5 ways advancement leaders can collaborate with finance on budget planning
Insights from the University of New England’s finance and advancement teams
August 19, 2024, By Jenny Jones, Principal, Advancement Marketing Services
Few on-campus relationships are as important to advancement leaders as the ones they have with the finance team. When the two departments communicate effectively and understand each other’s goals, it leads to stronger collaboration, efficient planning, and smoother budgeting. Yet, many advancement leaders struggle to have productive conversations with their finance counterparts.
I recently spoke with the team at the University of New England to learn about their budget process, discuss tactics for successful budget requests, and brainstorm ways to build stronger relationships with finance teams. Here’s what we covered.
Want to hear more about this topic?
Listen to the full 34-minute podcast with Alicia Fereday, VP for Institutional Advancement, and Matthew Kogut, Associate VP of Finance and Administration at the University of New England.
About the University of New England
The University of New England is Maine’s largest private university, serving around 11,000 students. UNE offers a blend of undergraduate, graduate, and professional programs to prepare students to thrive in a rapidly changing world and empower them to improve the health of people, communities, and our planet. The institution’s diversity is highlighted by its specialized programs, such as marine science and health professions, and its international presence in Morocco.
In our Office Hours with EAB podcast, I spoke with Alicia Fereday, Vice President for Institutional Advancement, and Matthew Kogut, Associate Vice President of Finance and Administration. Alicia and Matthew provide a best-in-class example of how leaders from advancement and finance teams can work together to align their goals and streamline the budgeting process. Their experiences offer valuable lessons on fostering collaboration and ensuring that budget requests are well-supported and strategically sound.
Common Challenges in Budget Conversations
There’s a common misconception that you need to be a financial expert to effectively engage in budget conversations. However, as Matthew from UNE points out, “[Finance leaders] don’t expect you to be financial experts. We expect you to be subject matter experts in your area.” You should feel empowered to share your advancement expertise and communicate the value of your initiatives without feeling pressured to know the full ins and outs of finance.
Another common pitfall is jumping straight into numbers during budget discussions, which can derail productive collaboration. Instead, Matthew advises starting with a broader conversation. “At UNE, we begin the budget process with conversations about resources, upcoming initiatives, and the overall environment of the institution, before bringing numbers into the mix.” By framing your budget discussions in the context of strategic goals and institutional needs, you lay the groundwork for a stronger partnership.
Tips for Working with Finance Teams
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Start conversations early
Begin discussing your budget needs well in advance of formal budget submissions. Early conversations allow you to gather feedback, adjust your plans as needed, and build a case over time. This helps avoid last-minute surprises and ensures you have plenty of time to address any concerns.
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Ask questions to remove uncertainties
If you’re unclear about any part of the budget process—whether it’s how funding decisions are made, how financial metrics are calculated, or how to interpret budget data—ask detailed questions. Clarifying any uncertainties will help you align your needs with available resources, better understand the process, and avoid unnecessary complications. The more questions you ask, the better understanding you have of how to strengthen your case.
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Be ready to compromise
Create a laundry list of your team’s needs and priorities, and be ready to adjust based on available resources and feedback from your finance team. You should justify why certain projects are essential and when asked, be able to identify which can be scaled back or postponed. Alicia shared, “We start with a list of priorities and regularly review it throughout the year. If something’s essential but can’t be funded immediately, we keep it on our wish list and revisit it during the budget process. This helps us stay flexible and focused on what truly matters.” This strategy shows you as a responsible leader and strategic thinker.
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Use data to back up your requests
Supporting your budget requests with data is a surefire way to strengthen your case. Provide evidence of past successes, projected outcomes, and how additional resources will impact your goals. Arguments backed by data are more compelling and can help to demonstrate accountability from your team.
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Consider overlap with other departments
Find areas in your budget that could benefit other departments at your university. As Alicia notes, “When I look at our budget, I consider how I can help other areas that could use our support and benefit the university as a whole.” Alicia requested funding for an alumni volunteer position to assist with recruitment, which benefits both her department and the admissions team. Actions like this can help build trust and collaboration among university departments and make your budget request much more appealing.
5 Tips For Your Next Budget Cycle
Above all, my conversation with Alicia and Matthew highlighted the importance of building strong, positive relationships with your finance team. Getting to know them outside of formal processes can bridge gaps in a siloed environment and prepare you for future budget discussions. For more insights on how to enhance these crucial interactions and to hear the full discussion, listen to the Office Hours with EAB podcast with the University of New England.
A Year-Long Look at Annual Giving
Annual giving is fundamental to any advancement office’s fundraising strategy, providing flexible funds for the institution and cultivating a pipeline for future major gifts. Download this infographic to guide your efforts in creating a successful annual giving program across the full calendar year.
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