Sarah Geegan

Weekly E-newsletter on UK Financial Model

Published: Dec 6, 2013

LEXINGTON, Ky. (Dec. 6, 2013) In a commitment to keep the University of Kentucky community informed and engaged in the process of transitioning to a new financial model, UK Provost Christine Riordan and Executive Vice President for Financial Affairs Eric Monday issued the latest newsletter with updates on the financial model. 

 

The e-newsletter was distributed Thursday, Dec. 5.  Following is the full message:

 

 

Dear Colleagues,

 

As we continue our conversations with groups across campus about the values-based financial model, we are sensitive to the questions and concerns being raised. So, over the next few weeks, in addition to updating our financial model website's frequently asked questions (http://www.uky.edu/Provost/FinancialModel/), we wanted to take the opportunity to delve more deeply into some of the fundamental aspects of the model.

 

The goal of the new financial model is to create a more consistent and transparent flow of resources throughout the university. To do that, the values-based financial model is an "all-funds" model. Every aspect of our university's budget -- about $2.7 billion -- will be included.

 

There are several sources of revenue that help fund our operations:

  • State appropriations from the Commonwealth
  • Tuition dollars assessed to our students
  • Grants and contracts and the associated Facilities and Administrative Costs
  • Fees
  • Gifts
  • Endowment income
  • Sales and service
  • Clinical revenue

To reflect revenue generation and the all-encompassing nature of the model, every unit has been classified as either a:

 

  • Revenue Generating Unit (RGUs such as colleges and centers);
  • Support and Resource Unit (SRUs such as enrollment management, human resources and libraries); or
  • Primary auxiliary or self-supporting unit that already lives within the resources generated (such as UK HealthCare, UK Athletics, housing, dining or parking)

 

In upcoming newsletters, we will describe how we propose each source of revenue would be treated in the financial model with the goal of maximizing their use on behalf of our missions of education, research, service and healthcare at the University of Kentucky.

 

How we use the model to accomplish that goal is what we will discuss more fully in the coming weeks and months. In the meantime, thank you for your continued interest in this process and your thoughtful questions and comments.

 

 

MEDIA CONTACT: Sarah Geegan, (859) 257-5365; sarah.geegan@uky.edu 

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December
 
1
Resumes and Cover Letters
Circle of Love Gift Return
Mon
2
UK Guitar Studio
Circle of Love Gift Return
Tue
3
Networking and Job Search
Internship Info Session
LNFS Presents: Wayne's World
Study Sounds: Classical Concert
Wed
4
LNFS Presents: Frozen
Ballet Music of Tchaikovsky
Circle of Love Gift Pick-Up
Live Screening of Orion Spacecraft Re-entry
Massage on the Go
Thu
5
LNFS Presents: Winter's Bone
LNFS Presents: Gremlins
Open Studio
Circle of Love Gift Pick-Up
Fri
6
Snow Skiing @ Perfect North Slopes
Sat
7
Free Holiday Shopping Shuttle to Fayette Mall
Sun
8
Undergraduate Research Information Session "How to Find a Faculty Mentor"
Mon
9
Job Club - Identifying Your Skills
Paws for Stress Relief
Tue
10
 
Wed
11
 
Thu
12
Last Day of Classes
Fri
13
 
Sat
14
Free Holiday Shopping Shuttle to Fayette Mall
Finals Treats
Sun
15
Final Exams
Crunch Brunch
Mon
16
Final Exams
Jazzy Holiday Concert
Tue
17
Final Exams
Caregiver Support Group
Wed
18
Final Exams
Thu
19
Final Exams
End of 2014 Fall Semester
Fri
20
 
Sat
21
 
Sun
22
 
Mon
23
 
Tue
24
 
Wed
25
 
Thu
26
 
Fri
27
 
Sat
28
 
Sun
29
 
Mon
30
 
Tue
31
 
Wed
 
 
 
Jan 14
Bicycle Trivia 01/14/2015

Wed, 01/14/2015

Fri, 01/16/2015

Wed, 01/21/2015

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