As another school year comes to an end, it's time for districts and schools across the country to take a step back and reflect on how they did financially this past year. A regular financial review helps schools and districts look at their finances through a lens that enables them to plan more effectively for next year.
How to Conduct a Review
One of the best ways to conduct a review is by working with a trusted financial advisor or banker. They have the knowledge and expertise needed to provide a comprehensive assessment of your finances, as well as to recommend strategies that will help you achieve your financial goals.
The process of conducting a financial review can include tracking down and recording all of your income and expenses, as well as reviewing statements from a variety of sources. This can take time, but it will pay off in the long run because it gives you an overall view of your financial situation.
A financial review can also help you create a more balanced budget and identify areas where savings and investments may be more effective. These are important skills to have as you plan for retirement and other long-term goals.
Use the FRC Application to Conduct a Review
In MyU Reporting Center, select "Reports" from the menu, then "FRC Monthly Review Application" in the "Finance" section of the left navigation panel. After you have logged in, select the profit centers and supervisors or cost objects that you are authorized to review, and choose whether to show reviewed items (green-shaded), or only unreviewed/unresolved items (yellow-shaded). Then click "Run Review." Be sure to save any changes that you want to remain in the system before running your report again.