Overview
The Budget Model Redesign is a university-wide effort to improve alignment of resource allocation and incentivize progress toward key strategic goals, such as strengthening academic and research programs, supporting faculty and staff, and investing in critical infrastructure.
The project will focus on several key areas to improve resource management:
- Creating a clear system for distributing revenue, such as tuition, fees, and indirect cost recovery, to ensure funds are allocated in line with George Mason’s priorities
- Establishing guidelines for charging for space usage to optimize the use of campus resources
- Setting new procedures that govern how one-time funds, such as reserves, can be utilized to support unit-specific goals
- Providing guidance for managing institutional financial aid, allowing units to better understand its impact on their planning
George Mason has been investigating and preparing for a new budget model solution for the last five years through the multifaceted Revenue and Cost Allocation Model (RCAM) project and the move from the Budget Incentive Model (BIM) to an interim incremental budget model that has allowed us to recalibrate from a budget environment focused on Education and General (E&G) only, to an all-funds performance-based model. These efforts have paved the way for the work of the Budget Model Redesign.