Thriving Financial Stewardship

The finance team will partner with stakeholders across the School of Medicine to support the successful implementation of our strategic plan, to find solutions to pressing resource questions and to empower people with simpler, more accessible data to do their best work. Taking a holistic view of what is needed to advance our strategy, we can work together to more effectively optimize our resource distribution and capacity for data-driven decision-making.

TFS Outcome 1.1: Effective and efficient stewardship of available resources

TFS Outcome 1.2: IMPACT area leaders report that they have the resources needed to do what they are being asked to do

TFS Outcome 1.3: Establish baseline view of resource allocation needs, where gaps exist and how to address the gaps over time

TFS Outcome 1.4: Comprehensive dashboards for real-time financial monitoring are developed and implemented

TFS Outcome 1.5: New approach to financial stewardship established to replace “use it or lose it” incentives

TFS Tactic 1.1: Partner with Goal Champions from all IMPACT areas to:

• 1.1 a. Proactively examine resource needs
• 1.1b. Determine where the finance team can most support the implementation of their initiatives
• 1.1c. Establish metrics to track implementation progress

TFS Tactic 1.2: Lay the framework for supporting departments' ability to access timely, relevant and accurate financial data:

• 1.2a. Begin the development of comprehensive dashboards for real-time financial monitoring
• 1.2b. Analyze and propose standardized datasets that remove manual efforts and ad hoc reporting
• 1.3c. Create the infrastructure to properly categorize mission-based revenue and expenses

TFS Tactic 1.3: Support stakeholders' ability to be effective, mission-aligned stewards of institutional resources:

• 1.3a. Develop a framework for responding to departmental budget requests that includes an overview of the request, all relevant data, what decision was made re: the request and the rationale for why that specific decision was made over others.
• 1.3b. Build transparency into how resources support departments and individuals (e.g., could be a workshop topic, identify different venues in which to communicate, including SOM Executive Meeting)

TFS Tactic 1.4: Support stakeholders' ability to access timely, relevant and accurate financial data:

• 1.4a. Formally operationalize dashboards for real-time financial monitoring
• 1.4b. Formalize and integrate datasets and reporting tools that create a consistent set of financial reports across units and departments
• 1.4c. Roll out mission-based P&Ls that are aggregated at the school level and disaggregated at the department, division and individual levels
• 1.4d. Integrate the established framework into the formal budgeting processes

TFS Tactic 1.5: Explore how to incentivize efficient utilization of the resources the school provides centrally to shift away from “spend it or lose it” approach Recognize and celebrate successes through actions such as:

• 1.5a. Highlighting departments or leaders who used data to make mission-aligned decisions
• 1.5b. Sharing short case examples of decisions that aligned spending with mission because stakeholders understood the data

TFS Tactic 1.6: Develop preliminary plans and consistent modeling to address risks year-over-year

TFS Tactic 1.7: Take stock of year 1 experience and financial modeling to inform the approach to year 2 annual planning and budgeting:

• 1.7a. Determine where the School of Medicine has the most value or opportunity to invest
• 1.7b. Align high-leverage opportunities with those of other impact areas to effectively steward institutional resources

Stakeholders ought to possess the information, knowledge and skills to be effective, mission-aligned stewards of institutional resources. Strengthening relationships between the finance team and stakeholders, establishing convenient opportunities for information-sharing and providing accurate and relevant datasets will give stakeholders the tools they need to succeed.

TFS Outcome 2.1: Establish baseline data for user experience and performance with the finance team to set achievable targets for year three

TFS Outcome 2.2: Use the baseline survey results to identify key questions for future outcomes expectations and performance targets for beyond year one

• 5% increase in stakeholder satisfaction of interactions with finance by 2028
• 5% increase in departmental satisfaction of relationship with finance by 2028

TFS Outcome 2.3: 5% increase in stakeholders who report that they can interpret financial reports and understand how decisions affect the broader enterprise

TFS Outcome 2.4: 85-90% of department leaders indicate they feel confident using financial data to inform resource requests by 2028.

TFS Tactic 2.1: Partner with key stakeholders to define a clear, shared vision for what a service-oriented culture in Finance looks like

TFS Tactic 2.2: Develop a custom user experience survey to conduct a baseline assessment of satisfaction, with a focus on understanding people’s experience of the level of service, transparency and availability of the finance team

TFS Tactic 2.3: Support the increased financial fluency of stakeholders across the enterprise:

• 2.3a. Create opportunities for increased accessibility to the leadership and staff of the finance team to improve knowledge-sharing and service experience
• 2.3b. Design a “one stop” central repository to ensure that all units have access to finance resources, information, training links and other materials
• 2.3c. Develop a communication strategy, plan and timeline to help people across the School of Medicine understand the annual rhythms and processes for key milestones for finance
• 2.3d. Create high-level, central strategy for each major funding source (federal grants, state funds, clinical earnings, philanthropy, foundation funds, tuition) that defines allowable uses, opportunities for enhancement, potential threats for each source and establish clear order of operations for how funding sources should be utilized
• 2.3e. Establish guidance to help departments with order of operations and investing available fund sources in their mission

TFS Tactic 2.4: Complete, refine and sustain the “one stop” central repository; analyze the effectiveness of the “one stop” central repository and refine it based on feedback

TFS Tactic 2.5: Identify frequently asked topics and develop up to two workshops for knowledge-sharing opportunities, based on year 1 survey feedback

TFS Tactic 2.6: Continue to support stakeholders' ability to be effective, mission-aligned stewards of institutional resources by:

• 2.6a. Communicating and implementing strategies for each major funding source
• 2.6b. Communicating guidance to departments regarding order of operations and investments towards their mission
• 2.6c. Implementing utilization strategy incentives