Finance Office’s Monarch Project Chosen as Grand Finalist in SACUBO Best Practices Competition
The Monarch Project, an innovative initiative launched through Old Dominion University's Office of Finance, has received national recognition for its cost-saving programs for students and the university from the Southern Association of College and University Business Officers (SACUBO).
ODU was selected as the grand finalist in SACUBO's Best Practices competition, beating out finalists from the University of Arkansas, University of Georgia and Elon University, for its Monarch Project. The award was presented at the association's annual conference earlier this spring in Atlanta.
The Monarch Project was launched in 2011 to provide high-quality consulting services to ODU and offer meaningful work experience to university students, while assisting the university in effectively managing its resources, one project at a time. The Monarch Project team is composed of some of the best and brightest ODU student interns, who gain real-world experience while helping the university operate more efficiently.
In addition to a plaque, the winners received a check for $1,500, which will be used to help fund ODU's groundbreaking student financial literacy program, known as Monarch Millionaire.
"We're thrilled that the Monarch Project has received national recognition," said Bill Edmunds, acting administrative operations officer with ODU's Office of Finance. "The students in our program are passionate about what they do, and it shows through programs like Monarch Millionaire."
In all, 33 entries were submitted in SACUBO's Best Practices competition. Through its Best Practices program, the association encourages institutions to share with other schools techniques they have found to result in efficiencies, in an ongoing effort to create better, more efficient business practices in higher education.
Monarch Millionaire is one such practice. Created in the Office of Finance, the program offers students hands-on instruction in financial literacy - taught by fellow ODU students - for application during and after college. The program, established in 2012, now has an enrollment each semester of more than 300 students. It has been expanded to attract students with military affiliation, students juggling part-time jobs and those seeking more advanced financial literacy lessons.
SACUBO was founded in 1928 to inform higher education institutions in the southern region of the United States of issues that affect higher education. The purpose of the association is to foster, develop and promote improved principles and efficient practices in the business and financial management of colleges and universities.
SACUBO is one of four regional associations that constitute the National Association of College and University Business Officers. NACUBO, headquartered in Washington, D.C., represents the needs of higher education as well as acting as a clearinghouse for information and professional development.