Read the Curry College NEASC 2012 Self-Study Report.

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Standard Nine: Financial Resources
Curry College has made enormous gains in financial resources since its last comprehensive
evaluation in 2002. It is financially healthy but faces narrowing operating margins, a moderately
high debt level, and an unprecedented array of external challenges. The College is equipped to
address these challenges successfully, but it must do so with the same discipline to operational
and financial planning that have been fundamental to its successes over the past 15 years.
Description
The Board of Trustees’ stewardship over all financial matters of the College includes review and
approval of the College’s annual budget and all significant financial transactions in advance of
commitments. The Board’s Finance and Physical Facilities Committee also serves as both the
audit committee and a senior management compensation committee for the College. The
College’s President and Chief Financial Officer regularly make reports to the Board, including
submission of the annual budget for approval each May and updated financial forecasts each
October and February. In addition, discussions between the Board and Administration occur
regularly regarding other significant financial matters, as they become known. Multi‐year
prospective financial analyses have primarily been utilized in connection with debt offerings
and in managing the College’s awarding of financial aid.
The budget process is iterative, involving all constituencies of the College, including Senior Staff
responsible for each administrative area, members of the faculty, and faculty representatives of
the College’s chapter of the AAUP. It includes, as well, information generated through the
enrollment management process, which involves the offices of Admission, Academic Affairs,
Finance, and others in considering both enrollment and retention, arriving at enrollment
targets, benchmarks, and specific interventions to meet identified targets.
The annual budgeting process begins each winter with Senior Staff meetings that include
elected faculty representatives; strategic issues are reviewed, and fundamental budgeting
approaches and assumptions are discussed within the context of the College’s Strategic Plan
and relevant updates. Budget assumptions include cost of attendance rates and enrollment
levels, the targeted surplus of revenue over expenses, and the level of budgetary reserves. The
budget includes expenses on a generally accepted accounting principles basis, including
depreciation. Budgeted revenues include no endowment earnings draw/spending.
Each department utilizes this information in compiling a draft of its operating and capital
budgets, on an account‐by‐account basis. Adjustments are then made by Senior Staff through a
series of individual and group meetings with the President and Chief Financial Officer.
Once finalized, the institutional Budget Committee, which includes elected faculty members, an
AAUP representative, and a sub‐set of Senior Staff, reviews the results and provides further
input for consideration. In April of each year, the Budget is presented to the Board of Trustees’
Finance and Physical Facilities Committee for review and potential approval (the April, 25 2011
Curry College 2012 Self-Study
Standard Nine