{"id":12748,"date":"2026-03-26T12:12:27","date_gmt":"2026-03-26T16:12:27","guid":{"rendered":"https:\/\/www.bu.edu\/cfo\/?page_id=12748"},"modified":"2026-04-01T17:58:55","modified_gmt":"2026-04-01T21:58:55","slug":"budget-transformation","status":"publish","type":"page","link":"https:\/\/www.bu.edu\/cfo\/budget-transformation\/","title":{"rendered":"Budget Transformation"},"content":{"rendered":"<p>Boston University is transforming its budget process, to ensure our practices are efficient and align with the University&#8217;s priorities. We&#8217;ve partnered with Accenture\u2014a global professional services firm with expertise in strategy, operations, and technology\u2014to help us reimagine our financial framework.<\/p>\n<p><span data-contrast=\"auto\">If you have questions or recommendations, please \u201c<\/span><a href=\"https:\/\/www.bu.edu\/cfo\/cfos-corner\/\"><span data-contrast=\"none\">Ask the CFO<\/span><\/a><span data-contrast=\"auto\">.\u201d<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul><\/ul>\n<ul><\/ul>\n<ul><\/ul>\n<p>&nbsp;<\/p>\n<div class=\"bu_collapsible_container \" aria-live=\"polite\" data-customize-animation=\"false\"><h2 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Budget Assessment<\/h2><div class=\"bu_collapsible_section\" style=\"display: none;\"><\/p>\n<p>&nbsp;<\/p>\n<p>In the summer and fall of 2025, the Accenture team helped us perform a budget assessment.<\/p>\n<h3>Why we did this<\/h3>\n<p>This was a proactive measure to ensure our budgeting practices are as effective and efficient as possible and aligned with the University\u2019s strategic priorities. This review was not prompted by concerns or problems.<\/p>\n<h3>What happened<\/h3>\n<p>The Accenture team benchmarked our existing practices against industry and higher education best practices, identified inefficiencies or inconsistencies, recommended process improvements and modern budgeting models, and helped us create an implementation road map to guide improvements.<\/p>\n<h3>When this happened<\/h3>\n<p>The project unfolded across multiple phases between July 2025 and January 2026 (please see infographic). Accenture concluded their fieldwork and delivered their final report in October 2025. BU leadership evaluated their proposals before presenting them to the University\u2019s Board of Trustees in December 2025.<\/p>\n<p>Below is a timeline of the assessment process:<\/p>\n<div class=\"phase-5\">\n<ul class=\"planning-content\">\n<li id=\"a\">\n<h2>Planning<\/h2>\n<h4>July 2025<\/h4>\n<p>Established and kicked off the Working Group. Planned project development and ensure alignment on objectives, roles, and expectations.<\/li>\n<li id=\"b\">\n<h2>Discovery<\/h2>\n<h4>August 2025<\/h4>\n<p>Fact-finding and data collection, including interviews with unit leaders, focus groups, surveys, and workshops.<\/li>\n<li id=\"c\">\n<h2>Description<\/h2>\n<h4>September 2025<\/h4>\n<p>Tech assessment and benchmarking against industry and peer-institution standards. Findings reviewed and recommendations developed.<\/li>\n<li id=\"d\">\n<h2>Creation<\/h2>\n<h4>October 2025<\/h4>\n<p>Created future budget model framework, process, and recommended tech. Prepared final report and implementation road map. Senior leadership evaluated and approved proposals before presenting to the Board of Trustees in December 2025.<\/li>\n<li id=\"e\">\n<h2>Development<\/h2>\n<h4>January 2026<\/h4>\n<p>Created a comprehensive plan to implement budget model recommendations approved by the Board of Trustees. Sought community input to ensure changes add value and position the University to navigate financial challenges.<\/li>\n<\/ul>\n<\/div>\n<p><\/div>\n<\/div>\n\n<p>&nbsp;<\/p>\n<hr \/>\n<h2><\/h2>\n<div class=\"bu_collapsible_container  bu_collapsible_open\" aria-live=\"polite\" data-customize-animation=\"false\"><h2 class=\"bu_collapsible\" aria-expanded=\"false\"tabindex=\"0\" role=\"button\">Budget Implementation<\/h2><div class=\"bu_collapsible_section\" ><\/p>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">We\u2019ve reviewed Accenture\u2019s recommendations, and we\u2019re implementing a new budget process to support the University\u2019s strategic framework.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">Our new collaborative, data-driven, phased approach streamlines decisions, strengthens governance, and modernizes workflows to create a more strategic budgeting process.\u00a0<\/span><\/p>\n<h3 class=\"elementToProof\">Why our process needed to transform:<\/h3>\n<ul data-editing-info=\"{&quot;applyListStyleFromLevel&quot;:true}\">\n<li>\n<div class=\"elementToProof\" role=\"presentation\"><b>A Changing Financial Model: <\/b>Traditional revenue sources\u2014particularly tuition and research funding\u2014are becoming less predictable, requiring a more adaptable and forward-looking approach.<\/div>\n<\/li>\n<li>\n<div class=\"ms-outlook-mobile-reference-message skipProofing\" role=\"presentation\"><b>Structural Cost Pressures: <\/b>Compensation, benefits, and operating costs continue to grow faster than revenues, making it critical to improve financial discipline and resource allocation.<\/div>\n<\/li>\n<li>\n<div class=\"ms-outlook-mobile-reference-message skipProofing\" role=\"presentation\"><b>More Strategic Decision-Making: <\/b>The current process is fragmented and time-intensive, limiting the University\u2019s ability to evaluate tradeoffs and act quickly on emerging priorities.<\/div>\n<\/li>\n<li>\n<div class=\"ms-outlook-mobile-reference-message skipProofing\" role=\"presentation\"><b>Greater Transparency and Accountability: <\/b>Stakeholders need clearer visibility into assumptions, drivers, and outcomes to build trust and support informed decisions.