From Kevin’s Desk: Financial Stewardship at U-M (12/4/2020)

Dear Colleagues:

Happy Friday!

Many teams in our B&F family provide essential oversight of our university’s financial resources. Their work is always important, but having the “A team” (as I like to call them) on the financial side has been especially critical during the COVID-19 situation. For example, our colleagues in the Investment Office recently reported that their investments yielded $391 million in funding for the university this year, which is an increase of more than six percent over last year. What an incredible accomplishment, especially given the year we’ve had! You can read more about their outstanding work in the Record. Please join me in congratulating the entire Investment Office on the success of their hard work.

In another example, the Finance Office of Internal Controls continued to ensure that each of our three U-M campuses complied with all financial policies and regulations, with their Annual Unit Certification of Financial Results and Internal Controls. The team adjusted their processes due to the pandemic, focusing on high-risk areas and monitoring compliance with new COVID-related guidelines. The team shared their fantastic results with the Board of Regents yesterday. Thank you to the entire Internal Controls team for their wonderful stewardship of the university’s finances. You can read more about this process on our website.

And finally, the Finance Property Disposition team hosted its first-ever fully virtual online vehicle auction this fall. A whopping 72 university-owned vehicles were sold for a total of $1.1 million! If you’re interested in participating, the second vehicle auction is starting this week — you can read more and find out auction details on our website. Thank you to our Property Disposition team for their ingenuity in the face of this pandemic.

I am so grateful for the dedicated efforts of these and all of our financial teams. This last year has been incredibly challenging on many fronts, yet our university has remained on solid financial footing. I could not be prouder of our teams’ work – Y’ALL ROCK!!!

With much appreciation and gratitude,

Kevin