Statement of Revenues, Expenditures, and Net Assets (SRECNA) is one of three basic financial statements required annually for all institutions. The SRECNA has a standard categorization of revenue and expenses which allows comparison between institutions.
The alternative SRECNA (Alt SRECNA) is intended to support greater transparency and accountability by providing financial information in a format that is easier to understand, as compared to the SRECNA. The Alt SRECNA also can facilitate a broader understanding of annual revenue and expense as compared to budget authorization. At UMass Boston, the Alt SRECNA is the primary report distributed each month to assess the operating performance of the university.
The Alt SRECNA is produced from the general ledger, and ties to the fund balance report.
Financial Planning & Budgeting Cycle
The Financial Planning & Budgeting Cycle outlines strategic planning, financial and capital planning, the annual budget process, budget execution and measuring outcomes as discrete phases. By denoting discrete phases of the process, there are clear objectives, goals and deliverables of each component that will then support subsequent phases. In particular, the financial and capital planning, annual budget and budget execution phases are led by Administration & Finance, but responsibilities, expertise and input span all areas across campus. Ultimately, the Financial Planning & Budgeting cycle aims to support the efforts of the working group that will develop additional strategies to better align academic program planning with the master plan and fiscal planning.