Dear Colleagues:
Our current budget model was created in 2015. To update this model, as well as to better align our budget model to our academic aspirations, we have commenced a budget model review and enhancement project led by the Offices of the Chief Financial Officer and Provost. We have also engaged Grant Thornton, our current financial auditor, to assist with managing this important project.
Over the summer, we began to engage key stakeholders in a coordinated current-state assessment across GW’s financial planning and central administrative functions via interviews, documentation reviews, and surveys. Stakeholder groups have included deans, faculty, division leaders and staff.
Based on the information gathered through the completion of this assessment, we organized our thinking around key themes and guiding principles for strategic budgeting and financial planning to help focus and direct our work in the months ahead. We shared these concepts in a series of meetings with key stakeholder groups in September and October 2024, during which we collected feedback on our progress to date and refined our guiding principles.
In an effort to promote continued transparency in this process, we have launched a Budget Model website that shares the final guiding principles as well as our general timeline for developing, confirming, and implementing the new budget model. In the new year, we will continue to engage with stakeholders as we test and refine budget model options and develop process and system improvements. We will continue to update the website with information as it develops, including a forthcoming FAQ section.
Thank you for your continued support and participation in this important process.
Sincerely,
Christopher Alan Bracey
Provost and Executive Vice President for Academic Affairs
Professor of Law
Bruno Fernandes
Executive Vice President, Chief Financial Officer, and Treasurer