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Materiality The materiality principle states that there is a financial level which is set based on the net impact of doing so has such a small impact on the financial statements that a reader of the financial statements would not be misled.A materiality level is set for any accounting or budget principle to minimize time spent on a level of detail which does not add value to the overall process or statement under review.
As part of the implementation, a series of business process reviews will be undertaken to ensure that impacts to students, faculty, staff, volunteers and external clients at all levels are supported through communication and training.
The RCM Project (2014-2016) will advance Algonquin’s leadership in strategic resource allocation by undertaking a consultative and comprehensive review of the current financial processes and RCM models in other academic institutions in order to deliver a “best practices” blueprint.
RCM is being carefully planned in close consultation with the College’s Enterprise Resource Planning (ERP) Business Transformation Strategy.
ERP is the technical term for a suite of core business management software, usually a suite of applications.
ERP facilitates information flow between all business functions, and manages connections to internal and external stakeholders.
Business services comprise a wide range of functions such as attracting and recruiting prospective students, faculty and funders, managing student records, managing human resources and day-to-day accounting operations.Did you know that Algonquin College operates with an annual budget of 0 million to serve more than 20,000 fulltime and 37,000 part-time students?We employ nearly 4,000 faculty and staff to deliver 167 postsecondary programs plus a roster of apprenticeship, career and college preparation, continuing education, and corporate training programs.The RCM Project will advance Algonquin’s leadership in strategic resource allocation by undertaking a consultative and comprehensive review of the current financial processes and RCM models in other academic institutions, in order to deliver a “best practices” blueprint.With the development of Strategic Recommendations and an Action Plan, the RCM Project will foster the alignment of Algonquin’s delivery of academic excellence with its commitment to financial sustainability.The Centre for Continuing and Online Learning (CCOL) has also implemented a budget model that capitalizes on innovation, entrepreneurial activities, applicant demand, and market forces for launching new programs on a cost-recovery basis.In this way, CCOL is a prime example of RCM principles that balance academic entrepreneurship with fiscal responsibility.In addition, the project will include communication and training plans.The RCM Project will culminate with the development of recommendations and an action plan to achieve the goal of aligning academic authority with resource allocation while incenting College leaders to maintain and improve College financial sustainability.“One Common Basket of Services” All “Non-Academic” departments at Algonquin College which support the “Academic” departments.Some examples are Finance & Administrative Services, ITS and Human Resources.