Financial Sustainability and Planning: Status Quo is no Longer an Option

In this new era of Covid-19, institutions are scrambling to meet students’ unique needs while also remaining functioning and delivering high quality education. They are facing many unparalleled challenges such as declining or flat revenues and increased expenses to new competition from other attractive learning alternatives. It is now more important than ever to properly plan and budget to account for this new landscape. Status quo is no longer an option.

One way colleges and universities can strive to maintain financial sustainability and longevity is by having a long term strategic financial plan. Now, more than ever, effective and efficient budgeting and planning is at the forefront of sustainability. Having the right plan will set the course for success.

There are several budgeting methodologies available to help achieve a strong plan.

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Reflections from NAICU’s Annual Meeting and Advocacy Day

This week, presidents and key executives from NAICU member colleges gathered in Washington, DC, to tackle the tough challenges facing university leadership in tumultuous times. The agenda covered legislative issues impacting higher education, how to succeed in today’s evolving higher education environment and more.

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Sustainability & Risk Mitigation: Themes from EACUBO 2018

I recently had the pleasure of attending the EACUBO Annual Meeting in Buffalo, New York.  The conference brought together College and University business officers from throughout the Northeast with the goal of sharing new ideas regarding how institutions can meet the financial challenges of a quickly changing higher education landscape. Among the topics included were succession planning, sustainability, and risk mitigation.  A common underlying theme was how to use metrics and data analytics to support institutional efforts to make better decisions.  

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NACUBO 2017: Thoughts & Themes

Last week I was fortunate to be able to spend a few days in Minneapolis attending NACUBO 2017. As a first-time attendee, a theme I found to be pervasive was managing the limited resources dedicated to the effective use of data and analytics, which is a challenge I hear about often. An issue many attendees seemed to face is, 'how do I help augment limited staff resources faced with increased demand across organizational units?' Beyond the option of adding resources, a limitation in many institutions, was the need to find tools, technologies, and services that better scale to provide a broadening body of stakeholders with decision support solutions. One institution noted the need for more intuitive and user-friendly technologies that would enable more functional team members to have access to data and insights based on their particular needs. While this was a financials-oriented event, many conversations revolved around the need to cross reference and contextualize financial insights with other institutional data, regardless of the system or source. Financial managers are clearly thinking ahead and determining ways they can best serve their institutions through integrated data sources and modern-age dashboards and visualizations. 
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