<\/div>\n<\/li>\n<\/ul>\n<h3 class=\"elementToProof\"><b>What we gain:<\/b><\/h3>\n<ul data-editing-info=\"{&quot;applyListStyleFromLevel&quot;:true}\">\n<li>\n<div class=\"elementToProof\" role=\"presentation\"><b>Integrated, All-Funds Planning: <\/b>A unified budgeting approach across academic, administrative, and capital resources provides a complete view of institutional priorities and tradeoffs.<\/div>\n<\/li>\n<li>\n<div class=\"elementToProof\" role=\"presentation\"><b>Long-Range Planning Capability: <\/b>Multiyear financial modeling enables proactive decisions, scenario planning, and alignment with strategic goals.<\/div>\n<\/li>\n<li>\n<div class=\"ms-outlook-mobile-reference-message skipProofing\" role=\"presentation\"><b>Faster, More Disciplined Decision-Making: <\/b>Streamlined governance and defined roles ensure that resources are allocated based on institutional priorities\u2014not silos or timing.<\/div>\n<\/li>\n<li>\n<div class=\"ms-outlook-mobile-reference-message skipProofing\" role=\"presentation\"><b>Data-Driven Insights and Monitoring: <\/b>Standardized dashboards and reporting improve visibility into performance, risks, and opportunities throughout the year.<\/div>\n<\/li>\n<li>\n<div class=\"ms-outlook-mobile-reference-message skipProofing\" role=\"presentation\"><b>Stronger Financial Sustainability: <\/b>Aligning resources with strategy ensures continued investment in academic excellence, research growth, and student experience.<\/div>\n<\/li>\n<\/ul>\n<h3 class=\"elementToProof\"><b>What will be different:<\/b><\/h3>\n<ul>\n<li class=\"elementToProof\" role=\"presentation\"><b>One coordinated budget process<\/b>\u00a0instead of multiple disconnected cycles<\/li>\n<li class=\"ms-outlook-mobile-reference-message skipProofing\" role=\"presentation\"><b>Clear governance and accountability<\/b>\u00a0for decisions and tradeoffs<\/li>\n<li class=\"ms-outlook-mobile-reference-message skipProofing\" role=\"presentation\"><b>Consistent tools, templates, and timelines<\/b>\u00a0across all units<\/li>\n<li class=\"ms-outlook-mobile-reference-message skipProofing\" role=\"presentation\"><b>Technology-enabled planning and forecasting<\/b>\u00a0to reduce manual work and improve accuracy<\/li>\n<li class=\"ms-outlook-mobile-reference-message skipProofing\" role=\"presentation\"><b>Ongoing monitoring and course correction<\/b>, not just annual budgeting<\/li>\n<\/ul>\n<p>The budget transformation project focuses on general budget process, not specific funding decisions. Funding priorities, budget policies, and unit-specific operations and policies are not part of this transformation.<\/p>\n<p><span data-contrast=\"auto\">This is one phase in a multiyear transformation effort. We plan to implement this streamlined budget process by fall 2026, and build upon our progress for fall 2027. We will share specific information with unit leaders and budget administrators as this project moves forward. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Please check back for periodic updates.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2>Calendar Year 2026 Milestones<\/h2>\n<div class=\"phase-5\">\n<ul class=\"planning-content planning-content-implementation\">\n<li id=\"a\">\n<h3>Define<\/h3>\n<h4>January\u2013March<\/h4>\n<p>Gather feedback from key stakeholders across the University<\/p>\n<p>Collaborate with business units to envision a central system that serves needs for all<\/li>\n<li id=\"b\">\n<h3>Design<\/h3>\n<h4>April\u2013June<\/h4>\n<p>With input from business unit partners, design and validate updated processes for long-range planning and single-budget submission<\/p>\n<p>Develop IT\/SAP road map<\/li>\n<li id=\"c\">\n<h3>Operationalize<\/h3>\n<h4>July\u2013September<\/h4>\n<p>Communicate new long-range planning and single-budget submission processes<\/p>\n<p>Train staff on all elements of new budget process<\/li>\n<li id=\"d\">\n<h3>Implement<\/h3>\n<h4>October\u2013December<\/h4>\n<p>Use long-range and scenario planning, in concert with new budget process, to make strategic decisions<\/li>\n<\/ul>\n<\/div>\n<p><\/div>\n<\/div>\n\n<p>&nbsp;<\/p>\n<h2>Additional Links<\/h2>\n<p><a class=\"button-primary\" href=\"#\">Budget News on BU Today<\/a> <a class=\"button-primary\" href=\"#\">Letter from the President<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Boston University is transforming its budget process, to ensure our practices are efficient and align with the University&#8217;s priorities. We&#8217;ve partnered with Accenture\u2014a global professional services firm with expertise in strategy, operations, and technology\u2014to help us reimagine our financial framework. If you have questions or recommendations, please \u201cAsk the CFO.\u201d\u00a0 &nbsp; &nbsp; &nbsp; Additional Links [&hellip;]<\/p>\n","protected":false},"author":8122,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/no-sidebars.php","meta":[],"_links":{"self":[{"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/pages\/12748"}],"collection":[{"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/users\/8122"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/comments?post=12748"}],"version-history":[{"count":39,"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/pages\/12748\/revisions"}],"predecessor-version":[{"id":12792,"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/pages\/12748\/revisions\/12792"}],"wp:attachment":[{"href":"https:\/\/www.bu.edu\/cfo\/wp-json\/wp\/v2\/media?parent=12748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}