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Q: What is the purpose of the Radical Financial Transparency (RFT) initiative?
A: As part of President Sasse’s focus on data-driven decision-making, the Radical Financial Transparency (RFT) initiative leverages robust data analysis to enable greater understanding of how UF spends its limited resources. The goals of this work include enhancing transparency and visibility into how University resources are deployed, provide insights for and improve communication between unit leaders and University leadership, and enabling more strategic prioritization and investment decisions.
Q: Which units have been participating in this initiative?
A: Eleven units were selected to participate in the pilot phase of this initiative: College of Dentistry; College of Design, Construction, and Planning; College of Education; College of Nursing; College of Veterinary Medicine; Facilities; Harn Museum of Art; Information Technology; Legal/OGC; Office of the CFO; University Libraries.
Q: When will my unit be asked to participate?
A: All other academic, administrative, and auxiliary units across UF will participate in the second phase of this initiative, which is taking place between July-December 2024. Unit leadership will receive an invitation from the Office of the CFO requesting their participation towards the end of June.
Q: What types of data are being used?
A: Data sources have been collected from central units (e.g. UFHR, UF Budget Office) to cover a wide range of operational, financial, and academic figures. Leveraging central data sources enables us to have a “single source of truth” and compare metrics more consistently.
Q: What types of analyses are being conducted?
A: The Radical Financial Transparency work is designed to cover a range of metrics to understand resource use across financial, operational, and academic metrics. Please note that all analyses may not be relevant or applicable to each unit reviewed, and some analyses are limited by data availability.
Q: As a unit leader, what will I be expected to do?
A: Unit leaders will be engaged to help the RFT team validate data and refine analyses. Since central data sources are being used, we are not expecting unit leaders to provide their own data to feed into these analyses, but rather to validate the central data inputs that are being used. As those who are closest to the operations of the unit, unit leaders will also provide context and additional detail to ensure any nuance is properly noted.
Q: What will this data be used for?
A: The first step of this initiative is to leverage data outputs to understand the current-state operations and resource usage at UF. As part of Phase 2 of this work, additional analyses will be performed and data will be used to drive conversation with unit leaders to understand opportunities for greater resource efficiency or investment opportunities across UF.
Q: Who can I contact with additional questions?
A: Please contact Sean Lonergan for more information.