Budgets and Financial Management in Higher Education 3rd Edition by Margaret J Barr, George S McClellan ISBN 9781119287773 1119287774

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Product details:

ISBN 10: 1119287774
ISBN 13: 9781119287773
Author: Margaret J Barr, George S McClellan

This book will help new administrators (department chairs, directors, deans) understand and become more proficient in their financial management role within the institution. Highly accessible, practitioners will be able to put the book’s guidance to immediate use in their work. It is also grounded in the latest knowledge base and filled with examples from across all types of institutions, so that it makes an ideal text for a courses in graduate programs in higher education leadership and administration. Specifically, the book:

 •     provides an understanding of the basics of budgeting and fiscal management in higher education

•      defines the elements of a budget, the budget cycle, and the steps for creating a budget

•      suggests ways of avoiding common pitfalls and problems of managing budgets

•      contains effective strategies for dealing with loss of resources

•      includes end-of-chapter reflection questions and an expanded glossary of terms 

Written in plain language this volume provides practical approaches to many complex problems in fiscal management.

This new edition of the book contains new information in every chapter reflecting both the most recent developments in higher education and feedback from readers of the earlier edition.  The information on the current higher education financial environment has been updated, and the case studies have been revised.  Readers will be introduced to Bowen’s theory of resources and expenses as an important way to understand budgetary decision making in colleges and universities.  Special attention is paid to the use of restricted funds, the budget implications of faculty appointments and the challenges  caused by personnel policies for staff. In addition,  greater attention is given to development and implementation of repair and replacement programs in auxiliary enterprises.  The challenges that arise when budget problems are postponed are also discussed. The volume contains a number of suggestions for practitioners with new budgeting and fiscal responsibilities

Budgets and Financial Management in Higher Education 3rd Edition Table of contents:

1 The Fiscal Context and the Roleof the Budget Manager

The Fiscal Context of American Higher Education

Differences Between Public and Private Institutions

The Role of a Budget Manager

Why Does All This Matter?

Alpha University

References

Reflection Questions

2 Primary Elements of the Budget: Revenue and Expenses

Revenues

Expenses

Conclusion

References

Reflection Questions

3 Understanding Budgets

Purposes of a Budget

Types of Budgets

Organizing and Expressing Budgets

Common Budget Models

Decision Making and Budgets

Conclusion

References

Reflection Questions

4 Management of the Budget Cycle

General Issues

Developing and Managing the Fiscal Year Operating Budget

Analyze and Repeat

Conclusion

References

Reflection Questions

5 Understanding Auxiliary and Capital Budgets

Auxiliary Budgets

Forecasting Revenues and Expenses

Paying for Institutional Services and Overhead

Planning for Maintenance and Equipment Replacement

Budgeting for Reserves

Capital Budgets

Common Issues for Capital Budgets

Conclusion

References

Reflection Questions

6 Problems and Pitfalls in Budget Management

Common Issues

Common Pitfalls

Advice to New Budget Managers

The Attitude Factor

References

Reflection Questions

7 Managing Budget Fluctuations

Reasons for Budget Cuts

Institutional Approaches to Budget Reductions

Useful Unit Strategies

Managing Budgetary Opportunities

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Tags: Margaret J Barr, George S McClellan, Financial Management, Higher Education