Two Budget Methods for Universities and Colleges

A professional in higher education for more than three decades, Emmanuel Gonsalves most recently served as vice president of finance and strategy at Bethune-Cookman University in Daytona Beach, Florida. Emmanuel Gonsalves was directly involved with managing budget initiatives.

In higher education, there are numerous approaches for handling a budget. Among them are incremental and zero-based budgeting. The latter requires all departments and personnel soliciting funding to resubmit new requests outlining their need and intent. While this method takes longer to prepare because it clears out all units from the previous year’s budget to start fresh, it limits discretionary spending that occurs when each department and division receives a set amount annually. Instead, every dollar requested must have a specific use that is approved.

Incremental budgeting allows for long-term planning. A popular method among institutions, it takes into consideration budget allocation of previous years and focuses on disbursement of new revenue only. When budget cuts are needed, incremental budgeting reduces funds across all departments and divisions by a specific percentage.

Three Ways to Maximize Grant Money

Most recently serving as vice president of finance and strategy, Emmanuel Gonsalves oversaw budgeting for Bethune-Cookman University. Emmanuel Gonsalves played a critical role in making better use of grants in order to enhance revenue streams.

Grants offer a valuable source of funding for universities and colleges. The following are ways to maximize grants in order to support other organizational initiatives.

Pay for research expenses.

To reduce printing and administrative research expenditures placed on higher education institutions, grant recipients can use part of their funding to pay for the fees. In order to not hinder their work, grant writers should be encouraged to include the expenses in their application prior to submission, so it can be approved.

Make better use of stipends.

Grant funds awarded to researchers, at times, can include a stipend for overload research. Used as a salary, a stipend can supplement a faculty member’s salary, thus supporting a fellow educator and research goals.

Create training opportunities.

To further academic opportunities, grants can be acquired to support the development of a new training facility, such as the Regional Technology Center at Mott Community College of Michigan. These types of centers can provide degree programs that benefit students and faculty members long term.