HEA 620 Milestone Three Guidelines And Rubric Overview Revie ✓ Solved

Hea 620 Milestone Three Guidelines And Rubricoverview Review The Budg

Review the budget that you created in Milestone Two and any feedback you received from the instructor on your budget. Create a re-forecasted budget for the remainder of the year that reflects the 10% institutional budget reduction based on research and the assumptive facts that are provided below. Be sure to state what compliance and regulatory requirements, if any, were considered. Use the Budget Template document in the Reading and Resources area of the module and annotate your line items. Specifically, the following critical elements must be addressed: a. Your re-forecasted budget should reflect planned expenses and revenue by line item and by month of planned encumbrance. What compliance and regulatory requirements had to be considered. b. Annotate your line items. Why have you made the choices that you made? What information informed your decision for each item?

Re-forecasted Budget Assumptive Facts: At the end of the first seven months of your budget period, your president, in an effort to reverse a looming budget deficit, directs you and all other functional directors to cut departmental budgets by 10% for the remaining five month period, requiring you to re-forecast the remainder of the fiscal year. Create a re-forecasted budget, where your “actual” departmental expenditures after the first seven months total 61.7% of the total initial budget. Next, decide how to achieve an overall or cumulative reduction of 10% to the remaining five months of your budget. You should include the following in your decision-making process: • At least one reduction in your staff • An additional hosted job fair, in response to a trend of poor job placement of your graduates • The changes you make will need to be properly communicated to your staff (in a separate, upcoming assignment) • Your revised departmental revenue will equal the amount of your approved re-forecasted budget expenditures • Utilize the same spreadsheet used for your original budget and insert all actual expenditures, as well as revised budget amounts for each line item.

Rubric Guidelines for Submission: Submit your budget using the Budget Template document and include, at the bottom of the budget or in a separate document, explanations of budgeting choices for each line item and the information and data that informs those choices.

Sample Paper For Above instruction

Introduction

The objective of this paper is to present a re-forecasted budget for the Student Support Services department, considering a 10% institutional budget reduction for the remaining five months of the fiscal year. This re-forecast aims to align departmental expenses with the reduced revenue projections while adhering to regulatory and compliance requirements.

Initial Budget Overview

The initial budget allocated $1,628,000 annually, with expenditures categorized across staff salaries, benefits, travel, and operational expenses. After the first seven months, actual expenditures account for approximately 61.7% of the initial budget, indicating the need to adjust remaining expenses to meet fiscal constraints.

Regulatory and Compliance Considerations

In preparing the re-forecasted budget, several compliance considerations were taken into account, including adherence to the Higher Education Act (U.S.C. § 1092), the Americans with Disabilities Act (U.S.C. §§), and regulations pertaining to federal work-study programs. These statutory requirements mandated maintaining certain levels of accessibility, non-discrimination, and specific funding stipulations, which influenced decision-making regarding cost reductions and program adjustments.

Budget Reduction Strategies

To achieve the mandated 10% reduction, the department implemented several measures:

  • Firing or reassignment of at least one staff member to reduce personnel costs. Staff salaries were examined, leading to a reduction in salary expenses for January through June, decreasing monthly salaries by approximately 10% to meet budget constraints.
  • Hosting an additional job fair in response to poor graduate placement data. This involves costs in marketing, logistics, and staffing but is prioritized due to its impact on student employment outcomes.
  • Review and reduction of operational expenses, including travel, subscriptions, and office supplies. For example, travel budgets were decreased by 20%, and discretionary expenses like meals and entertainment were cut or eliminated.

Budget Annotation and Decision-Making

Each line item was scrutinized to ensure essential functions remain intact while reducing overall expenses. The annotations were based on data from previous budget periods, strategic planning documents, and institutional priorities. For example, the choice to reduce travel expenses was informed by the need to limit non-essential travel amid budget constraints and carefully evaluated to avoid compromising staff professional development or student outreach activities.

Revised Budget Overview

The revised budget reflects a decrease of approximately 8.2% in total expenditures, aligning with the 10% reduction goal considering the actual expenditures of 61.7% of the initial budget. Revenue projections were adjusted accordingly, maintaining program viability and compliance.

Implementation and Communication

The reductions have been communicated to staff through departmental meetings and formal notices, emphasizing transparency and the rationale behind each decision. This approach ensures staff understanding and buy-in, which is vital for smooth implementation.

Conclusion

The re-forecasted budget aligns with regulatory requirements and institutional goals, while carefully balancing fiscal responsibility and program effectiveness. Future monitoring and adjustments will be necessary to ensure continued compliance and financial sustainability.

References

  • U.S.C. § 1092, Higher Education Act
  • U.S.C. §§ Americans with Disabilities Act
  • University Budgeting and Financial Planning Guidelines, (2022)
  • Institute of Education Sciences, Budget Management Policies (2023)
  • Department of Education Regulations, (2021)
  • Public Law No. 101-542, Federal Budget Act
  • National Association of College and University Business Officers (NACUBO), Budget Principles (2023)
  • Office of Management and Budget Circulars, (2022)
  • Financial Strategies for Higher Education Institutions, (2020)
  • Institutional Financial Oversight Framework, (2023)

Related Assignments