As institutions begin to move beyond emergency coping, they are tending toward becoming very purposeful, focusing every bit of resource on the highest priority needs.And governing boards are realizing that “fiduciary” is not synonymous with “fiscal.” Rather, they have a fiduciary duty to the mission of the institution and to ensuring its long-term future. Boards and presidents are becoming more proactive partners, and other executive leaders are becoming more engaged with board committees.
It helps to think of “strategic finance” as “strategic resources.”Finance remains critically important. Strategic finance adds dimensions and it adds constituencies and decision-makers.
This is a visual of the definition of strategic finance – aligning resources with the institutions mission and vision.
Coping with the lost decade: How boards and presidents can lead through change
Coping with the lost decade<br />How Higher Education Boards and Presidents can Lead Through Change<br />
What is Strategic Finance?<br />Strategic finance is aligning resource decisions<br />—regarding revenues, creating and maintaining institutional assets, and using those assets—<br />with the institution's mission and strategic plan. <br />
Strategic Plan Structure<br />Mission<br />Vision: [Define Quality and Vitality in 2020 and Beyond]<br />13<br />
Sample Future Board of Trustees Scorecard<br />14<br />
Board-President Leadership in Times of Change <br />Fiduciary “duty of care:” the “buck” of institutional vitality stops with the board. Develop/reinforce strategic board role. Partner with the president, respect president’s role, expect effective leadership.<br />Find common ground on how much/what kind of change is needed. Understand/support change management strategies.<br />Define and focus on a vital, sustainable future state and the actions that will cause it.<br />Trust AND verify, both ways. Early, often. Keep roles clear and support each other.<br />
This work is funded by Lumina Foundation for Education through a grant to the Association of Governing Boards of Universities and Colleges (AGB)<br />Ellen Chaffee, Ph.D.<br />Senior Fellow and Project Director, AGB<br />email@example.com<br />