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financialstrategy200708

financialstrategy200708

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Published by lisaconnolly

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Published by: lisaconnolly on May 20, 2008
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06/14/2009

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Genevieve Cowcher 23/04/2008
 
RAVENSBOURNE COLLEGE OFDESIGN AND COMMUNICATION
FINANCIAL STRATEGY 2005-2012YEAR 3: 2007/08
 
Ravensbourne College of Design and CommunicationFinance Strategy 2005-2012Year Three: 2007/2008Page 1Q:\Intranet Masters\financial strategy 2007 08.doc
Introduction
The Financial Strategy 2005-2012 is an integrated approach to deliver the College’s missionand corporate objectives while ensuring the long-term viability of the organisation. It isreviewed each year as part of the overall planning process. Its purpose is to:
Set priorities and manage operations that recognise the financial constraints andopportunities.
Identification and quantification of future resource needs, including the need forinvestment to protect future productivity
Evaluation of strategic opportunities for collaboration, e-learning and new teachingmethods, and for business development
Making an integrated response to funding initiatives and opportunities that create long-term financing implications.
Management of resources in a manner that satisfies external stakeholders withoutdamaging the mission and culture of the organisation
Mitigation of financial loss
Responsibilities
Distinct responsibilities for creating, delivering and monitoring the Financial Strategy residewith the Governors, the Director, Members of the Senior Management Team, the Director ofFinance and Managers. In addition, Ravensbourne believes that it should communicate thestrategy to key stakeholders, including staff, students and external bodies with an interest inthe institution. To facilitate this process the strategy will be placed on the college intranet.
1.
Governors are ultimately responsible for the viability of the College and therefore have aduty to set the strategic direction and to ensure that the financial strategy is robust andeffective, and that it is properly aligned with the Mission, Corporate Plan all otherstrategies and objectives. Detailed scrutiny of the Financial Strategy and Plan isundertaken by the Finance and General Purposes Committee
2.
The Director provides strategic leadership and management to deliver the agreedobjectives and plans
3.
The Senior Management Team has a collective responsibility for informing strategicdirection and integrating the various elements into the corporate and the financial plan ,and an individual and collective responsibility for delivering the agreed objectives
4.
The Director of Finance leads the process of developing the financial strategy andadvising on financial issues
5.
Managers need to take ownership of the strategic financial issues as they plan andmanage the core activities of the institution.
 
Ravensbourne College of Design and CommunicationFinance Strategy 2005-2012Year Three: 2007/2008Page 2Q:\Intranet Masters\financial strategy 2007 08.doc
The Key Financial Objectives
The College has identified key financial objectives as being central to its Financial Strategyand Plan. These are as follows:-1. To develop a robust financial plan which supports the long-term viability of thecollege
To generate year on year, annual revenue surpluses to fund futureinvestment
development by active cash management
To increase and diversify sources of income, ensuring positive netprofitability of all income streams
To establish an effective control system for major capital investment andborrowing and in particular to minimise the cost of interim funding for theGreenwich Development.2. To ensure cost-effective delivery of the College’s Mission
Collaborative undertakings
Value for Money initiatives and the reduction in overhead coststhrough improved purchasing techniques
Improved Resource Planning3. To improve financial awareness within the College to support the FinancialStrategy and Plan
To increase openness and develop effective scrutiny of financialmanagement
To improve management information and forecasting
To develop a range of financial performance indicators as part of thebalanced scorecard methodology, which will be monitored to ensurestrong and sustained financial performance in the future4. Risk management
To embed risk management further within the College to support theFinancial Strategy and Plan

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