• Business & Finance
  • Accounting
  • Budget
  • Controller
  • Grants
  • Insurance
  • Investments
  • Payroll
  • Information
  • Forms
  • Policies

Prospective Students

Alumni

Current Students

Faculty & Staff

Parents

Visitors & Media

• Business & Finance

The Business and Finance Division at Drake University

The Business and Finance Division  is a collection of key support services, representing approximately 20 essential operating functions and 230 employees plus approximately 130 outsourced employees.  The mission of the Business and Finance Division is to support the exceptional learning/living environment envisioned in the Drake University mission statement through the stewardship of all University resources and extraordinary service to students, employees, donors, and the broader Drake community.  The vision of the Business and Finance Division is that each of its units will be “best in class”, operating with the highest standards of integrity, transparency and professionalism.

The Division of Business and Finance oversees a University budget of $107 million, an endowment portfolio in excess of $150 million, and a physical plant with 60 buildings (covering 1.8 million square feet) and over 140 acres.  The scope and variety of activities in this Division include the following:  Accounting, Controller’s Office, Student Accounts, Student Loan Collection, University Budget Office, Financial Analysis, Financial Reporting, Endowment, Investments, Cash Management, Grants Accounting, Banking, Payroll, Internal and External Audit, Facilities Services, Service Employees Union, Procurement,  Real Estate Operations, Bookstore, Security, Parking, Human Resources, Student Employment, Mail and Copier Services, Dining Services and other food operations, Environmental Health and Safety, Debt Management, Construction/Architectural Management, Contract Management, Risk Management and Insurance.

Strategically, the Division of Business and Finance focuses its energies and activities on achieving five principal and ongoing goals:

• To enhance the long-term financial health of Drake University
• To ensure that resource allocation is aligned with the University’s strategic priorities
• To provide a competitive and safe environment
• To facilitate and monitor a competitive salary and benefit package for all faculty and staff
• To mitigate institutional risk and preserve University assets.

The Vice President for Business and Finance and Treasurer is the chief financial and chief business officer of the  University and reports directly to the President.  The Vice President acts as the staff liaison for the following     standing committees of the University’s Board of Trustees:  Business, Finance and Investment Committee; Audit Committee; and Buildings and Grounds Committee.  The Vice President serves as a member of the President’s Cabinet and is directly involved in strategic decisions affecting the future of the University.  Currently, the Vice President is leading the University's Sustainability Initiative, part of the President's Climate Commitment and Blue is Green initiative.

During the past ten years, the Division of Business and Finance has continuously examined its operations for cost savings, process efficiencies and “best practices.”  Some accomplishments in recent years include:

• Developed a 20 year Campus Facilities Master Plan
• Created multi-year (g.a.a.p.) operating and capital budgets tied to the University’s strategic plan and priorities
• Renovated all student residence halls (last two will be completed by the fall of 2008)
• Invested over $65 million in facilities since 2001
• Increased operating results steadily each and every year for the past 10 years
• Funded an $11 million investment in heating/cooling infrastructure from energy savings
• Developed a University-wide performance evaluation system which links individual employee goals directly to the University strategic plan and provides merit pay for performance
• Created a transparent environment for financial operations, including:
  • Annual campus-wide Budget Presentations and Financial Updates
  • Business and Finance and Campus Master Plan Updated, November 2010
  • Business and Finance, Strategic Plan FY04-FY08 Final
  • Business and Finance, Strategic Plan FY09-FY13 Summary
  • Key Indicators
  • Financial Report Card
  • Current Audited Financial Statement Ended May 31, 2011
  • Modified Sarbanes-Oxley model
  • Tuition and fees philosophy