What are the guiding principles behind the new financial model, and how do they align with the mission and vision of the University of Kentucky?
- Accountability: everyone should understand not only how our institution is funded, but how those funds are generated and how they flow
- Quality and Excellence: a financial model should provide incentives to reward and enhance excellence — in teaching, research and service
- Collaboration: greater interdisciplinary and multi-disciplinary work should be incentivized as more and more research, teaching and, ultimately, the jobs our students compete for require skills across a broad set of disciplines.
- Coordination: the values-based financial model places an emphasis on decentralizing both revenues and authority for spending those revenues. At the same time, though, everyone in the institution — from central administration to support and academic units — must be committed to coordinating the flow of information and efforts toward ensuring the model works in the best interests of the university.
- Transparency: we must be committed to communicating clearly, openly, and honestly about the assumptions inherent in the model and with each other about how revenues are both generated and spent across the campus.