Budget Process
The Budget Office is responsible for all aspects of the College’s budget processes.
Life Cycle
The operating budget process involves planning, development, implementation, management and reporting. Each year, the budget is approved by the Board of Trustees prior to the beginning of the fiscal year, which starts July 1. Throughout the year, the Budget Office aids each division regarding development, transfers, reviews and other needs; however, budgets for individual grants are managed by Grants Accounting.
Guiding Principles
Meharry’s budgeting process is anchored in six core principles that ensure financial planning aligns with institutional values and fosters inclusive growth:
- Strategic Alignment: Every budget must demonstrate a clear link between departmental objectives and the College’s overarching strategic plan.
- Growth-Oriented Planning: We prioritize initiatives that spark innovation and build capacity for long-term success.
- Purpose-Driven Resource Allocation: Financial resources are allocated with intentionality to maximize impact and advance our mission.
- Collaborative and Inclusive Approach: We honor the diverse needs and contributions of all departments, fostering a culture of shared ownership.
- Transparency in Decision-Making: Budget decisions are communicated openly, with clear rationale to build trust and accountability.
- Informed Prioritization: A structured evaluation process guides the ranking of budget proposals, especially when resources are constrained.
How the Budget Development Process Flows
Strategic Initiation
Led by the president, provost and chief financial officer
- Establishes the College’s strategic priorities
- Reviews projected revenues
- Requests a formal budget call via the Office of Financial Planning, Budget and Analysis
Divisional Proposal Preparation
Led by divisions
- Follows division internal protocol
- Develops and prioritizes budget proposals aligned with strategic goals
Submission and Review
Led by division leadership and Office of Financial Planning, Budget and Analysis
- Division dean or vice president submits the proposal
- Chief financial officer reviews
- Office of Financial Planning, Budget and Analysis prepares recommendations for the president
Presidential Decision
Final authority
- Reviews recommendations
- Makes final budget decisions
- Announces outcome to the Executive Leadership Council
Board Ratification
Final approval
- Final budget presented to the Board of Trustees
- Ratification completes the process
The Meharry Budget Team
The following team members are commtted to ensuring the budget is built on a solid, strategic foundation.
- President
- President’s Executive Leadership Council
- Deans, Senior Vice Presidents, and Vice Presidents
- Department Chairs
- Department Heads
- Principal Investigators
- Divisional Fiscal Managers
- Department Administrators
- Budget Designees
At Meharry, a dedicated team works behind the scenes to make sure every budget decision rests on a sound fiscal foundation.
- Budget Director
- Financial Analyst
- Grants Accounting
- Financial Planning, Budget and Analysis