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Better, Cheaper, FasterBoard-CEO Partnership for Change,[object Object],Ellen Chaffee, AGB Fellow and ,[object Object],President Emerita,  Valley City State University (slides 1-38),[object Object], Rick Staisloff, Vice President for Finance And Administration, ,[object Object],College of Notre Dame of Maryland (slides 39-60),[object Object],ASSOCIATION OF GOVERNING BOARDS NATIONAL CONFERENCE, ORLANDO, 2010,[object Object]
State-Level Relative Hardship,[object Object],2,[object Object]
Goals for the Workshop,[object Object],Understand strategic finance as a context for achieving long-term institutional sustainability,[object Object],Learn new strategies and tools for dealing with current challenges,[object Object]
Agenda,[object Object],Changing Landscape in Higher Education,[object Object],A Strategic Finance Approach,[object Object],Reducing Cost and Increasing Productivity,[object Object],Break,[object Object],Strategic Finance: CFO Perspective,[object Object],New Tools for New Decisions,[object Object],Wrap Up,[object Object]
Changing Landscape of Higher Education,[object Object]
The Changing Landscape of Higher Education,[object Object],We CANNOT do,[object Object],What we MUST do,[object Object],If we KEEP doing,[object Object],What we USUALLY do,[object Object]
What we MUST do,[object Object],“By 2020, America will once again have the highest proportion of college graduatesin the world”,[object Object],- President Obama, 2/24/09,[object Object]
And there’s consensus on that,[object Object],To increase the percentage of Americans with high-quality degrees and credentials to 60 percent by the year 2025,[object Object],Currently: 39%,[object Object],Lumina Foundation for Education,[object Object]
Knowledge-Economy Work Force,[object Object],College Degree,[object Object]
Can we go on this way?,[object Object]
Recent Revenue/Expense Trends,[object Object],State funding: 3%,[object Object],Tuition: 3% above CPI,[object Object],Student aid: 4%,[object Object],Expenditure per student : 1-2% above CPI,[object Object]
Our Business Model is Not Sustainable,[object Object],Tuition,[object Object],Expend/FTE,[object Object],State Approp,[object Object],CPI,[object Object]
State Financials: Gaps could approach 7% of spending  - “The Lost Decade” of state funding,[object Object],*,[object Object],Source: Don Boyd (Rockefeller Institute of Government), 2009,[object Object]
We cannot go on this way,[object Object],HITTING HOME: Quality, Cost, and Access Challenges Confronting Higher Education Today, Travis Reindl, www.makingopportunityaffordable.org,[object Object]
The Change Process,[object Object]
Board-President Relations in Times of Change ,[object Object],Find common ground on how much/what kind of change. Trust AND verify, both ways. Early and often. ,[object Object],Keep roles clear and support each other.,[object Object],Define the North Star and navigate by it.,[object Object]
Brainstorm,[object Object],Is your university feeling these pressures?,[object Object],What are some of the barriers to dealing with them?,[object Object]
Strategic Finance,[object Object]
What is Strategic Finance?,[object Object],Strategic finance is aligning financial decisions,[object Object],—regarding revenues, creating and maintaining institutional assets, and using those assets—,[object Object],with the institution's mission and strategic plan.  ,[object Object]
In graphic terms…,[object Object],Mission,[object Object],Strategic Plan,[object Object],Financial Decisions,[object Object]
The New Bottom Lines,[object Object],What’s the cost/benefit of improvement in this?,[object Object],YES,[object Object],What’s the cost/benefit of improvement in this?,[object Object],What’s the cost/benefit of improvement in this?,[object Object]
Strategic Goals (Mission, Market),[object Object],Importance of ALIGNMENT and Tracking Progress,[object Object],Communication,[object Object],Information,[object Object],Analysis,[object Object],Course Correction,[object Object]
Strategic Indicators (North Star Proxies)(examples),[object Object],More students,[object Object],Enrollment growth by in/out of state,[object Object],Affordability,[object Object],Net tuition/median household income,[object Object],Total financial aid/Total tuition revenue,[object Object],Accessibility,[object Object],Enrollment growth by race, income, transfer status,[object Object],Efficiency,[object Object],Cost per SCH by program, by site, by delivery,[object Object],Effectiveness,[object Object],Retention and graduation rates,[object Object]
Removing the brick wall,[object Object],College Degree,[object Object],More graduates,[object Object],Accessible,[object Object],Affordable,[object Object],Efficient,[object Object],Effective,[object Object]
