Following up on our Alternative Financial Strategy, UoN’s UCU committee has approached management to share its new, updated Medium Term Financial Plan (MTFP) with us. This is the document that sets out the University’s financial plans for the medium term, the current plan covers the period until 2025. The MTFP is a tool to implement the University’s Strategy. Management has, however, refused to share the MTFP. We have been told that it would be made available only after it has been approved by the University’s Finance Committee and Council in the summer. That is, the union can only see the Plan after it has been decided and therefore not open to revision or amendment.Continue reading “Transparent, participatory financial decision-making? Not at the University of Nottingham!”
Earlier this year the University of Nottingham UCU branch launched its Alternative Financial Strategy. This was produced by engaging an external expert in higher education finances and drawing on the relevant disciplinary expertise of UoN’s branch members. The Strategy was overwhelmingly endorsed by members. It represents a response to the impact of the pandemic but also makes a longer-term case for managing the University’s finances differently and for making financial management in the University more open and democratic.Continue reading “University of Nottingham UCU’s Alternative Financial Strategy – because there is a better way.”
The Universities Superannuation Scheme (USS) is facing a renewed attack by the employers’ representatives, Universities UK (UUK).
Sam Marsh, one of UCU’s USS national negotiators, joined our branch meeting on 5 May to explain how we got to the current situation, what’s at stake, the implications of UUK’s proposals and UCU’s proposals to resolve the situation.
You can watch Sam’s presentation here.
You can view Sam’s slides here
UCU UoN response to the presentation by management on the Alternative Financial Strategy
We appreciate UoN management’s written response to UCU’s Alternative Financial Strategy (AFS) in their 36-slide presentation. Unfortunately, however, the UCU branch committee believes that it frequently misrepresents our position and contains several inaccuracies.
We are particularly disappointed that management has failed to understand that the AFS is not merely about financial figures but rather reflects a fundamentally different approach to how UoN finances could be organised. This alternative needs to be debated openly rather than rejected outright. UCU seeks to open up this discussion, whilst management seems to want to close it down.
Here we set out our responses to the key points raised by UoN management. We do not intend to engage with every point raised in the 36-slide presentation but to focus on a few key issues.Continue reading “UCU UoN Response to Management’s Presentation on our AFS”
For years, the University of Nottingham (UoN) has prided itself for its low debt levels and low cash reserves as a sign of highly efficient financial management. Yet, when the pandemic hit in March 2020 this lean financial management strategy unravelled. In order not to break the conditions of its Revolving Credit Facility (RCF), the University had to adopt drastic measures. It cut expenses by 15 per cent across the board followed by a Voluntary Redundancy scheme of unprecedented proportions. More than 400 members of staff left the institution. This has meant that workloads for remaining staff have skyrocketed and morale is extremely low.
There has to be a better way and there is.Continue reading “Challenging Lean Financial Management: An Alternative Financial Strategy for UoN.”