The Sustainable Agriculture Institute
Table of Contents
- What is a Cost Center vs Profit Centers
- Cost Center 1 – Strategic Financial Management Services
- Cost Center 2 – Pedagogy Development Services
- Cost Center 3 – Faculty Support Services
- Cost Center 4 – Capital Management Services
The Sustainable Agriculture Institute is comprised of various organizational units and the Department of Institutional Services is broken down into four Cost Centers.
The Institutional Services Cost Centers are as follows:
- Strategic Financial Management Services
- Pedagogy Development Services
- Faculty Support Services
- Capital Management Services
What is a Cost Center vs Profit Centers
A cost center is a department within the Institution that does not directly add to profit but still costs the Institute money to operate. Cost centers only contribute to a company’s profitability indirectly, unlike a profit center, which contributes to profitability directly through its actions
The Institute utilizes cost centers to group expenses for the budget of an operational department of the Institute or a specific activity.
Cost center numbers are determined using guidance from The National Center for Higher Education Management Systems, which identifies functions and where those functions are nationally accounted for in financial reports.
A profit center is a subunit of the Institute that is responsible for revenues and costs. Often a division of an Institute is a profit center because it has control over its revenues, costs, and the resulting profits. Cost centers and profit centers are usually associated with planning and control in a decentralized company institution.
Cost Center 1 – Strategic Financial Management Services
- Providing long-term guidance considering the strategic goals of the Institute to the Board of Governors;
- Ensuring the maximization of shareholders wealth, by the oversight of all Financial Actions;
- Creating the Global Strategy Report; a “long-term course of action plan”, to help assure the decisions are in line with the Institute’s long-term vision and mission.
- Develops and issues the Annual Report for the Institute’s fiscal year closing.
Cost Center 2 – Pedagogy Development Services
- Providing long-term guidance on the control and development of the Institute’s Pedagogy;
- Assuring the Institutes e-campus education platform Pedagogy Plan is suited to Andragogy;
- Develops and maintains the Institute’s Curriculum on the e-campus platform;
- Assures the Taxonomy of the Institute meets the classification of learning objectives as set out by the Institutes Taxonomy Plan.
Cost Center 3 – Faculty Support Services
- Providing a range of professional administration and support services, related to the Quality Assurance Management Plan and faculty related business;
- Ensuring that the faculties and schools comply with the regulatory framework for Pedagogy Quality Assurance;
- Providing support for the faculties in relation to committee servicing, appeals, complaints, reviews, and planning;
- Providing professional advice on academic administration-related matters to senior members of the faculties and the schools.
Cost Center 4 – Capital Management Services
- Encourage appropriate participation of faculty, staff, students, and administration through fostering Information Capital exchanges;
- Strengthen consultation and enhance confidence and trust between, and among campus constituencies;
- Ensure that the academic and physical planning objectives of the campus are appropriately coordinated;
- Develops and maintains the Campus Master Plan;
- Facilitate the identification and definition of major capital projects;
- Enhance priority setting;
- Ensure that the ground rules for funding of major capital projects are well understood;
- Ensure that the project plan is the project delivered by providing a mechanism for monitoring projects from inception to completion.