When it comes to financial planning, colleges and universities are unlike any other organization. Take income: Higher education revenues come from vastly diverse sources, from grants, gifts and tuition, to fees, merchandising, athletics, concessions and more. And much of that income can only be applied to specific uses – a certain research project, for instance, or a new building or stadium. Attaching restrictions to income is virtually unheard of in the corporate world, where after you’ve earned a buck, you’re pretty much free to spend it as you wish.
Now, add to this the inherent challenges of developing budgets and plans across departments and schools, many of which operate as independent entities managing discreet budgets and plans of their own, and it’s clear to see that higher education faces a unique financial planning environment.
That’s why Tidemark worked with some of our most innovative higher education customers – including Brown University and the University of Miami – to develop our new Financial Planning for Higher Education Application. This powerful and flexible Tidemark Application is designed specifically for how institutions should be managing their planning processes, enabling administrators and budget owners to make more strategic use of resources, engage every stakeholder in the planning process, and establish a single platform for planning, budgeting and reporting.
With Tidemark Financial Planning for Higher Education, the Budget Office can align source and use by monitoring strategic planning, departmental budget development, position budgets, and reporting and analysis, no matter how many faculty and staff participate. Tidemark’s collaborative, mobile-first architecture – which enables the App to be accessed from any device – ensures every stakeholder can instantly see (by position or funding source) where they stand against the budget at any time. This makes it easier for faculty and staff to ensure spending and activities are in line with the strategic plan.
We’ve also included a series of best practices that help higher education customers get up and running immediately, without time-consuming or costly coding and customization. Our work with Brown University, detailed in this success story, shows what’s possible when higher education innovators apply modern solutions to meet their specific needs.
Strategic planning, tuition planning, position budgeting, departmental budgeting, capital planning, and grant planning – higher education institutions can now do it all with Tidemark. Read the press release to learn more, or better yet, registertoday for a free webinar and demonstration of the new Financial Planning for Higher Education Application. It’s happening at 11 a.m. PDT / 2 p.m. EDT Thursday, July 10.