Current Institutional Responses,[object Object],Increase efficiency,[object Object],Increase administrative productivity,[object Object],Leverage stimulus money,[object Object],APLU survey just out: “The survey results indicate that "universities are striving to protect the core education mission of their institutions.”,[object Object],What’s missing from this picture?,[object Object]
Missing in Action?,[object Object],Progress to strategic goals,[object Object],Growth,[object Object],Quality improvement,[object Object],Academic productivity,[object Object],Innovation,[object Object],Development of a sustainable business model,[object Object],David Wiley, BYU, http://davidwiley.org/,[object Object]
What do institutions need?,[object Object],Growth by substitution,[object Object],Greater cost containment,[object Object],Greater productivity,[object Object],Clear expectations,[object Object],Innovation,[object Object],LEADERSHIP,[object Object],$,[object Object]
Roaring  Out of Recession,[object Object],Companies that recovered well from past recessions:,[object Object],Used multi-faceted strategies  that were highly customized to their own circumstances,[object Object],Focused on operating efficiency, market development, and asset development,[object Object],Reduced employee numbers as little as possible,[object Object],Continued to invest in asset development, marketing, and new product/ market development,[object Object],RanjayGulati, NitinNoharia, and Franz Wohlgezogin, “Roaring out of Recession,” Harvard Business Review, March 2010.,[object Object],28,[object Object]
Reducing Cost and Increasing Productivity,[object Object],*,[object Object]
Cost Effective: Cost Reductions + Productivity,[object Object],From paying $1 for X,[object Object],To paying $0.75 for X,[object Object],From paying $1 for X,[object Object],To paying  $1 for X + 2,[object Object],X,[object Object],*,[object Object]
Examples of Cost Reductions ,[object Object],Reduce high cost/low demand programs ,[object Object],Address retirement eligibility,[object Object],Reduce growth in health care cost,[object Object],Consolidate administrative functions,[object Object],Reduce spending on non-revenue producing athletics,[object Object],Restructure debt ,[object Object],Restructure faculty compensation and rewards (use turnover to substitute teaching faculty for research faculty),[object Object],Strategies for Tough Times, Dennis Jones and Jane Wellman, November 19, 2009,[object Object]
Examples of Productivity Improvements ,[object Object],Increase in student retention and graduation ,[object Object],Reduce excess credits for the degree,[object Object],Increase credit-by-exam ,[object Object],Increase distance-based learning programs,[object Object],Increase proportion of graduates who meet goals for critical learning ,[object Object],Increase proportion of students who remain – and are employed – in state,[object Object],Strategies for Tough Times, Dennis Jones and Jane Wellman, November 19, 2009,[object Object]
Building Cost-Effective Institutions ,[object Object],Reduce administrative costs,[object Object],Tackle ‘automatic’ cost increases,[object Object],Reengineer curricula,[object Object],Reengineer course delivery,[object Object],Eliminate, innovate, or  consolidate high cost/low demand programs,[object Object],Strategies for Tough Times, Dennis Jones and Jane Wellman, November 19, 2009,[object Object]
Learning Productivity,[object Object],Students come to college fully prepared (no remediation),[object Object],Accelerated learning,[object Object],Minimize “rework” and reduce credits to degree ,[object Object],Improve rates of course completion,[object Object],Encourage use of assessment/”test out” options,[object Object],Learning in the workplace/credit for experience,[object Object],Strategies for Tough Times, Dennis Jones and Jane Wellman, November 19, 2009,[object Object]
Improving Affordability & Choices,[object Object],Commit to average undergraduate tuition growth no more than CPI, with increased need-based aid,[object Object],Allow differential tuitions for high cost/demand programs,[object Object],Experiment with low priced options ,[object Object],Greater on-campus employment opportunities for students,[object Object],Reduce time to degree,[object Object],Strategies for Tough Times, Dennis Jones and Jane Wellman, November 19, 2009,[object Object]
Implications for Leaders,[object Object],Re-imagine your business model to create long-term sustainability,[object Object],Support change in approach to budget building ,[object Object],Examine old habits and conventional wisdom about costs,[object Object],Focus on big picture, and progress on achieving strategic goals,[object Object],Commit to institutional innovation,[object Object],Examine long-term implications of current decisions,[object Object],Strategies for Tough Times, Dennis Jones and Jane Wellman, November 19, 2009,[object Object]
