In higher education institutions, best budgeting practices requires the use of appropriate and good coordination of master strategy which creates all the focus which have to be undertaken in the institution. This kind of ensures that each of the higher education organizations attend to their respective economical and educational desired goals. The organizations need to have in position excellent and sufficient system. In depth periodic facilities audits should be done so as to ensure that the facilities are very well and satisfactory. There should be creation of base data pertaining to the establishment so as to enhance planning process.
The institutions’ operation spending budget should have an allocation of repair and renewal. All of the needs with the institution ought to be allocated while using funds offered. There is make use of rational decision making process which will enhances the powerful means of spending budget (Caruthers & Orwig, 1979). Question two A grand university or college must always include good connections with the outside world through a well thought out and effective pr policy.
These kinds of much deemed connections go along way, even though directly and indirectly, in building and maintaining the university’s picture as well as becoming a resource when it comes to being an opportunity where funds and grants can be sent applications for. Many are times when a university or college requires financial situation, out of its budget allocations, to undertake research studies, seminars, fairs, cultural activities and many more intermittent activities. With these kinds of three strategies serving similar purpose, there is also a possibility that in their course of operations, they could approach an identical source, knowingly or undoubtedly, and conclude putting the of the university at stake.
Listed below are alternatives can be handy in harmonizing their actions (Knapp & Siegel, 2009). Firstly, the three bodies may be streamlined in a way that their actions are well synchronized and powerful without necessarily clashing. For instance , the finance operation could possibly be liaising with all the university’s accounting department to source pertaining to funds and oversee their very own use.
The alumni corporation can be only handling the monies from the alma mater as well as working with them closely with the objective of elevating money due to them. As the foundation offices could be dealing with the corporate globe with a view of seeking funds from them. Subsequently, all the three bodies could be revamped to make into a single organization and even offered a new identity.
With this action, every one of the activities which might be currently being completed by the three bodies can be combined. This will remove the possibility of a clash of their mandates given the fact that they may all be under a single supervision. References Caruthers, J. K. & Orwig, M. G. (1979).
Budgeting in higher education. American Relationship for Degree Knapp, T. & Siegel, D. J. (2009). The company of Higher Education: Management of Fiscal Strategies. New York: ABC-CLIO
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