At Penn State: “Town Hall on changes to budget process set for Oct. 15”

[BobPSU92]

See the link below. From the article:

“UNIVERSITY PARK, Pa. — On Oct. 15, Penn State Provost Nick Jones will host a Town Hall meeting for the University community to discuss changes to the University’s budgeting process, efforts at controlling costs and the transition to the new System for Integrated Management, Budgeting and Accounting (SIMBA). The event will be held from 2 to 3:30 p.m. in 112 Kern Building on the University Park campus. It will also be livestreamed at LiveEvents.psu.edu for community members at all Penn State campuses to view.”

https://news.psu.edu/story/591238/2019/10/02/administration/town-hall-changes-budget-process-set-oct-15

As noted in the article, questions can be submitted by e-mail or anonymously via an online form in advance or during the event.

Obviously, Nick’s got this.

BARRY. , will you attend?

 

[NittPicker]

Does this mean we'll finally find out how much money has been funneled to companies in which certain BoT members have a financial interest??

 

[BobPSU92]

Does this mean we'll finally find out how much money has been funneled to companies in which certain BoT members have a financial interest??

Of course! Transparency!

 

[Achowalogan]

Does this mean we'll finally find out how much money has been funneled to companies in which certain BoT members have a financial interest??

That would be 100%....

 

[91Joe95]

Does this mean we'll finally find out how much money has been funneled to companies in which certain BoT members have a financial interest??

The bot members don't have conflict of interests.

 

[BobPSU92]

Related article:

"Task force recommends broad change to Penn State’s current budget approach

Move is part of University’s larger long-term strategy to create efficiencies and keep tuition affordable

October 09, 2019

UNIVERSITY PARK, Pa. – Faced with outdated technology, changing demographics, and public demands for increased financial transparency, Penn State leaders are gearing up to change the University’s budgeting approach, which is at least six-decades old, in an effort to make the process more efficient and transparent.

The move -- just one component in a comprehensive long-range plan to create a more sustainable financial model – has been discussed with leaders across the University and will be shared in more detail with the Penn State community in the coming weeks and months. Faculty and staff will have their first opportunity to learn about the new budgeting proposal and other strategies for managing resources, and to ask questions at an upcoming Town Hall meeting at 2 p.m., Tuesday, Oct. 15, in 112 Kern Building on the University Park campus. The event will be livestreamed to all campuses. More information can be found here.

“The need for better financial controls that help to minimize tuition increases, create transparency, allow for more consistency across the University, and maximize the return on every dollar spent are driving our budget evolution, as well as our long-term overview of our operations for the coming years,” said Nick Jones, executive vice president and provost at Penn State. “In order to meet current and emerging needs our University must implement a new enterprise financial management system that allows better tracking, reporting and forecasting.

“This is just one piece of a long-term strategy to keep a Penn State education accessible and affordable to the families of the Commonwealth, while maintaining the quality for which we are known,” Jones said.

In December 2018, Jones and David Gray, senior vice president for Finance and Business, launched a Strategic Budget Task Force with members representing a broad swath of areas across the University -- including Faculty Senate, research, Commonwealth Campuses and academic colleges. Over a six-month period, the task force examined Penn State’s current budget processes, benchmarked best practices, scrutinized financial tools, and has now recommended changes to move the University into a more effective budgeting approach.

The task force report contains multiple recommendations in three key areas of the budget process that task force members indicated should be addressed University-wide. Most notable among the recommendations are:

• A shift to a multi-year budgeting method (five-year cycle) with a “bottoms-up approach” that takes into account opportunities for efficiencies; funding of strategic priorities; and appropriate allocation of resources to fulfill the University’s tri-part mission.
• Budgeting of all funds, and participation in a regular centralized process to review the budget.
• Elimination of the “permanent” and “temporary” categories in the General Fund budget.
• Allowing carry-forward balances to roll into subsequent years, with the establishment of clear principles and categories."

https://news.psu.edu/story/592475/2...-recommends-broad-change-penn-state’s-current

PUBLIC. DEMANDS. FOR. INCREASED. FINANCIAL. TRANSPARENCY.

SWEET. JEEBUS.

 

[Kiber]

These things always make me think of that saying.... "When all is said and done, usually more is said than is done".

 

[BobPSU92]

These things always make me think of that saying.... "When all is said and done, usually more is said than is done".

Talk is cheap, though not at Penn State. Nothing at Penn State is cheap.

 

[Kiber]

Talk is cheap, though not at Penn State. Nothing at Penn State is cheap.

Years ago, early in my working career I worked for a company which loved to have meetings. The inside joke was that we'd have meetings to discuss meetings then plan other meetings....

Based on past PSU BOT meetings on budgets, I'll make a few predictions:
1. NOTHING substantial will come out of this meeting
2. NO decisions will come out of this meeting
3. This meeting will produce resolutions to a) form task forces, and b) set follow up meetings
4. Come to the agreement that these ideas need to be studied further

 

[BobPSU92]

Bump. The TOWN. HALL. is today. Is anyone going?

 

[Art]

Years ago, early in my working career I worked for a company which loved to have meetings. The inside joke was that we'd have meetings to discuss meetings then plan other meetings....

Based on past PSU BOT meetings on budgets, I'll make a few predictions:
1. NOTHING substantial will come out of this meeting
2. NO decisions will come out of this meeting
3. This meeting will produce resolutions to a) form task forces, and b) set follow up meetings
4. Come to the agreement that these ideas need to be studied further

Don't know whether it will happen at this meeting, but expect one very substantial outcome to take place as a result of the process: approval of a very expensive financial management/budgeting system.

 

[RGWhirly]

Don't know whether it will happen at this meeting, but expect one very substantial outcome to take place as a result of the process: approval of a very expensive financial management/budgeting system.

Considering the University has spent so much money on it already, training folks on it, and already said when it will be implemented, just a rubber stamp exercise. It is needed though as current system is ancient and the suck.

 

[91Joe95]

Don't know whether it will happen at this meeting, but expect one very substantial outcome to take place as a result of the process: approval of a very expensive financial management/budgeting system.

Will it still allow them to count loan money as revenue?

 

[Art]

Considering the University has spent so much money on it already, training folks on it, and already said when it will be implemented, just a rubber stamp exercise. It is needed though as current system is ancient and the suck.

Didn't say that current system didn't need to replaced, just that I don't have a lot of confidence is decision makers in picking the best one. So, who is the vendor here?

 

[RGWhirly]

Didn't say that current system didn't need to replaced, just that I don't have a lot of confidence is decision makers in picking the best one. So, who is the vendor here?

https://www.simba.psu.edu/

 

[Media Fan]

“ 6 decades old” says it all to me.
That process has put the school into an uncompetitive position financially. Until the extreme pricing relative to peers is solved, the budget and its process are simply moving the deck chairs around.
Inept management = change management

 

[psuro]

Considering the University has spent so much money on it already, training folks on it, and already said when it will be implemented, just a rubber stamp exercise. It is needed though as current system is ancient and the suck.

Are they using QuickBooks?