ERIC Number: EJ1021701
Record Type: Journal
Publication Date: 2013
Abstractor: As Provided
What is Good University Financial Management?
Taylor, Mark P.
Perspectives: Policy and Practice in Higher Education, v17 n4 p141-147 2013
In the current and foreseeable harsh UK higher education environment, aspiring to best-practice financial management will be key to ensuring the prosperity--and indeed the survival--of any university. In this article I argue that good university financial management should provide stability to the institution, allow for investment as well as renewal and the exploitation of opportunity, be transparent enough to facilitate accountability and good governance, and ensure that the institution allocates resources efficiently in the context of its strategic plan. I explore in detail the issues relating to this fundamental definition of good financial management, including the role of financial management in inducing stability, short-term solvency and reserves, managing financial risk, capital expenditure and long-range planning, developing a diversified funding base, embedding good financial management in university culture, the relationship between financial planning and strategic planning, and financial accounting and control.
Descriptors: Money Management, Governance, Strategic Planning, Educational Finance, Foreign Countries, Sustainability, Investment, Risk Management, Finance Reform, Financial Policy, Accountability, Higher Education
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Publication Type: Journal Articles; Reports - Evaluative
Education Level: Postsecondary Education; Higher Education
Authoring Institution: N/A
Identifiers - Location: United Kingdom