Post: Now that you have read the first three chapters of Budgets and Financial M

Post: Now that you have read the first three chapters of Budgets and Financial Management in Higher Education by Barr and McClellan, choose two (2) of the following reflection questions from page 85 to respond to:
What are the purposes of the budget for a unit or department in higher education?
What does an institution’s budget say about its priorities? In what ways is your answer similar or different with regard to your unit’s budget?
How is the distinction made between an individual unit’s needs versus their wants?
How would you describe the purpose of a Capital budget versus an Operating budget?
Does an institution use natural or functional accounting?
Describe a budget model currently being used at an institution. What do you see as its strengths and limitations?
Be sure to clearly indicate which questions you are answering.