This month’s guest writer is Grover Wrenn, Chair of the NSC Budget and Finance Committee. -Pat Davis
By Grover Wrenn
Chair, NSC Budget & Finance Committee
The National Senior Campuses Budget and Finance Committee (B&FC) is charged with advising the National Senior Campuses Board and the Community Boards in implementing the NSC Budget Policy. The committee and Erickson work collaboratively to assure that the Budget Policy is implemented throughout the NSC enterprise. The key functions of B&FC include the following:
- Review Annual Budgets – Annual budgets are prepared by Erickson and reviewed by B&FC. The budgets are presented to the NSC Board by B&FC with a request for a recommendation for approval by each community board.
- Quarterly Review of Financial Operations – Review quarterly financial reports provided by Erickson regarding financial operating results for each Community and inform the NSC Board including corrective actions being taken by Erickson in response to any significant variances from Budget.
- Develop Multi-Year Plans – B&FC works closely with Erickson to develop multi-year financial plans to assure the continued financial viability of each community.
- Develop Strategic Financial Plan – B&FC develops a strategic financial plan for approval by the NSC Board. The plan seeks to effectively utilize the combined financial resources of all NSC Communities for the benefit of the entire enterprise and which will enable NSC to extend its mission to encompass larger numbers of seniors.
- Coordinate Financing Activities – B&FC coordinates the financing activities for individual communities to assure consistency with the NSC strategic financial plan.