Participation in public budgeting has long been recognized as a means to enhance transparency, improve performance, and build trust in governance. However, significant barriers such as the complexity of financial information can limit meaningful engagement. This paper addresses these challenges by introducing a “Color of Money” taxonomy designed to simplify budgetary concepts and foster informed decision making. In addition, we describe the implementation of a workshop-based initiative—called a “finance academy”—which was created by the finance leadership of a research-intensive public university. With the goal of fostering collaboration and trust, the finance academy aimed to educate senior leaders and fiscal staff on key budgetary issues faced by the university. While these efforts are especially timely given the mounting fiscal pressures facing higher education, they are more broadly applicable to public and nonprofit organizations of various sizes and complexities. Ultimately, we argue that demystifying financial processes and investing in the education of various institutional actors can enhance transparency, build institutional trust, and support long-term financial sustainability.
Burnett et al. (Sat,) studied this question.