From Steve Jobs to YOUR Job,[object Object],20th Century was one of technological innovation,[object Object],21st Century must be one of institutional innovation,[object Object],David Wiley, BYU, http://davidwiley.org/,[object Object]
Speed Dating – Strategic Finance,[object Object],Around the table, 1 minute each:,[object Object],Give an example of an effective change (at your institution or another) that represents a strategic finance perspective,[object Object]
Strategic Finance?,[object Object]
Magic Formula,[object Object],Mission + Market + Margin = Success,[object Object]
“Tried and True” Reporting,[object Object],Budget to Actual,[object Object],Quarterly,[object Object],Year over Year Comparison,[object Object],Projections,[object Object],Multi Year Rolling Budgets,[object Object],Financial Statements,[object Object],Quarterly ,[object Object],Audit,[object Object],Annual,[object Object],Focus must be on what the numbers mean, more than on the numbers themselves,[object Object]
Financial Ratios,[object Object],Build off of the audit,[object Object],What are the numbers telling us?,[object Object],Debt Rating,[object Object],Central Question – Are we financially healthier this year than last?,[object Object]
Financial Ratios,[object Object]
Strategic Indicators,[object Object],Strategic Indicators - Measures institutional performance in key areas,[object Object],How do you know if you have the right ones?,[object Object],Focus on important issues,[object Object],Impact decision making,[object Object],Understandable,[object Object],Come from available data,[object Object],Must have trend, benchmark, and target,[object Object],Few in number,[object Object],Peer Group vs. Competitors,[object Object],Importance of Telling the Story,[object Object]
Dashboard Indicators – Notre Dame,[object Object],Enrollment by Program – HC and FTE,[object Object],Matriculation,[object Object],Graduation Rate,[object Object],Diversity,[object Object],Tuition Discount,[object Object],Student Faculty/Student Staff Ratio,[object Object],Rev. and Exp. by Source,[object Object],Cost per FTE,[object Object],Age of Facility/Deferred Main.,[object Object],Participation in Annual Fund,[object Object],Endowment per FTE,[object Object]
Is This a Strategic Finance View?,[object Object],Importance of the “Reality Check” – Where are we right now?,[object Object],However, these tools are backward looking,[object Object],New tools are needed for us to look forward and to act strategically,[object Object],Shift from input focus to output focus,[object Object]
Activity Drivers,[object Object],Other,[object Object],9 Programs = 11%,[object Object],Top 12 programs account for89% of credit hours,[object Object],CHM,[object Object],Each 2%or < ,[object Object],HIS,[object Object],CST,[object Object],ART,[object Object],PHY,[object Object],PED,[object Object],MUS,[object Object],POL,[object Object],HSV,[object Object],Math,[object Object],667,[object Object],3% ,[object Object],Core,[object Object],8 Programs = 32%,[object Object],Psychology,[object Object],786,[object Object],4% ,[object Object],798,[object Object],4%,[object Object],Philosophy,[object Object],799,[object Object],4%,[object Object],Modern Foreign Language,[object Object],813,[object Object],4%,[object Object],CommunicationArts ,[object Object],861,[object Object],4%,[object Object],English,[object Object],873,[object Object],4%,[object Object],ReligiousStudies,[object Object],Anchor,[object Object],4 Programs= 57%,[object Object],4%,[object Object],904,[object Object],Biology,[object Object],1,227,[object Object],6%,[object Object],Nursing,[object Object],1,330,[object Object],7% ,[object Object],Pharmacy,[object Object],1,903,[object Object],9%,[object Object],Business,[object Object],35%,[object Object],6,991,[object Object],Education ,[object Object],47,[object Object]
48,[object Object],Demand – What Do People Want?,[object Object],Median 1,169,[object Object],Total prospects by major,[object Object],90% of prospects originate from the top 12 majors,[object Object],48,[object Object]
Yield,[object Object],Median,[object Object],33%,[object Object],49,[object Object]
