Core Strategy 5
After Chancellor Venkat Reddy’s Town Hall sessions in March, faculty, staff and students formed and joined working groups for each of the plan’s seven core strategies. Core Strategy teams were tasked with identifying the priorities, initiatives, anticipated outcomes and measures of success for each of the strategic themes.
This core strategy working group was championed by Chuck Litchfield, vice chancellor for administration and finance. Elissa Unger, associate director of development, and Brooke Koenig Allen, program manager of processing for financial aid, served as team leads. Faculty, staff and students rounded out the group.
This strategy will:
- Plan and implement an incentive-based budget model.
- Cultivate, build and increas strong, steady streams of revenue from a more diversified collection of sources.
- Improve student affordability and access across all student populations.
Measures of Success
How will we know we're successful? We will have:
- Implemented an incentive-based budget model by 2023.
- Increased institutional aid streams, measured by both dollars and employees.
- Increased the total percentage of the education and general expenses budget funded by sources other than tuition.
How will we get there? We will:
- Restructure tuition tables to an activity-based model.
- Commercialize partnerships and undeveloped campus lands.
- Share service agreements.
- Decrease the cost to students through outside means, such as third-party payments, internships and new scholarship opportunities.
- Research funding that increases indirect cost recoveries and decreases base funding.
With a draft strategy in place, there are limited opportunities for further refinement. Campus community members with thoughts on how to fine-tune the existing strategy are welcome to submit feedback, which will be passed to the designated Core Strategy team for review.