About Strategic Resource Investment (SRI)
The SRI initiative was established to develop a better, more responsive, transparent and flexible way to provide information useful in making resource allocation decisions for the University. ÁñÁ«Ö±²¥ must allocate all resources strategically. One of the tools for accomplishing this goal is the budget model. The University is exploring budget models using the following criteria:
- The model must be responsive to changes in enrollment, state appropriations and student demand for academic offerings.
- The model must be transparent and easily understood.
- The model must tie academic decision making to financial implications.
Guiding Principles in the development of the model
- Good performance and good data are essential.
- Collaboration and interdisciplinary activities are rewarded.
- Initial implementation is at the revenue responsibility center level (not department level).
- Academic quality indicators are used to ensure that academic units do not focus solely on the financial aspects of the model.
- University outcomes are enhanced and rewarded.
- Administrative and support units provide efficient and high quality levels of service.
What the Model Will/Will Not Do
What the model will do:
- Inform Decision Making: Academic program decision making is coupled to financial responsibility.
- Engender Responsiveness: It allows the University to respond quickly to economic change and leverage resources.
- Empower Entrepreneurship: Units can grow as they look to become innovative and efficient.
- Provide Transparency: Everyone knows the "rules" and has access to the information needed.
- Foster a Culture of Accountability: Decision makers have clear lines of responsibility.
- Incentivize Responsible Growth: Decision makers clearly recognize the connection between revenue and expense.
- Create Equity: Everyone plays by the same rules and are held to the same standards.
What the model will not do:
- Create Dollars: It does not create new revenue streams.
- Achieve Strategic Goals: It assists in strategic planning if investments are made in what we value.
- Drive Academic Priorities: It may enhance priorities via the use of data.