On Friday, June 25, 2021, the following message was sent to faculty and staff from College of Charleston CFO John Loonan, Provost Suzanne Austin and VP of Fiscal Services Dawn Willan:
The College of Charleston’s ongoing RCM (Responsibility Center Management) budget model study, in partnership with Kennedy & Company consultants, is transitioning from Phase 1, Data & Insight Gathering, to Phase 2: Revenue & Expense Modeling. During this phase, College of Charleston leaders will work closely with Kennedy & Company to conduct a deep dive analysis of the current state of the budget model/process and begin testing various models for the potential future state.
During Phase 1, Kennedy & Company consultants conducted over 25 interviews with individuals and groups across departments/functions on campus. Findings from these interviews were presented to the steering committee and as a part of the Senior Team/Deans budget retreat. The key themes from these interviews highlight several goals the new model will seek to address, including:
- increased standardization in budget tracking/methodologies,
- more efficient decision-making,
- transparency,
- consistent rules/guidelines,
- best practices communicated from leadership, and
- a culture of proactive budget management and planning.
The feedback also emphasized that there are several unique elements of the College of Charleston’s infrastructure, culture, and community that will influence the design and implementation of an RCM model; all of which takes into consideration these special factors, such as Charleston’s historic landscape/buildings, a prestigious library which includes special collections, and more.
To provide updates to the campus community on future presentations and decision points, we are launching a SharePoint site that will provide updates, Q&A, and timelines for next steps to keep the College of Charleston community informed. Additionally, to encourage engagement, the website will include dates for forthcoming open forum sessions once they are scheduled. This webpage will serve as a one-stop-shop for all things related to College of Charleston’s RCM model and transition.
Please access the link https://cofc.sharepoint.com/sites/responsibility-center-management
John Loonan
CHIEF FINANCIAL OFFICER/EXECUTIVE VICE PRESIDENT of BUSINESS AFFAIRS
DIVISION OF BUSINESS AFFAIRSSuzanne Austin
PROVOST and EXECUTIVE VICE PRESIDENT
DIVISION OF ACADEMIC AFFAIRSDawn Willan
VP of Fiscal Services
College of Charleston
