Feature

Subcategory of CFO News

Bid for savings: Reverse auctions

Real-time reverse auction events are helping institutions save on purchases—and making the procurement office an exciting place to be
Seconds tick by. Vendors submit bid after bid in real time, battling it out to win the business of the campus procurement office. The opposite of eBay, this reverse auction format results in the price going down with each bid.

Prepare to persuade

Helping mid- and senior-level campus administrators gain comfort and experience with fundraising

The University of Florida’s last fundraising campaign, completed in October 2012, surpassed its $1.5 billion goal and finished nine months ahead of schedule at $1.72 billion. Despite this tremendous success, the next campaign will deploy a new tactic—a fine-tuned army of the university’s leaders prepared and practiced in the strategies of fundraising.

Preserving construction site funds

How to keep the finishing touches in the budget on a building project

A Midwestern state university budgeted about $12 million for a major addition to its library several years ago. At the time, there was not a tightly controlled project planning process at the institution and the library’s plaza—already a major central gathering space on campus—was not included in the project budget.

Site development: Capital or operational cost?

Here’s how two institutions have approached the decision

In some cases, colleges and universities will opt to fund some site development items, such as landscaping, as an operational cost instead of a capital cost.

But the decision depends on owner needs and should still be made in advance, during the budgeting process for the entire project. Here’s how two institutions have approached the decision:

8 ways to deter and detect campus fraud

Steps employees at every institution can take to help prevent occupational fraud
What do a private liberal arts college, a public community college and a high-ranking national university all have in common? Each recently reported six-figure occupational fraud losses.

How campuses are streamlining payment planning

Accurate accounting and reporting of payments made across campus are essential—but not always easy tasks

From the sale of tickets to athletic or performing arts events, to housing and parking fees and fines, as well as merchandise sales and event sponsorships, there are myriad alternative sources of revenue coming in to various departments on a given campus throughout the year.

Revenue accounting: Autonomy with controls

When it comes to nontuition payments, college and university officials want the best of both worlds, says Daryl Robinson, director of higher education product development and strategy for Nelnet Business Solutions.

On the one hand, they’re expressing the need to centralize the accounting of revenue generated by departments across campus. On the other hand, there’s the realization this effort is often best handled by those individual departments.

A campus policy for revenue-producing activity

Armstrong Atlantic State University set news policies

At Armstrong Atlantic State University, the business and finance department created a policy in 2011 that covers how to establish any revenue-producing activity.

Such activity is defined as that which generates revenue from the sale of products or services provided by the university or university employees.

Prior to establishing an account for this activity, a department must take the following steps:

Getting centered: Payment processing controls

University of Alabama centralizes oversight in the student receivables office

Upon deciding that a more uniform approach was required when it came to the nontuition revenue being generated by departments across campus, The University of Alabama officials established policies designed to regain control of what had been, up to that point, highly decentralized.

Segmented into three areas—revenue-generating operations, credit card operations, and eCommerce ventures—the policies centralized the oversight and handling of funds within the student receivables office.

Starting over with a new compensation plan

A new system that doesn’t position employees within salary structure appropriately can lead to unmet expectations

Any institution building a new compensation system must have adequate resources—including staff— to complete the project within a reasonable time frame, says Lynne Hammond, assistant vice president, human resources at Auburn University in Alabama.

A new system that doesn’t position employees within the salary structure appropriately can lead to unmet expectations that translate into disgruntled employees.

Pages