# of Prospects vs. Yield (accepted to enrolled),[object Object],High # Prospects/Low Yield ,[object Object],High # Prospects/High Yield,[object Object],High,[object Object],10,681,[object Object],Bio,[object Object],Maximize,[object Object],Bus,[object Object],ElevateYield,[object Object],Chem,[object Object],Nursing,[object Object],Psych,[object Object],EDU,[object Object],Pol Sci,[object Object],Comm,[object Object],Art,[object Object],High,[object Object],55%,[object Object],Median #,[object Object],Prospects,[object Object],1,169,[object Object],English,[object Object],Crimin,[object Object],Low # Prospects/Low Yield ,[object Object],Low # Prospects/High Yield ,[object Object],Engin,[object Object],Low,[object Object], 0%,[object Object],Comp Sci,[object Object],Internat,[object Object],History,[object Object],Math,[object Object],Mod For,[object Object],Lang,[object Object],Rel,[object Object], Study,[object Object],Philos,[object Object],Radiol,[object Object],Physics,[object Object],Econ,[object Object],Median ,[object Object],Yield,[object Object],33%,[object Object],Low,[object Object],162,[object Object],50,[object Object]
Net Revenue Modeling,[object Object]
Student Credit Hours per FTE Faculty ,[object Object],FY 2008,[object Object],+ 45 ,[object Object],+30,[object Object],+15,[object Object],-20,[object Object],-50,[object Object],-80,[object Object],-110,[object Object],-140,[object Object],-170,[object Object],More efficient than market standard,[object Object],Nursing,[object Object],Edu,[object Object],National,[object Object],Norm,[object Object],FY 2008,[object Object],Music,[object Object],Math,[object Object],Rel,[object Object], Study,[object Object],Arts,[object Object],Bus,[object Object],Comp Sci,[object Object],Foreign,[object Object],Lang,[object Object],English,[object Object],Bio,[object Object],Chem,[object Object],Less efficient than market standard,[object Object],Comm,[object Object],Philos,[object Object],History,[object Object],Health,[object Object],Phy Ed,[object Object],Psych,[object Object],Source: CND Delaware Instructional Cost Study,[object Object],52,[object Object]
Direct Instructional Expenditure per FTE Student ,[object Object],  FY 2008,[object Object],+$12,000,[object Object],+$10,000,[object Object],+ $8,000 ,[object Object],+$6,000,[object Object],+$4,000,[object Object],+$2,000,[object Object],-$2,000,[object Object],-$4,000,[object Object],-$6,000,[object Object],-$8,000,[object Object],-$10,000,[object Object],-$12,000,[object Object],Health,[object Object],Phy Ed,[object Object],Less efficient than market standard,[object Object],English,[object Object],History,[object Object],Psych,[object Object],Bio,[object Object],Music,[object Object],Chem,[object Object],Comm,[object Object],Foreign,[object Object],Lang,[object Object],Philos,[object Object],Bus,[object Object],National,[object Object],Norm,[object Object],FY 2008,[object Object],Rel,[object Object], Study,[object Object],Math,[object Object],EDU,[object Object],Computer,[object Object],Nursing,[object Object],More efficient than market standard,[object Object],Source: CND Delaware Instructional Cost Study,[object Object],53,[object Object]
Sample Financial Decision Matrix,[object Object],Grow,[object Object],Maintain/Manage Cost,[object Object],We will,[object Object],evaluate, dialogue,[object Object],then organize ,[object Object],decisions into,[object Object],four buckets,[object Object],Sunset,[object Object],Redesign,[object Object],54,[object Object]
Reallocating To Areas Of Strength,[object Object],Focus on what you will stop doing,[object Object],Reallocation allows institutions to: ,[object Object],[object Object]
Strengthen core programs
Invest strategically without new funding stream
Reinvent themselvesBudget shortfall as opportunity,[object Object]
Business Plan Pro Forma,[object Object],Develop a model,[object Object], Relation to mission,[object Object],Market analysis,[object Object], Competition,[object Object],Test Externally,[object Object]
Business Plan – Cost Analysis,[object Object],Enrollment Projections  - 3 years,[object Object],cannibalization,[object Object],working backwards,[object Object],Revenue,[object Object],Adjusting gross for discounts and financial aid,[object Object],Grants, Fees, etc.,[object Object],Expense Projections – 3 years,[object Object],new and reallocated,[object Object],divesting,[object Object],existing faculty costs,[object Object],Use of Debt,[object Object],Breakeven – How long until we get there?,[object Object],Mark-up – How much above cost do we want to achieve,[object Object]
Business Plan - Advantages,[object Object],Sets the bar,[object Object],Creates Milestones – Go/No Go,[object Object],Resources identified up front,[object Object],Builds accountability,[object Object]
How Will We Know When We Have Arrived?,[object Object],Feedback Loops,[object Object],Go back to:,[object Object],Business Plans,[object Object],Strategic Indicators,[object Object],However beautiful the strategy, you should occasionally look at the results.,[object Object],Sir Winston Churchill,[object Object]
