In colleges and universities, only an objective, comprehensive approach to financial planning and management can be expected to result in long-term financial equilibrium, strong investment performance, and success in achieving institutional objectives. A model integrating strategic financial management techniques and a five-step prudent investment…

Budget decisions in large institutions should be decentralized. Decentralization can be accomplished by responsibility center budgeting, block budgeting, or combinations thereof. The system should be designed so that organization unit heads have maximum incentive to be efficient and to optimize decisions on an institutionwide basis where…

The critical importance of planning in higher education is addressed. The challenge to planning is seen not just as alleviating the current pressures, but in assuring that the traditions of independence, creativity, and intellectual excellence survive. The planning process at Stanford University is described. For the university, the process of…