ACRL releases Financial Management in Academic Libraries: Data-Driven Planning and Budgeting

CHICAGO – The Association of College and Research Libraries (ACRL) announces the publication of “Financial Management in Academic Libraries: Data-Driven Planning and Budgeting” by Robert E. Dugan and Peter Hernon, which explores the connection between financial management and accountability, effectiveness, efficiency, and sustainability, and demonstrates how to capture them in a realistic, data-supported budget.

All library managers must understand and manage budgets, from planning through implementation, reporting, and conducting audits. Budgeters also need familiarity with the use of metrics, the ability to relate the use of the data gathered to improved performance and organizational efficiency, and automated management information systems to effectively tell their library’s story and advocate for budgetary support.

In its first eight chapters, with tables, figures, data application, and exercises throughout, "Financial Management in Academic Libraries" covers the various stages and topics involved in managing budgets: planning; the types of budgets used in academic institutions; the overall budgeting process as well as a specific process in program budgeting; managing a budget during the fiscal year and its aftermath; and providing reports on the budget. The ninth chapter introduces general concepts to help address budget reduction strategies, potential fraud, and financial best practices. And the final chapter elevates the discussion from financial management to financial leadership, the articulation of a detailed vision, and the realignment of the budget with the promises specified in that vision.

Among the different units of an academic institution, the library has an advantage in that its managers can link its effectiveness directly to the library’s infrastructure, its staffing, collections, services, and technology. Focusing on these components can enable everyone in the library to work to achieve organizational sustainability over time and advocate for their place in the institution.

“Financial Management in Academic Libraries: Data-Driven Planning and Budgeting” is available for purchase in print and as an ebook through the ALA Online Store; in print through Amazon.com; and by telephone order at (866) 746-7252 in the U.S. or (770) 442-8633 for international customers.

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The Association of College & Research Libraries (ACRL) is the higher education association for librarians. Representing nearly 10,500 academic and research librarians and interested individuals, ACRL (a division of the American Library Association) develops programs, products and services to help academic and research librarians learn, innovate and lead within the academic community. Founded in 1940, ACRL is committed to advancing learning and transforming scholarship. ACRL is on the web at acrl.org, Facebook at facebook.com/ala.acrl, and Twitter at @ala_acrl.