American higher education’s operational model is based on outmoded — and some (myself included) would argue, unsustainable — revenue and expense assumptions.
In a “Futurist” piece in NACUBO’s Business Officer magazine (July/August 2016), I argue that institutions must look inward to develop a budget format that creates a sustainable financial model appropriate to changing circumstances on college and university campuses.
To achieve financial viability, each institution will have to manage change by developing new financial models after evaluation its own set of strengths and weaknesses. Many institutions will succeed; some will not. …The biggest variable is the experience and innovative capacity of the leadership.
Specifically, it will be critical to match changing financial practices with modernized, streamlined and better informed governance — beginning with how trustees see their role in shared governance.
Click HERE or on the image below to read and/or download the article.
Click HERE to read the article and the entire issue on the Business Officer site.