The Strategic Resource Management initiative is guided by 14 principles intended to support behavior, strategies and initiatives that are consistent with the mission and goals of the University's Strategic Plan.
All guiding principles are valued equally unless through the course of the SRM process a hierarchy is set.
- Accountability: Leaders in each budget unit must ensure that their budget processes and resource allocations align with the strategic resource management guiding principles and the University’s strategic plan.
- Adaptability: Budget model should be adaptable to changing circumstances and be regularly reviewed and revised as the University learns more about the process and outcomes.
- Balance: Monitoring the balance between incentives and control provided to colleges and the “common good” of the University community. Both financial and curricular considerations should be used in determining the balance.
- Central Funds Investment: A central pool of funds should be maintained to provide supplemental support for the implementation of University strategic initiatives.
- Collaboration: Budget model should encourage collaboration across the University community.
- Communication: Constant and direct communication should occur to ensure all campus stakeholders are thoroughly informed and on the new budget model elements, issues and processes.
- Data: A robust data environment must be maintained for the new budget model to be implemented, administered and analyzed.
- Full Cost: Full costs (e.g., salaries, supplies, scholarships, debt, utilities) should be aligned with revenue streams where appropriate.
- Governance: The inclusion of shared governance and technical expertise will provide appropriate oversight of the new budget model.
- Incentives: Budget model should provide appropriate and logical budgetary incentives to enhance revenues and to control costs.
- Negative Outcomes: Budget model should anticipate and avoid negative outcomes by providing sufficient funding and agreements to support valued higher cost efforts.
- Predictability: Budget model should have rules that are clear and consistently applied, resulting in predictable outcomes that enable effective planning throughout campus.
- Simplicity: Budget model should be kept simple even though the details of costs and revenues can be complex.
- Transparency: Budget model should be implemented and maintained in a clear, consistent and transparent manner.