Despite pervasive challenges in higher education, Western Kentucky University (WKU) has significantly transformed its financial planning processes, ensuring robust financial health for the future. This evolution has resulted in enhanced data transparency, fostered compelling dialogues between deans and the administration, and has been critical in forging a unified strategic approach across WKU.
In this presentation, attendees will gain insights into WKU's transition to a responsibility center management (RCM) budget model, the methodologies employed by the finance team in tuition revenue analysis and fee structuring, and the establishment of forward-looking financial plans. Presenters will share their processes and lessons learned along the way, as well as how these changes have enabled them to make timely, data-driven decisions institution-wide to drive strong financial performance.