Budget and Planning
The IIT Budget Office coordinates all budget functions, including the annual budget cycle, budget transfers, and the reporting that units need in order to manage their budget funds. It is a sub-unit of the Vice President Finance and Administration office.
The Budget Office is continually seeking to strengthen and streamline budget related workflow, including position control management, forms, budget and planning tools, and reporting. We welcome and encourage suggestions from individual units on how to make the budget process more efficient and user-friendly.
BUDGET CHANGE FORM (for budget changes and transfers)
Annual Budget Process
Annual budget targets are developed in collaboration with unit heads and are guided by the strategic priorities outlined in the Many Voices, One Vision strategic plan adopted by IIT. For example, enrollment targets, discount rates, and financial performance are but a few of the metrics used to measure progress against our strategic goals.
The annual budget process begins in the Fall preceding the June 1 start of the next fiscal year. While general estimates are used in establishing budget assumptions, the budget is built from the bottom-up according to these assumptions. The overall annual budget is presented for Board approval in February preceding the start of the fiscal year. Granular, unit level finishing adjustments are made during the Spring so that units may enter the new fiscal year with a settled budget.
For questions, please contact David Ulaszek at 312.567.3366 or firstname.lastname@example.org