience, Smith covers major aspects of university budgets ranging from their preparation and alignment with strategic plans to their implementation at the departmental level. Offering time-tested advice from his many years in higher administration, he also touches on • expenditure monitoring • projections • allocations • revenue • incentives • financial reserves • end-of-year accounting The companion book to the more rigorous University Finances, also by Smith, How University Budgets Work is a unique introductory guide for the extended academic community. Ultimately, this logical, accessible book provides a working knowledge of how university budgets are produced and implemented, one that enables faculty members and administrators to become more effective in their roles within the university.