Financial Vitality

 
CORE STRATEGY I  
 

To manage its resources strategically and responsibly, the college will assess and communicate its financial health. The college will use tools and processes to assist the college's leaders in guiding, managing, and leading those efforts that positively impact the college, and develop and implement a strategic operational and capital budget.

Priority Initiatives

  1. Net Revenue Production: By all prudent and productive means, keep a constant eye to executing to improve cash flow and net revenue production, including:
    • Net Tuition Revenue
    • Differential financial aid
    • Lowering aggregate discount rate
    • Auxilary services revenue
    • Improve planning of new programs/school structures, facilities, and staffing to support distinctive programs
    • Summer programs/camps, etc.


  2. Strategic Budget Model: Implement and continue to refine a strategic budgeting model that includes optimizing net revenue production, budget planning and processes for operations, strategic priorities, and capital budget. All budgeting processes should align with Core Strategies and Priority Initiatives.  


  3. Program and Unit Review: Continue to conduct program and unit reviews
    • Create an understanding and process for decision making in order to formatively feed the reviews into the Institutional Effectiveness (IE) and budgeting process. 
    • Assure that all program/unit reviews are vetted by IE team and that their feedback is carried forward into budget decision making processes.
    • Create a calendar for program/unit reviews for all administrative areas.


  4. New Program Development, including Online and Distance Learning: 
    • Continue to develop promising undergraduate and graduate programs for main campus and ODL with an eye to market need, quality, potential enrollment scaling and NTR. 
    • Using a 5-year planning model, discern the few programs that show the most promise. 
    • Expand, formalize, and work articulation, 3+2, and 4+1 agreements.
    • Consider developing a menue of microcredentials for students to badge their resumes and job applications.


  5. Duplicate Systems and Software: Conduct a review of all systems, software packages, etc. that are duplicative and that could be streamlined and integrated to better align and maximize use of institutional resources and further break down administrative silos. Set a plan to streamline.
Financial Vitality KPI

Central to the success of the strategic plan is regular and recursive assessment, evaluation of the Priority Initiatives and their contributions to the Core Strategies, and the continued transparency of sharing this key information via the college's Factbook. To ensure accountability and optimization, each Priority Initiative will be measured against Key Performance Indicators (KPI) and analyzed for progress towards defined targets. 

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    Financial Metrics

    • Composite Financial Index (CFI) – all variables as well as aggregate index
    • Total Operating Expenditures per FTE Student
    • Percent Expenditures Instruction per FTE Student
    • Net tuition revenue/per FTE student
    • Total additional revenue
    • Total debt (debt/operating percent)
    • Total contingency budget
    • Tuition costs
    • Room and Board costs
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    Enrollment Metrics

    • Number of applicants
    • Number of accepted students
    • Percent Yield (Accepted/Applicants)
    • Number deposited
    • Number enrolled after census
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    Facilities Metrics

    • Average age of buildings
    • Classroom utilization rate
    • Residence Hall utilization
    • Percent students living in campus housing
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    Advancement Metrics

    • Alumni outreach
    • Percent alumni giving
    • Total grant money
    • Total endowment
    • Total annual fund giving