3Understanding Budgets

Chapter Two described the two primary elements of any budget—revenue and expenses. This chapter focuses on the budget as a whole by addressing the purposes of a budget, types of budgets, means of organizing and expressing a budget, and common budget models. The chapter also includes a discussion on decision‐making processes related to budgets. The chapter concludes with reflection questions that encourage summarization, synthesis, and application of the material presented.

The term budget is used through this volume to refer to both the budget for the entire institution and the budget for a specific individual administrative or academic unit. Although the discussion in this chapter will tend to focus at the institutional ...

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