UM System releases report on savings
COLUMBIA – The University of Missouri System came out with a report Thursday that shows how much the system saves on costs at the four schools and UM Health Care System.
The Efficiencies and Effectiveness report included an analysis that shows what the cost would be for the four universities to replicate services provided by the system to them.
“This report specifically had an analysis that showed that it would cost an additional 80 to 90 million dollars annually for the campuses collectively to replicate the services currently provided by the UM System,” University of Missouri System Assistant Director for Strategic Communications Kelly Wiemann said.
Other things the system provides to all schools are cooperative academic programs, serve as a unified voice for higher education in Missouri, and ensure that all 4 campuses and health system can meet corporate responsibilities through shared services.
“All the finance functions that are necessary to run a multi-billion-dollar enterprise, that includes budget and planning, accounting, facilities planning and development, management services, supply chain, treasury, by performing these treasury functions at the system level centrally that saves, right there, 10.1 million dollars a year,” Wiemann said.
Wiemann also said the system spends 39 percent less than other schools, which allows the system to focus on and put more money into the academics the system provides.
“With the cost savings that we’re able to generate from these proficiencies we’re able to allot more of our resources directly to our academic mission. Our teaching. Our research. Our service and our economic development,” Wiemann said.
She also said that even with this report the system will continue to look for more opportunities to reduce administrative costs.