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With demands for improved quality, increasing competition for state and federal funds, and the challenges of integrating technology into the curriculum, higher education faces greater economic uncertainties than ever before. The chief financial officer (CFO) of any higher education institution stands squarely in the middle of this maelstrom. This issue of New Directions for Higher Education offers CFOs proven strategies for balancing the operating and capital budgets, maximizing net enrollment revenues, containing costs, planning for the resource needs of technology, identifying and managing risks, and investing the endowment wisely. The contributors discuss how CFOs can build positive relationships with key players in the campus?s financial planning and budget, including admissions and financial aid staff, state legislatures, and the board investment committee. This is the 107th issue of the quarterly journal New Directions for Higher Education.
With demands for improved quality, increasing competition for state and federal funds, and the challenges of integrating technology into the curriculum, higher education faces greater economic uncertainties than ever before. The chief financial officer (CFO) of any higher education institution stands squarely in the middle of this maelstrom. This issue of New Directions for Higher Education offers CFOs proven strategies for balancing the operating and capital budgets, maximizing net enrollment revenues, containing costs, planning for the resource needs of technology, identifying and managing risks, and investing the endowment wisely. The contributors discuss how CFOs can build positive relationships with key players in the campus?s financial planning and budget, including admissions and financial aid staff, state legislatures, and the board investment committee. This is the 107th issue of the quarterly journal New Directions for Higher Education.
"CFO Perspectives" is a series of white papers that examines at role of the CFO within different institutional or operational settings. Each white paper, available free from the National Association of College and University Business Officers (NACUBO) and released periodically during 2012, NACUBO's 50th anniversary year, focuses on the unique demands of a particular type of institution and how to manage strategy and business operations within that distinctive context. Written by authors with extensive experience in financial operations, the white papers offer insights that may prove especially helpful to new CFOs or board members, presidents, senior administrators, faculty, and staff. In "The Large Public University," Kenneth Jessell provides invaluable, first-hand insights into the highly visible position of the CFO at a large public university. He explains the pivotal role that CFOs play and provides "rules of thumb" for colleagues to follow. Readers walkaway with tools, tips and resources to help them better understand the many processes, relationships and requirements CFOs at a large public institution face.
With demands for improved quality, increasing competition for state and federal funds, and the challenges of integrating technology into the curriculum, higher education faces greater economic uncertainties than ever before. The chief financial officer (CFO) of any higher education institution stands squarely in the middle of this maelstrom. This issue of New Directions for Higher Education offers CFOs proven strategies for balancing the operating and capital budgets, maximizing net enrollment revenues, containing costs, planning for the resource needs of technology, identifying and managing risks, and investing the endowment wisely. The contributors discuss how CFOs can build positive relationships with key players in the campus?s financial planning and budget, including admissions and financial aid staff, state legislatures, and the board investment committee. This is the 107th issue of the quarterly journal New Directions for Higher Education.
Economic forces continue to reshape higher education, and the leaders of colleges and universities are not getting the guidance they need to achieve their financial goals. Michael K. Townsley, PhD, a seasoned higher education executive, shares proven principles, strategies, and techniques to manage the increasing pace of change in higher education in this field guide. Based on case studies, his own experiences, and insights from other experts, he provides strategic guidance on how to: effectively manage finances, allocate financial resources, design sophisticated budget forecasts, set tuition rates in competitive markets, control operational costs, and run online programs. With clearly ordered lists, logically sequenced plans for action, and cogently presented summaries, Financial Strategy for Higher Education offers a vital reference for anyone who managing the financial condition of colleges and universities during financial stress.
This book is organized around 11 topics, including the skills and personal qualities needed to provide effective academic leadership; strengthening the infrastructure for academic affairs through strategic planning, facilities planning, and technology integration; the importance of developing new resources and linking them to academic priorities; academic entrepreneurship; assessing academic quality and improving programs and services; continuous improvement; the central importance of investing in the faculty; and improving academic decisions. The chief academic officer must be the voice for the campus's academic purposes and a source of energy in supporting the activities of others. Collaboration with colleagues across the institution is key to Ferren and Stanton's approach. Their experiences in administrative roles, ranging from department chair to provost, have provided them with the ability to conduct and utilize many studies, including budget adequacy modeling and salary equity studies. These are issues for which the authors have been responsible for implementation and decision-making, allowing them to understand that collaborative processes and partnerships-such as chairs with deans, deans with vice presidents, faculty with administrators, or the CAO with members of the president's cabinet—are as important as informed decision-making. Because CAOs are less likely to read what business officers and vice presidents for administration read, this book attempts to integrate differing institutional perspectives and explain processes and criteria. CAOs can tailor their decisions to institution circumstances and solve problems with greater insight.