A&Spire to Illuminate

FINANCIAL MODEL

The Baylor University budget model is changing from a centralized to a more decentralized approach, facilitated by reorganization of the administrative structure. Historically, the College of Arts & Sciences operational budget has been allocated from one year to the next, including resources distributed annually from the University for faculty and staff hiring. Occasionally Arts & Sciences has been able to secure additional resources from the University for facilities projects, equipment, and basic operational enhancements.

Future Arts & Sciences budgets will continue to include the allocation of operational budgets from one year to the next, with the expectation that a greater proportion of the growth in operations will be covered by alternative revenue streams at both the College and departmental levels. In essence, we will derive financial support for the aspirations articulated in this five-year strategic plan, A&Spire-to-Illuminate, through University-sponsored operations, alternative revenues streams generated by A&S, and fundraising.

Goal 1: Create a five-year budget plan to meet the financial needs of the five-year strategic plan, A&Spire-to-Illuminate.

Year 1: Budget allocation changes are still in flux, hampered by the pandemic.

Year 2: Conversations are advancing with our interim Chief Business Officer in the College of Arts & Sciences to develop a five-year budget model juxtaposed with current revenue streams, some of which are growing. Some of these monies may be used to staff hiring, for start-up packages, and for program development.

Action Steps

1.1      Determine total expenses required to implement the five-year strategic plan, A&Spire-to-Illuminate.

1.2      Establish the baseline A&S operational budget.

1.3      Determine potential revenues from professional masters programs.

1.4      Determine potential revenues from certificates.

1.5      Determine potential fundraising revenues through endowments and annual giving.

1.6      Determine potential revenues from salary buyouts.

1.7      Determine potential revenues from the Facilities and Administrative (F&A) rate.

1.8      Explore possible budgetary reallocations.