Budgeting for the Unknown: Generating Strategic Value Through Financial Forecasting
Date and Time: August 10, 2021 at 2 p.m. EDT / 1 p.m. CDT / 12 p.m. MDT / 11 a.m. MST/PDT
Duration: 60-minute webinar + 30-minute optional chat = 90 minutes total
*** All attendees and presenters are invited to participate in a 30-minute networking chat immediately following the course. Chats will occur on the Zoom platform where the webinar is held. Participation in the networking chat is optional and will not impact CPE course credit.***
Nathan Spangler, Analytics Advisor, Forecast5 Analytics
Hunter Throckmorton, Controller, Tyler Junior College
Anticipating the future has perhaps never been more challenging for higher education institutions than it is now. As a result, financial forecasting has also never been more essential. Colleges across the country are capitalizing on data related to underlying fundamentals such as enrollment fluctuations, high school graduation rates, live birth rates, tuition rates, and other local economic indicators to inform their budgeting and fiscal operations. More than ever, the development and dynamic updating of financial forecasts is being treated as a strategic process involving collaboration with key stakeholders. A multi-year budget forecast is also a valuable communication instrument that can help outline the institution's goals, how the budget aligns with those goals and the potential impacts on the institution’s future budgets.
1. Analysis: Participants will discover approaches to incorporating data and data analysis into their strategic planning processes, and the ways in which that data can be aggregated for inclusion in scenario development for strategic planning.
2. Communication: Participants will explore best practices in reporting to achieve better organizational alignment and increase stakeholder transparency.
3. Continuous Improvement: Participants will discover the benefits of embracing strategic financial forecasting as a mechanism for driving continuous organizational improvement.
CPE Availability: 1 hour
CPE Field of Study: Finance – Technical
This event is part of the 2021 CCBO Business Partner Webinar Series.