Trent adopts responsibility-centred management for budgeting

December 18, 2014

Trent University has announced plans to implement a new approach to budgeting that it says will help ensure a sustainable financial future for the institution. Trent will adopt responsibility-centred management (RCM), which it says emphasizes transparency, provides a clear account of the costs and revenues associated with the university’s operations, and offers incentives for activities that improve the institution’s financial strength. The approach consists of 3 primary components: tracking of expenditures and revenues in a way that makes clear how and where revenue is generated and costs are incurred, adjustments to the budget to promote revenue growth and support efficiencies that reduce costs, and changes to funding for academic programs and operational initiatives that support Trent’s strategic goals. “RCM is intended to push and pull us in a direction that will make us better able to achieve our academic objectives over time,” said Trent President Leo Groarke. Trent News Release