Milestone 3

HEA 620 Milestone Three Guidelines and Rubric

Overview: Review the budget that you created in Milestone Two and any feedback you received from the instructor on your budget. Create a re-forecasted budget for the remainder of the year that reflects the 10% institutional budget reduction based on research and the assumptive facts that are provided below. Be sure to state what compliance and regulatory requirements, if any, were considered. Use the Budget Template document in the Reading and Resources area of the module and annotate your line items. Specifically, the following critical elements must be addressed:

a. Your re-forecasted budget should reflect planned expenses and revenue by line item and by month of planned encumbrance. What compliance and regulatory requirements had to be considered?

b. Annotate your line items. Why have you made the choices that you made? What information informed your decision for each item? See instructions in the Budget Template document for how to annotate entries.

Re-forecasted Budget Assumptive Facts At the end of the first seven months of your budget period, your president, in an effort to reverse a looming budget deficit, directs you and all other functional directors to cut departmental budgets by 10% for the remaining five month period, requiring you to re-forecast the remainder of the fiscal year.

Create a re-forecasted budget, where your “actual” departmental expenditures after the first seven months total 61.7% of the total initial budget. Next, decide how to achieve an overall or cumulative reduction of 10% to the remaining five months of your budget. You should include the following in your decision-making process:

 At least one reduction in your staff

 An additional hosted job fair, in response to a trend of poor job placement of your graduates

 The changes you make will need to be properly communicated to your staff (in a separate, upcoming assignment)

 Your revised departmental revenue will equal the amount of your approved re-forecasted budget expenditures

 Utilize the same spreadsheet used for your original budget and insert all actual expenditures, as well as revised budget amounts for each line item

Rubric Guidelines for Submission: Submit your budget using the Budget Template document and include, at the bottom of the budget or in a separate document, explanations of budgeting choices for each line item and the information and data that informs those choices.

Critical Elements Proficient (100%) Needs Improvement (70%) Not Evident (0%) Value

Re-forecasted Budget

Creates a detailed re-forecasted budget that reflects the 10% institutional budget reduction and addresses relevant regulatory and compliance requirements

Creates a cursory or inaccurate re- forecasted budget that reflects the 10% institutional budget reduction but may not address relevant regulatory and compliance requirements

Does not create a re-forecasted budget 50

Annotations

Annotates line items with explanations of budgeting choices, especially regarding the 10% budget reduction, and the information and data that informs those choices

Annotates line items with explanations of budgeting choices but information or data, especially regarding the 10% budget reduction, is cursory or inaccurate

Does not annotate line items with explanations of budgeting choices

50

Earned Total 100%