Budget Priorities and Plans
Iowa State University utilizes a financial management model for the development of its annual operating budgets. This is a responsibility-centered and incentive-driven approach to financial planning and management, utilized for the development of the university's General University Fund operating budget.
The university's financial results reflect the priorities set forth in the 2022-2031 strategic plan. The budget and investment of university resources are directly guided by this plan, reinforcing Iowa State’s unique value as the state’s only land-grant institution—a mission to prepare the future workforce, address urgent and complex problems through research and innovation, create economic opportunities, and improve the quality of life for Iowans. Multiyear priorities are the primary areas and activities that the university plans to invest new, and/or reallocate existing, resources and are intended to guide the financial planning process. These priorities are based on the five strategic goals, which include: to be the most student-centric leading research university; to cultivate a welcoming and respectful environment; to foster lifelong learning; to create opportunities and forge new frontiers; and to be the trusted partner for proactive and innovative solutions.
The priorities that guide the budget development for the upcoming fiscal year are the result of discussions among Senior Budget Leaders and are usually finalized in the late Fall or early Winter. Using these priorities as a basis, each of the university's three divisions develops annual budget plans. These plans describe the division's intentions for investing in the university priorities. Divisions work on their plans beginning in February and finalize them in June.
