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The The Budget Office at MassArt facilitates:
Developing annual operating and capital budgets
Maintaining long-range financial planning models
Monitoring changes to these budgets with emphasis on maintaining good fiscal management with reasonable controls
Enforcing policy decisions regarding use of funds
Providing reports and data to assist management in making sound fiscal decisions
FY'2019 Budget Development Process
- On-Going consultation process with the MassArt Community including;
- Budget Committee (Staff, faculty and students)
- Administrative Council (Staff)
- Department Chairs (Faculty)
- Student Groups (Students)
- Presidents's Cabinet
- Board of Trustees
- Analysis of FY'19 revenue and projected expenses
- Discussion and decisions by Senior staff and Cabinet
- Presentation to BOT for approval
Quicklink to Budget Pak
Fiscal year 2017 has been another challenging budget year due to several factors, including lower enrollment than projected, increased salary expenses, and reduction in state support. We put several measures in place to control spending and managed to a spending plan approved last June. Over the year, we were successful at reducing spending and deferring positions and projects. Thank you for your support and involvement in these efforts.
For fiscal year 2018, we presented to trustees a balanced budget, which was passed on June 13th, at the annual meeting. This budget totals $75.3M in expenditures with $75.8M in revenue across the funds. This balanced budget was formed with several assumptions, including no significant additional funding from the Commonwealth again this year. This budget assumes almost no growth in the personnel budget, which we are committed to keeping below 65% of total budgeted expenditures.
The undergraduate budget revenue is projected to be $45,359,701, with an annual student headcount of 1,650: 1,075 in-state; 285 out-of-state (including international students); and 290 from New England. We are anticipating a state maintenance funding level at $18,888,201, which is a slight increase over FY17. We are also anticipating $26,471,500 in tuition, fees and other sources after institutional aid and scholarships are factored in. This model shows a conservative approach and we have a high level of confidence that we will achieve this revenue target.
The approved FY'2018 budget plan continues to fund all collective bargaining obligations and invests in priority areas outlined by the college for enrollment management and financial aid. The additional investment in financial aid has been instrumental in our strategy to reverse the downward trend in enrollment as well as to increase it from 470 new students in FY17 to over 530 new students projected for FY'18. We increased available institutional financial aid to undergraduate students next year by approximately $1M with a total of $8M available in FY'2018. This reaffirms our commitment to our students to keep MassArt affordable and accessible for all.
The housing budget assumes slight increases in both revenue and expenses of about 3.5%. We submitted a balanced spending plan for this segment, and MassArt has negotiated additional bed spaces at Wentworth and Wheelock to meet the increased demand for on-campus student housing.
Non-operating capital expenditures for FY18 include MSCBA bond funds, DCAMM grants, Governor’s bond funding, and the Unbound Campaign. We do not plan to increase our operating budget debt service obligations for FY18. The major projects with substantial work slated for FY18 are the Tower Building Study, Library Renovation, ADA Access to North Hall, Galleries Renovation (phase 1), Skyway Renovation, and the Alternative Energy Project. These projects will continue our almost ten-year campaign to reduce deferred maintenance on campus; increase accessibility for students, staff, faculty, and visitors; improve energy use reduction and stabilization; and begin an organized improvement of the aesthetics of the campus.
Despite the fiscal challenges, the college continues to maintain quality for our students both academically and through continued improvements to the physical infrastructure. The college continues to be fiscally sound, and level funding from the state continues to put pressure on our operating account. The challenge before us in FY2018 and coming years is to respond with fiscal restraint to protect what has been achieved while continuously aligning with and envisioning the vibrant future laid out for our students.
As always, MassArt’s success continues to rest in the profound ability of our community to come together to face and respond to challenges whether they are financial or social. The importance of contributing to each new incoming class and helping them become vibrant and vital artists, designers, artist educators and professionals able to go out and make a difference in the world, is our privilege and responsibility and I thank you for your continuous dedication to our mission.
Budget Workshop Presentation Materials:
- Workshop PowerPoint 12/08/20: Budget Workshop Presentation - 12-8.pptx
- Sunnyside CC Exercise: SUNNYSIDE STATE UNIVERISTY - adapted for MCA.ppt
- Object Code Reference Guide
- Presentation from 11/20/20
Directions on how to view Budgets (Word Doc Link-Updated 12-08-20) - For FY21 or Prior Fiscal Years: Budget to Actuals.docx
Please reach out to Jack McDonald (firstname.lastname@example.org) if additional guidance outside of the above document is needed. If there are access issues, please submit a ticket/send email to the help desk.
Approved by the Board of Trustees, September 22, 2020
View file name FY'21 Budget Vote Package.pdf height 400
FY21 Quarterly Fiscal Operations Reports (Reports will be posted here when available).
FY21 Operations Summary by Month/Department (Reports will be posted here when available).
Approved by the Board of Trustees, June 11, 2019 Final Fiscal Operations Report
View file name FY2020-Budget.pdf height 250 View file name Fiscal Ops Report - FY20.pdf height 250
FY20 Budget vs. Actual Recap (6-15-20 Update)
Budget Timeline and Project Chart -DRAFTImage Added
FY19 Budget vs. Actual Recap
Approved BOT, June 12, 2018 Final Fiscal Operations Report
name FY2019-Budget.pdf height 250
name FY2019-June-30-Final.pdf height 250
View file name Final Massachusetts College of Art and Design 6.30.2019 Financial Statements.pdf height 250
Approved BOT, June 13, 2017 Final Fiscal Operations Report
name FY2018-Budget-Vote (2).pdf height 250
name FY2018-June30-Final.pdf height 250
name MassArt-Audit-FY2018 Final.pdf height 250
FY21 Interim Budget Guidance
View file name FY21 Interim Budget Guidance.pdf height 400 View file name FY21 Interim Budget Guidance. pg 2.docx height 400
How to Use BudgetPak
BudgetPak login (instructions)
name Budget Pak Instructions 2019 (1).pdf height 250
|name||Budget Pak Instructions 2019 (1).pdf|
State Budget Process
State Government Transparency Website
CTHRU was launched by the Office of the Comptroller in the fall of 2016 and has quickly become a national model for its depth, breadth, timeliness, and its intuitive experience for exploring how and where our tax dollars are utilized. Stewards of the Commonwealth’s financial data, the Office of the Comptroller is a uniquely independent and apolitical overseer of more than $60 billion in governmental and other funding sources annually. In addition, the Comptroller oversees the Commonwealth’s expenditure and payroll management and major audit functions ensuring security, transparency, accountability, and service delivery across all branches of state government. The powers and obligations of the Comptroller are generally dictated by M.G.L. c.7A.
Department of Higher Education Data Website
The DHE Data Center is derived from our Linear Trends books, a compilation of data submitted by the public higher education institutions that reflect the key performance measurement indicators approved by the Massachusetts Board of Higher Education (BHE) in 2003/2004. Where authorized comparisons are made to peer-derived benchmarks and other performance targets established by the BHE.
FY17 Final Fiscal Operations Report Audit Report
FY16 Final Fiscal Operations Report Audit Report