Effectively Stewarding our Financial Resources
January 2024 | Courtney Thornton
FY22-24 Implementation Plan Initiative: 5.7.1 Implement a university strategic budget initiative to improve strategic allocation of resources from all revenue streams, transparency, and interdisciplinary collaboration and engagement.
At the January Administrative Leadership Meeting (ALM), Charles Maimone, Executive Vice Chancellor for Finance and Administration, shared how the university, through its strategic goals and implementation initiatives, is striving to improve effectiveness in four key areas:
- managing the physical campus,
- building our workforce,
- leveraging data and technology, and
- stewarding financial resources.
“We are in the fortunate position of growth at NC State,” said Maimone, “however, growth can be challenging and create ineffectiveness and inefficiencies if we aren’t mindful of how we administer and operate.”
Introducing a Service Maturity Model
Maimone suggests that a Service Maturity Model may help NC State pursue improved effectiveness in these four, and other, areas. He shared with ALM and other leadership groups a model informed by both research and his own career experience overseeing complex financial and administrative operations.
In short, in order to reach maturity and optimal effectiveness, each key area must start with strong policy and process foundations, then build useful performance management tools and practices, and ultimately develop advanced analytic capacities. Maimone’s ALM presentation and handout provide more details about the concept and its applications.
“Informed by our strategic plan, we want to manage all of our resources, be they space, personnel, technology and data or financial, to the highest and best use possible” stated Maimone. “Maturing our service delivery to ensure we have management information, proven processes, and robust analytics to inform our decisions is paramount to stewarding these valuable resources entrusted to our care, especially during times of growth.”
Applying the Model to Financial Stewardship
Through efforts like the University Strategic Budget Initiative (USBI), Maimone and his staff are helping NC State more effectively steward its financial resources. In the last two years, the USBI has introduced new processes and reporting tools that support decision-making throughout the university, based on predictive analytics and actionable, visualized data.
“USBI has streamlined the budget submission process and given departments, divisions, colleges and senior leaders the data and dashboard tools they need to make informed decisions and to ensure the best use of all of our funding sources.” explained Barbara Moses, Associate Vice Chancellor for Budget and Resource Management, “USBI and our new budgeting tool will fundamentally change how we budget at NC State.”
Building on Success
Maimone remains excited by the improvements NC State has already realized as well as the opportunity to build on progress in the FY25-27 implementation plan.
“We must drive university effectiveness intentionally and collaboratively, to ensure NC State continues to excel. I urge our administrative and operational leaders to consider effective use of campus space, our workforce, data and technology and financial resources when contemplating the next series of strategic plan initiatives.”
Maimone added, “NC State is in a fortunate growth position. Our responsibility is to ensure we steward our resources as effectively and strategically as possible.”
More questions about the USBI? Contact Barbara Moses, Associate Vice Chancellor, Budget and Resource Management.