In higher education institutions, best budgeting practices involves the use of proper and excellent coordination of master plan which establishes all the priorities which have to be undertaken in the institution. This ensures that all the higher education institutions attend to their respective economic and educational goals. The institutions need to have in place excellent and sufficient infrastructure. In depth periodic facilities audits should be done so as to ensure that the facilities are well and adequate.
There should be creation of baseline data for the institution so as to enhance planning procedure. The institutions’ operation budget should have an allocation of repair and renewal. All the needs of the institution should be allocated with the funds available. There is use of rational decision making process which enhances the effective means of budgeting (Caruthers & Orwig, 1979). Question two A grand university must always have good connections with the outside world through a well thought out and effective public relations policy.
These much regarded connections go along way, albeit directly and indirectly, in building and maintaining the university’s image as well as being a resource in terms of being an avenue where funds and grants can be applied for. Many are instances when a university requires finances, out of its budget allocations, to carry out research studies, seminars, fairs, cultural activities and many other intermittent activities.
With these three avenues serving the same purpose, there is a possibility that in their course of operations, they might approach a similar source, knowingly or unknowingly, and end up putting the image of the university at stake. The following are alternatives can be useful in harmonizing their activities (Knapp & Siegel, 2009). Firstly, the three bodies can be streamlined such that their activities are well synchronized and effective without necessarily clashing.
For example, the finance operation could be liaising with the university’s accounting department to source for funds and oversee their use. The alumni organization can be only handling the monies from the alma mater as well as working with them closely with the objective of raising money courtesy of them. While the foundation offices could be dealing with the corporate world with a view of seeking funds from them. Secondly, all the three bodies can be revamped and made into a single entity and even given a new name.
With such an action, all the activities that are currently being carried out by the three bodies can be combined. This will eradicate the possibility of a clash of their mandates given the fact that they will all be under a single supervision. References Caruthers, J. K. & Orwig, M. D. (1979). Budgeting in higher education. American Association for Higher Education Knapp, J. & Siegel, D. J. (2009). The Business of Higher Education: Management of Fiscal Strategies. New York: ABC-CLIO