|10:00am – 11:15am
Not If, But When: Aligning ERM and Strategic Planning to Address today’s risks in Higher Education
Christopher Garrity, Saint Joseph's University
Frank Bossle, Baker Tilly
John Park, Baker Tilly
In today’s challenging and turbulent higher education environment, taking a strategic approach to risk management is more important than ever. Current events at colleges and universities across the country over the past six months illustrate how quickly past accomplishments and accolades can evaporate, emphasizing the urgency of implementing an integrated approach to strategic planning and enterprise risk management (ERM) processes. Presenters will identify best practices and lessons learned in strategic planning and provide tools to help participants to begin aligning the two activities at their home institutions.
Relieving Operating Endowment through Central Plant Modernization
Douglas Kudravetz and Vincent Harkins, American University
Nicholas Lewandowski and Lucas Janes, The Fulcrum Group
College and University Business Officers across the country grapple every year with strategies to reduce campus operating expenses. Few realize that a majority of campuses have an untapped opportunity to reduce millions of dollars in annual operating expenses in their central plants, dramatically reduce unexpected maintenance costs, and simultaneously substantially cut campus water consumption and carbon emissions. This session will present a case study a major transformation of the central power plant and heating infrastructure on American University’s main campus, and how through deliberate and creative planning, the capital program will achieve a 13-year payback after two-years of construction on the 3.0 million GSF campus. Presenters will also discuss the challenges of balancing competing demands for investment in new capital projects, deferred maintenance, and sustainability programs, and will discuss strategies for making smart investments that satisfy all three needs.
Financial Modeling: How to Move Stakeholders to Action with your Financial Story
Anthony Ferullo, Endicott College
John Gruppo, New Jersey Institute of Technology
Brandon Rosenbluth, PFM Solutions
Financial models are more than numbers on a page. They also tell a story about your financial future. That financial story, grounded in concrete facts and analyses, has the potential to drive real change and to create value at an institutional level. This presentation will highlight the value of developing a strategic, multi-year financial model that can strengthen institutional financial management. The speakers will provide their respective experiences on the subject: 1) creating a model and communicating with stakeholders a plan moving forward to help address flattening enrollment growth and a more advanced tool to present to new executive leadership, 2) evaluating enrollment trends and its impact on their strategic plan and accreditation and 3) from the perspective of a consultant who will share best practices and lessons learned throughout the presentation.
Purposeful Collision: Fueling RCM Budgeting with Robust Analytics
Bill Ashby, Charles Rush, and Mark Anderson, University of Virginia Frank
Batten School of Leadership and Public Policy
Five years ago, the University of Virginia president announced that the institution would transition to a responsibility center management (RCM) budget model. At that time, both institutionally and across higher education as a whole, the data analytics environment was immature but rapidly developing. Our story, about how one RCM activity center, the Batten School of Leadership and Public Policy at the University, adopted the RCM budget model and built a robust analytics environment to fuel success within it, will provide the backdrop for an engaging conversation about our critical success factors. Strategies developed, decisions made, resources allocated (people, time, funding) in support of this effort will be detailed through specific examples, including a live demonstration of two analytical dashboards built for the Batten School by University Business Intelligence (UBI). The importance of conducting a thorough readiness assessment prior to deployment will be emphasized.
|11:45am – 1:00pm
University-Wide Grants Planning at Tufts University
Salvatore Tripoli and Brian Cody,Tufts University
Stewart Clark, Kaufman Hall
A common challenge facing many research institutions is the declining availability of federal funding. In order to adapt, Tufts has focused on increasing visibility and transparency into prospective financial planning of research portfolios. The Research Administration office partnered with the Office of Budget and Planning to make this information more reliable, timely, and available to the various constituents of the research community. Integrating the systems and training the local administrators has required changes to the workflow of research administration and led to standardization of best practices. Attendees will learn how the implementation of the Grants Module at Tufts resulted in effective change management through the implementation of a new tool. The audience will understand the collaborative framework needed between constituents, central offices, and technical experts to make change management successful.
The Times Have Changed: Real-World Tips and Strategies to Grow Revenue, Increase Enrollment, and Manage Cost
Dr. Jim Hundrieser, Association of Governing Boards
Steve Golding, Voinovich School of Leadership and Public Affairs, Ohio University
This interactive, deep-dive session explores a variety of tips, methods, and strategies that can be used to diversify and grow institutional revenue sources, increase enrollments, manage cost, and address other critical business model issues. Special emphasis is placed on the practical development and implementation of these strategies, using actual case studies as a guide. A three-step system (diagnostics, exploration, and implementation) for identifying key strategic growth building blocks will also be discussed. The ideas in this session will help you align institutional mission and strengths with new financial models for prosperity. Attendees will leave with a set of clearly articulated strategies and rationales they can utilize at their institution and will have opportunities to explore actual case studies where these strategies have been implemented with success.
LIBOR is likely going away after 2021. What should I be doing now to prepare?
David Hammer, Lehigh University
William Rhodes, Ballard Spahr LLP
Readie Callahan, Wells Fargo
Banks will no longer be compelled to submit LIBOR bids after 2021, paving the way for the termination of the index that serves as a benchmark for over $350 trillion in products. LIBOR will be replaced by the Secured Overnight Financing Rate (SOFR), a new alternative reference rate published by the Fed. The transition to SOFR will have a wide ranging impact on derivatives, bonds, commercial loans, private student loans, and mortgages, among others. This discussion will broadly focus on the how and why the global financial markets feel compelled to transition away from LIBOR as a viable benchmark, the impacts to colleges and universities, and will help college and university business officers build a toolkit that can be immediately deployed to help navigate the transition.
Creating and Managing Programs at Global Locations
Romayne Botti, Carnegie Mellon University College of Engineering
Matt Coley, Carnegie Mellon University College of Engineering
Dan Giammatteo, Carnegie Mellon University College of Engineering
Participants will gain an understanding of how to create and manage successful programs at global locations. Presenters will expose the audience to different financial models, sponsorships, structures, and cultures, and provide examples of some of Carnegie Mellon’s global locatio.