UNIVERSITY PARK, Pa. — As part of a realignment of Penn State’s financial organization, the University Budget Office and the Office of the Corporate Controller have combined to create the new Budget and Finance Office. Under the leadership of Sara Thorndike, senior vice president for Finance and Business/Treasurer, the new Budget and Finance Office will spearhead the creation of a new budget allocation model for the University.
“Unifying these two previously independent offices under Sara’s leadership will allow us to be even better stewards of the finite resources we use to deliver on our noble mission,” said Penn State President Neeli Bendapudi. “This realignment and the budget transformation process will help us set up Penn State for another century of success and excellence.”
The Budget Office leads the University’s budget processes, including providing guidance to academic and business units regarding their respective budgets and aggregating unit budgets into the University’s overall financial plan. The Finance Office is responsible for the accounting and reporting of the University’s financial resources. The combined office will be co-led by Virginia Teachey, associate vice president of finance, and a future to-be-named associate vice president of budget and University budget officer, both of whom will report to Thorndike.
“I am excited for this opportunity to help lead the transition of two separate offices into one unified budget and finance team,” said Teachey. “I am also looking forward to working with Sara and my future counterpart as we collaborate to deliver on the responsible stewardship and management of University resources.”
In addition to the realignment, Thorndike will be leading the University into the next phase of Penn State’s budget transformation process. Under her guidance, a team of senior leaders consulting with the National Association of College and University Business Officers (NACUBO) will partner with a team of institutional leaders to analyze our current budget and develop a new strategic budget allocation model.
“We are excited to start this work with NACUBO. Reviewing budget allocations is something that should be done regularly, and this project offers us the opportunity to develop allocations that better align with the needs of a leading public higher education institution,” said Thorndike.