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What is good university financial management?
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Taylor, Mark P. (2013) What is good university financial management? Perspectives: Policy and Practice in Higher Education , Volume 17 (Number 4). pp. 141-147. doi:10.1080/13603108.2013.835289 ISSN 1360-3108 .
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Official URL: http://dx.doi.org/10.1080/13603108.2013.835289
Abstract
In the current and foreseeable harsh UK higher education environment, aspiring to best- practice financial management will be key to ensuring the prosperity – and indeed the survival – of any university. In this article I argue that good university financial management should provide stability to the institution, allow for investment as well as renewal and the exploitation of opportunity, be transparent enough to facilitate accountability and good governance, and ensure that the institution allocates resources efficiently in the context of its strategic plan. I explore in detail the issues relating to this fundamental definition of good financial management, including the role of financial management in inducing stability, short-term solvency and reserves, managing financial risk, capital expenditure and long-range planning, developing a diversified funding base, embedding good financial management in university culture, the relationship between financial planning and strategic planning, and financial accounting and control.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||
| Journal or Publication Title: | Perspectives: Policy and Practice in Higher Education | ||||||
| Publisher: | Routledge | ||||||
| ISSN: | 1360-3108 | ||||||
| Official Date: | 21 January 2013 | ||||||
| Dates: |
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| Volume: | Volume 17 | ||||||
| Number: | Number 4 | ||||||
| Page Range: | pp. 141-147 | ||||||
| DOI: | 10.1080/13603108.2013.835289 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||
| Related URLs: |
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