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Financial Master Plan

The Finance department at Northern New Mexico College has aligned its Financial Master Plan with the College’s strategic plan in addition to focusing on financial objectives in support of our customers and stakeholders. The Financial Master Plan is also designed to ensure the continued financial resources are adequate to continue the vision and mission of the College. The Financial Master Plan is designed as a five year plan and is also the basis for continued planning to reflect the new innovative college structure.

The Financial Master Plan will also develop a process for financial information development, evaluation of information, planning and negotiation practices out of the current budget. The outcome of the process will be to identify cost control opportunities, access the necessary information to make informed decisions, particularly on issues related to acquiring of capital assets, choosing weather to buy, build, or outsource and expand marketing activities. Assure-division wide integrity and promote accountability with supporting tactical objectives and measures farther down into each department within the Division.

 

In the final process budget planning will be driven by the conceptual and theoretical decisions made as a result of the college’s strategic planning. Strategic planning decisions will be made based on the information generated by the College committees to the group developing the budget. Resource allocations or reallocations will be made after an evaluation of the current year budget and the Financial Master Plan. Chairpersons will work with the Provost in negotiating budget proposals for their Divisions. The Deans and President will negotiate the academic and administrative priorities which establish the proposed budget.

The President, Executive Vice- President and the Vice-President for Finance continuously review the Financial Master Plan and is revised annually after budget negotiations with the committees. The process of negotiating budget proposals is to evaluate the previous years Financial Master Plan and its effectiveness which will give a clear indication for revisions to the next plan.

The Financial Master Plan is to be reviewed every five years. Composition of the committee is the President, Executive Vice- President, Vice-President for Finance, Provost and Deans. The committee will review the Financial Master Plan to ensure that the plan is working effectively and is still pertinent to the mission. This also ensures that the other supporting plans are being considered in the budgeting and planning process. The other supporting plans are the Education Master Plan, Facilities Master Plan and Technology Master Plan.

Northern offers over 50 bachelor's, associate and certificate programs in STEM (Science, Technology, Engineering & Math); Nursing and Health Sciences; Liberal Arts and Humanities; Arts, Film & Media; Business Administration; Teacher Education and Technical Trades.
Northern New Mexico College is the most affordable 4-year college in the Southwestern US. Choose us for our value, our quality degree and continuing education programs in diverse areas of study, and our experienced faculty. We provide students with unique opportunities for academic, personal, and professional growth, small class sizes, personalized attention, and strong hands-on experiences from day one.
The Northern Foundation remains committed to stimulate leadership, promote equity, and grow resources and philanthropy in the Española Valley and surrounding rural areas. Over the past twenty years, we have granted $1.3 million to support over 1,250 NNMC students.