The University of Virginia is recognized as one of the country's premier public universities. Its goal of continuous improvement and leadership in higher education, research and service relies on the ability to efficiently manage and accurately predict sustained financial resources.
The President recognized that these goals could not be fulfilled using the budget model previously in place. She charged leadership to develop a new approach that is:
- aligned with current activity, not historical;
- includes incentives for innovation, creativity, and revenue generation;
- considers all available funds;
- links resources and uses and consistently allocate revenues and expenses;
- engages academic and financial leaders in the collaborative and strategic application of resources toward shared goals;
- provides transparent execution and decision-making; and
- enables multi-year financial planning
UFM aligns activity, responsibility, and accountability with the goal of supporting decision-making in furtherance of the institution's mission. It has been designed for flexibility and responsiveness to frequently changing conditions, at the University and organization levels.