Consulting Services for Review and Assessment of University Budget Model and Related Financial Services

Summary (Newest Update)

Background Iowa State University of Science and Technology (ISU) is seeking qualified contractors to provide consulting services for a comprehensive review and assessment of the university's budget model. The goal is to ensure efficient use of financial resources, enhance transparency, sustainability, and strategic alignment with institutional priorities. The university has operated under a responsibility-centered management (RCM) budget model since 2009, with an annual operating budget of approximately $1.8 billion. Work Details The contractor will be expected to: 1. Assess the current budget model by evaluating its structure, assumptions, allocation methodologies, and governance. 2. Review revenue distribution, cost allocation, and incentive structures; assess transparency and usability; and examine the budget development timeline. 3. Benchmark against peer institutions to identify best practices in higher education budgeting. 4. Evaluate financial sustainability by analyzing risk exposure related to enrollment volatility and funding sources. 5. Conduct stakeholder engagement through interviews or focus groups with senior leadership and finance personnel to gather insights on strengths and weaknesses. 6. Provide recommendations for improvements or alternative budget models using ISU’s historical data from the last 3-5 years, including evaluating technology tools for compatibility with proposed models. Period of Performance The estimated project start date is July 2026, with final deliverables due by December 11, 2026. Place of Performance The services will be performed at Iowa State University located in Ames, Iowa. Bidder Requirements The contractor must have prior experience leading consulting efforts for similar projects involving higher education budget model reviews. Additionally, the contractor must comply with specific insurance requirements including general liability, professional liability, workers' compensation, and others as detailed in the solicitation.