Peer Review | The Division of Biological Sciences, University of Chicago

SUMMER 2007 | VOLUME 5 | No. 2
DEAN'S CORNER

James Madara The University of Chicago Board of Trustees approved the proposed fiscal year 2008 budget last month. The budget process contained some new elements for all of us this year.

When the university created the University of Chicago Medical Center last summer, to organize all patient care activities across hospital, clinic and physician services, it revised its bylaws to specify that the UCMC Executive Committee would consider two budgets:

The annual budget of UCMC, which includes the clinical activities (physician services) formerly shown in the BSD budget, but not the BSD academic activities of teaching and research. It represents work during the past year at the UCMC Finance & Strategic Planning Committee, UCMC Executive Committee and UCMC Board retreat, and was approved by the UCMC Board on May 21^st.
The annual integrated budget, which combines the new UCMC (patient care) budget with the BSD academic (teaching and research) budget. This budget reflects work of the UCMC Executive Committee during the past year in its role as a committee of the university’s board.

With our continuing approach of "distinction trumps size"—a scientific and clinical enterprise that is well capitalized per faculty—we have developed the following aspirations for the next five to 10 years:

Build a research-rich environment with agenda-setting science.
Attract the best students in biology and medicine at all levels.
Utilize 21^st century facilities and technology across patient care, research and teaching.
Lead complex care in Illinois, capturing a normative market share.
Partner in a South Side health system that optimizes finite societal resources.
Achieve best performer status in quality, safety, cost, service and satisfaction.

To advance these aspirations, the FY08 integrated budget targets the following:

$1.6 billion in total revenues and $44 million in combined operating income;
$215 million in total capital spending and $29.5 million for renewal (including $19 million from UCMC earnings in the Academic Renewal Fund transfer increased from $15 million in FY07); and
$161 million total increase in net worth and $110 million growth in cash and investments.

As is becoming an all-too-common refrain, National Institutes of Health funding remains flat this year. Though not a surprise, it is disappointing and creates hardship and difficulty for our biomedical enterprise.

In the absence of increased funding from NIH, we have grown more reliant on private donations. Under the leadership of Michele Schiele, Medical Center Development staff has risen to the challenge and continues to maximize opportunities to attract generous donations. The Spark Discovery, Illuminate Life fundraising campaign, established in 2000, had the goal of $550 million in donations. With approximately one year remaining, the campaign has produced more than $700 million.

Last year's donations netted $152 million and resulted in six new named professorships. This year we anticipate $125 million in gifts to support the New Hospital Pavilion, cancer research, pulmonary research, systems biology equipment and medical ethics.

At a time when government funding is failing to grow at the same rate as expenses, we are fortunate to have the outstanding combination of talented faculty, dedicated fundraising staff and generous benefactors. My thanks to all of you for your many contributions to this success.