Sunday Afternoon Learning Opps

Mind the GAAP: Aligning Your Budget Process With Your Financial Statements

  • Sunday, July 22
  • 03:45 PM - 05:00 PM
  • Long Beach Conv Center
  • Level 1, 102AB
  • ACT

Speakers

Eric Bymaster

Associate Vice Chancellor for Finance

Vanderbilt University

Nashville, Tennessee

Jennifer Gourley

Assistant Director, Capital Projects, Planning and Operations

Vanderbilt University

Nashville, Tennessee

Kirk Stonecipher

Director of Financial Planning and Analysis

Vanderbilt University

Nashville, Tennessee

Description

A focus on strategic alignment within the budgeting and planning process helps an institution more closely align resources with strategy, while a shift to full GAAP budgeting can reduce complexity in reporting results and highlight financial performance. In conjunction with a shift to a modified responsibility-centered management model in FY17 and implementation of a new budget system, Vanderbilt finalized a transition to full GAAP budgeting across the institution in FY18. The shift to GAAP has brought greater focus to financial results and performance and provides the board with consistent and comparative financial information. Hear about the design, communication, and implementation of these changes, plus the outcomes and lessons learned along the way.

Learning Objectives

  • Explain the benefits of a shift to GAAP budgeting for a college or university.
  • Tackle the challenges of shifting from fund accounting for operational budgets to GAAP accounting.
  • Describe the tools and techniques needed to shift to GAAP budgeting for an institution.