Speed Dating #2 – Strategic Finance,[object Object],Each member of your table has 1 minute to share the following:,[object Object],How would your role or your president-board relationship need to change in order to support a strategic finance approach?,[object Object]
AGB Support,[object Object]

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Better cheaper faster board-ceo partnership for change

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Hinweis der Redaktion

  1. Economy requires more graduatesPeople driving the economy now are not the ones who are growing the youth populationIncoming students have greater challengesPreparationParticipationAffordability
  2. Our business model is still geo-centric and depends on physical capital, expensive equipment, acreage, etc. Business model fails to optimize key resources (e.g., empty classroom seats) and tends to ignore potential synergies, partnerships, etc.
  3. Business model is becoming non-viableAll revenue sources are maxing outRevenue and expense trend lines are not sustainableAs these trends show in graph on the next page.
  4. State funds are not keeping up with cost per FTE (so institutions turn to other sources, especially tuition), while tuition soars over CPI (the “easiest” source of additional funds, until it hits a wall; demographics mean more students are keenly price sensitive, while tuition is ever-farther out of reach). “If a trend cannot continue … it won’t!”
  5. Rockefeller Institute predicts that state shortfalls will continue through the “teens” decade and could AVERAGE up to -7% from 2009-2013. Universities can forget about state incentive money for new programs to reach the new students and increase the graduation rate. In fact, they will indeed have to do more with less.
  6. Further illustration of the affordability gap. People often complain about their increasing inability to afford a new car of their prescriptions drugs, and the nation is boiling over the cost of health insurance – yet tuition at all institutional types has risen faster than any of these!
  7. All of this means that change is in order for most if not all of us, and we will either create the changes we can believe in or be changed by the forces at work. Change is often uncomfortable, and many of you are or will be in very difficult and uncomfortable circumstances. Boats will be rocked and some turned over. Some people will not be happy (bring in the warrior).
  8. These are the foundation elements for successful organizations. Their long-term existence depends on success in ALL FOUR. The good news is that one of them (market) is clearly present. In what areas might your university find the greatest payoff for improvement? Are there any areas of deficit/concern that must be addressed?
  9. All action plans need specific goals – here called strategic indicators – that we use as touchstones for all our decisions. For example, “If we do X, will it move the needle on Goal 3?”The “Action” circle is implementation, where the heavy lifting typically involves little or no time from you as leaders. Instead, you must take responsibility for everything else on the screen!The most efficient and effective pathway to the strategic indicators comes from making sure that your goals, financial plans, and actions are ALIGNED and that you TRACK progress, making course corrections as you learn from experience.
  10. What do strategic indicators look like? Here are some examples based on your five goals. Once you have indicators, you ask “What level of performance in what time frame do we aim to achieve (strategic goals)? What will CAUSE the needs to move on these (action plan)? And what business model and resources are required to achieve the progress and sustain the organization (strategic finance, resource plan)?
  11. So far, the typical university has not embraced strategic change as a response to the financial downturn. Given the conditions we discussed this morning, typical responses are likely to prove quite inadequate.
  12. Among other things, typical responses are reactive hunkering down. They do not strengthen the institution, foster growth, or prepare the institution for future conditions.
  13. “More money” is not a realistic answer. We will find the funds we need in other ways, at least for the time being.
  14. This list is actions that are primarily administrative, some in close consultation with faculty.
  15. This list is oriented more toward faculty governance initiatives that administrators can encourage.
  16. Ways to make enrollment more affordable for students.
  17. This is a CHANGE agenda. Keep goals at the forefront and work to/from the Big Picture, learning as you go.