Prepare for RCM budget model with new tool
In February 2017, a three-letter acronym was introduced to Wayne State’s lexicon that has gained momentum throughout the campus community.
RCM, which stands for Responsibility Center Management budgeting, is a project involving dozens of faculty and staff members serving on eight committees — all working collaboratively toward a new budget model scheduled to roll out in fiscal year 2021.
Adopted at several institutions across the nation, RCM offers a decentralized approach to budgeting. In essence, the RCM model moves the budget authority from central administration to individual schools, college, divisions and units.
During the development and transition period that will lead to the implementation of the new budget model in 2021, there has been an ongoing process to closely analyze financial data, procedures and infrastructure. Along the way, input has been solicited from stakeholders representing the majority of Wayne State’s colleges, schools and divisions. The goal is to develop a model unique to Wayne State that supports the university's strategic plan while also encouraging collaboration and revenue generation across the university.
A recent town hall saw a capacity crowd in General Lectures. During the event, RCM presenters said that the next phase will involve gathering campus feedback through a series of presentations and meetings with various university stakeholders.
Also announced was the launch of a new training tool that provides a self-paced, interactive presentation about the current budget process. It also introduces concepts that will be helpful to Wayne State staff, faculty and stakeholders during their transition to a new budget model.
Highlights of the training tool, titled “Building Financial and Budgetary Awareness: The Basics of Revenue and Expense @ WSU,” include:
- Defines Wayne State's current budget process and the transitional efforts underway to develop and fully implement a new budget model.
- Introduces the concept of "funds" to account for university revenue and expenses and compares this to a household budget's revenue and expenses.
- Identifies the university’s primary sources of revenue and types of expenditures within each fund.
- Defines key terms and provides interactive links to related information contacts across campus.
- Explores ways in which you can positively impact Wayne State’s financial activities.
For more information specific to this presentation, email email@example.com.
To ask a question about the RCM New Budget Model, submit it online.
For updates on the new RCM budget process and more information and alerts on the next public town hall, visit rcm.wayne.edu.