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This toolkit will help business leaders formulate or update their financial contingency plans with tactics applicable during the COVID-19 crisis and beyond.
Mistakes in COVID-19 strategy
As is this case for many institutions of higher education, Diversity, Equity, and Inclusion (DEI) are values that we strive for as an institution, and to instill in our students. Institutions do a large amount of work in this area but have little data on the effectiveness of each intervention as we aspire to enact change.
Like many institutions, Mines’ is facing budget pressures and increasing reliance on undergraduate tuition revenues. We are seeking out alternative revenue streams in order to diversify our revenue profile. Growing enrollment in graduate non-thesis master’s and online graduate programs is one of these potential revenue streams and part of our strategic plan.
A public university has two major operating revenues, if one of them doesn’t increase over time……well you get it. Budgets have been, and always will be in my experience, “tight.” It makes it difficult to gain approval of expenditures that are perceived to not be in the “here and now.” With this knowledge and having worked the duration of my career in my university’s finance division, naturally one of my first thoughts when evaluating a project of any kind is value proposition……does it work financially?
The University of Montana has suffered from enrollment partnered with EAB’s education data platform, Edify, to improve data governance and increase access.
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Higher Education is reeling from the financial and business model shocks that have been delivered by the coronavirus pandemic. As institutional leaders grapple with addressing the short-term operating issues necessary to keep running, longer-term questions of strategy and viability are taking on increasing urgency.
As colleges and universities struggle to set budgets for the upcoming fiscal year because of the uncertainty caused by COVID-19, many are looking for concrete guidance on how to reduce operating costs.