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RISE
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RISE

Resilience, Innovation, Sustainability, and Excellence

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Illinois State is enhancing its strategic budgeting practices to promote mission-focus, sustainability, accountability, and transparency across the institution.

A Better Budget Process for the Future

Our current incremental budget process sets budgets and allocations based on previous year’s funding levels. This does not allow for budgets to be aligned with current operational needs and limits our ability to manage financial resources proactively and strategically.

We're partnering with the campus community and Grant Thornton LLP to find the budget processes that best meet our needs and ensure financial stability.

Our Budget Redesign Framework

The University will identify and implement a new budget framework that will provide long-term resiliency and financial stability while fostering innovation and excellence.

November 2024 - December 2024

Governance

Organize a governance structure that strikes the appropriate balance of strategic decision makers and tactical practitioners

December 2024 - January 2025

Guiding Principles

Develop principles that will serve as the institution's 'North Star' when evaluating and selecting new process and methodology options

February 2025 - June 2025

Budget Process and Timeline

Revisit the ways-of-working to effectively manage the institution's financial planning and management

February 2025 - August 2025

Model Allocations

Develop, test, and refine the cost and revenue allocation methodologies in a manner that aligns to guiding principles and positions the institution to invest strategically

September 2025 - June 2026

Budget Model Implementation

Develop implementation plan, run new budget model in parallel with current model. Refine new model as needed.

July 2026

Budget Model Deployment

Deploy new budget model starting in fiscal year 2027.

Guiding Principles

Guiding principles serve as the foundational set of values that guide the University’s budgeting practices and inform decision-making. 

  • 1. Mission and Vision:

    Strategically align resources with the University's mission and vision to advance excellence in student, faculty, and staff success; education; and research.

  • 2. Transparency:

    Uphold transparency in decision-making and communications to build and sustain trust, understanding, and confidence across stakeholders.

  • 3. Accountability:

    Promote institution-wide and unit-level accountability by allocating revenues aligned to goals and objectives that advance the University’s mission, vision, and values.

  • 4. Adaptability:

    Incorporate flexible and responsive budgeting practices that can timely support new initiatives and adapt to evolving institutional priorities, new opportunities, and unforeseen challenges.

  • 5. Sustainability:

    Generate predictable outcomes to facilitate multi-year planning and forecasting in a sustainable manner.

  • 6. Simplicity:

    Establish budgeting practices that are clear, consistent, timely, efficient, and easily understood.

  • 7. Data-Informed:

    Strengthen budgeting practices with reliable, consistent, and accessible data, systems, and processes to inform strategic decision-making and allocate resources effectively and efficiently.

  • 8. Collaboration:

    Work collaboratively to drive institution-wide alignment and enable a culture of excellence, development, and continuous improvement with the University’s budget practices.

RISE Initiative Questions and Ideas

We want to hear your questions related to the work of the task force as well as collect ideas for increasing efficiency, reducing expenses, and generating new revenue for the University.

Contact the Task Force