The Goal 8 Committee investigated financial management for the University as a whole. It gathered information and evaluated the manner in which the university translates the goals in its strategic plans into financial plans, insures that sufficient funds are generated to meet the University’s strategic goals, and manages its financial resources in an effective and efficient manner. This chapter draws primarily on the Goal 8 Committee Report [6.2B10]. Please see this report for more detailed information.

Patterns of Evidence

Purposes

Clear, qualitative statements of Michigan Tech's financial goals appear in its Strategic Plan [2.1D2]. Michigan Tech is committed to

• financial stability,
• an inclusive and effective budgeting process,
• financial resource growth, and
• affordable tuition.

These goals are driven by the financial requirements of the other strategic goals and enable us to fulfill our mission.

Clear, quantitative statements of the University's short-term financial goals appear in its annual budgets [4.7]. These budgets clearly set out planned revenues and expenses. The Executive Vice President and Provost presents these budgets in open, public meetings to the faculty, staff, and Board of Control. Establishing and communicating our financial goals in the Strategic Plan and in annual budgets is an important accomplishment since 1988.

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