About Strategic Resource Investment (SRI)
The SRI initiative was established to develop a better, more responsive, transparent and flexible way to provide information useful in making resource allocation decisions for the University. The University of Memphis must allocate all resources strategically. One of the tools for accomplishing this goal is the budget model. The University is exploring budget models using the following criteria:
- The model must be responsive to changes in enrollment, state appropriations and student demand for academic offerings.
- The model must be transparent and easily understood.
- The model must tie academic decision making to financial implications.
Guiding Principles in the development of the model
- Good performance and good data are essential.
- Collaboration and interdisciplinary activities are rewarded.
- Initial implementation is at the revenue responsibility center level (not department level).
- Academic quality indicators are used to ensure that academic units do not focus solely on the financial aspects of the model.
- University outcomes are enhanced and rewarded.
- Administrative and support units provide efficient and high quality levels of service.
What the Model Will/Will Not Do
What the model will do:
- Inform Decision Making: Academic program decision making is coupled to financial responsibility.
- Engender Responsiveness: It allows the University to respond quickly to economic change and leverage resources.
- Empower Entrepreneurship: Units can grow as they look to become innovative and efficient.
- Provide Transparency: Everyone knows the "rules" and has access to the information needed.
- Foster a Culture of Accountability: Decision makers have clear lines of responsibility.
- Incentivize Responsible Growth: Decision makers clearly recognize the connection between revenue and expense.
- Create Equity: Everyone plays by the same rules and are held to the same standards.
What the model will not do:
- Create Dollars: It does not create new revenue streams.
- Achieve Strategic Goals: It assists in strategic planning if investments are made in what we value.
- Drive Academic Priorities: It may enhance priorities via the use of data.