Carolina State University
SACS Compliance Certification
August 15, 2003
Requirements 2.11 (sound, stable financial base)
Although it has experienced some operating budget cuts over the last three years due to volatility in the economy, NC State University has avoided the crippling cuts associated with other state universities. In contrast, the university is being provided with over $468,000,000 in new state bond funds to renovate its buildings and infrastructure. Additional information about physical resources is included in Comprehensive Standards: Resources #7 .
For further evidence of its financial strength, the university submits the following documents:
As a constituent institution of the University of North Carolina, NC State University follows the guidelines of the system's consolidated university budget process. The budgetary process is preceded by university-wide planning, which involves the academic, student affairs, research, extension, and business functions of the university. The budget is subject to sound fiscal procedures. Finally, the budget is approved by the BOG.
Preparation of the budget is preceded by the university's Compact Planning Process, which results in a written compact plan for each unit that delineates specific actions, outcomes, performance expectations, respective responsibilities, and funding requirements in the context of unit and university long-range goals and performance expectations. It also describes resources necessary to achieve those outcomes and proposes workable sources for those resources, including internal reallocation, grants and contracts, fund-raising, and new appropriations. If necessary, it describes alternative paths to completing an initiative dependent on future decisions about funding or policy decisions. As such, compact planning anchors the university's budgets and resource allocations by creating a set of investment opportunities, priorities, and preliminary budget requirements. Additional details are provided in Core Requirements #5.
The budget is managed using sound fiscal procedures developed by the Division of Finance and Business. These procedures are also available via the University Budget Office and University Accounting Office websites.
The budget is approved by the BOG and minutes are available on the Web.