EAB's Latest Take
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.
COVID-19 has decimated auxiliary revenue streams. Here are 200 alternative revenue sources to consider to compensate.
The COVID-19 pandemic continues to curtail institutions’ traditional revenue streams. With FY21 enrollment and auxiliary revenues uncertain, many leaders are looking for alternative revenue streams to tap into to cover ongoing operating costs and new emergency expenses.
Across the country, college and university leaders are revamping campus opening plans. COVID cases are surging in more than half of US states, which will reinforce the need to plan for a largely online fall. As campus leadership grapples with public health planning, many are also actively thinking through tradeoffs that could heavily impact their fall enrollment.
A university’s faculty is clearly one of its greatest assets—but also one of its largest investments. Learn three ways to reduce instructional costs per attempted student credit hour without changing instructor salaries.
Learn ways that to facilitate students' financial needs ( financial aid and basic needs) during a COVID-promoted recession.
Panel discussion with Sheffield Hallam University, the University of Greenwich, and the University of Exeter on the near-term financial impact of COVID-19
EAB’s Gary Guadagnolo convened senior leaders from Sheffield Hallam University, the University of Greenwich, and the University of Exeter for a panel discussion about the financial impact of the pandemic to date.
In particular, we discuss analyses to help institutions assess optional and non-essential academic expenditures, with a focus on using cost data to identify opportunities to improve efficiency,
These are difficult times for colleges and universities, and all the more so for higher education employees who have been furloughed. Watch this video to learn four ways to convey care and offer relief through your messages to furloughed employees.
In response to COVID-19 budget woes, college and university leaders are considering widespread layoffs to remain solvent. Watch this short video to learn why that happens, and how you can secure sustainable cost savings that won’t jeopardize staff morale.
We discuss analyses to help institutions assess optional and non-essential academic expenditures, with a focus on optimizing units' mix of instructors and workloads in response to changing student demand.
On May 7th, EAB’s Alec Pallin sat down with Kellie Campbell, Chief Technology Officer at Vermont Technical College (VTC) in Randolph Center, Vermont. Kellie shared insights around VTC’s COVID-19 cloud strategy and how their flexible budget model accommodated COVID-19’s rapid changes.
CBOs are struggling to make revenue assumptions for FY21. Here’s what we learned from a group of them.
Universities are struggling to create and adapt budgets for the upcoming fiscal year because of the uncertainty caused by COVID-19. Read the key takeaways from our conversations with CBOs on this topic.
While federal financial assistance provides some welcomed relief, CARES funds alone will not eliminate the need to reduce costs. EAB will continue to monitor this space closely to keep college and university leaders informed on federal actions that may affect higher education.
Leaders are looking at new cost containment measures to cope with the impact of COVID-19. To help leaders identify and execute strategic cost containment tactics, EAB has created two new resources.
As institutions grapple with COVID-related expenses—and anticipate future budget shortfalls—some have begun furloughing staff to temporarily reduce salary costs. While furloughs are an attractive alternative to layoffs, most institutions haven’t considered furloughing staff since the Great Recession—and today’s circumstances are quite different than they were a decade ago. As a result, leaders are adapting their historic furlough approach to the COVID-19 context.
EAB recently convened small virtual gatherings of chief business officers to help them crowdsource solutions to common COVID-19 challenges. Below, I’ve summarized the five biggest concerns CBOs raised in these discussion.
Following our analysis of how the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) will impact colleges and universities, EAB wanted to specifically help our advancement partners understand what the relief package means for philanthropy and how it may impact donors’ inclination to give.
Our experts discuss why the CARES Act really isn’t a really stimulus package, but a stop-gap measure that may not keep at-risk colleges and universities afloat long enough to survive the current crisis.
Higher education leaders have spent the last few weeks anticipating how Washington will help colleges and universities get through the COVID-19 crisis. Now, federal assistance is, at last, on the way, though several complex provisions await implementation, making their impact uncertain.
College and university leaders have made many tough decisions across the past few weeks—shifting classes online, recalling students from study abroad, and canceling major events like commencement. As the dust settles and students adjust to the new norm of remote instruction, they are now raising another contentious question—will I get my money back?
The Department of Education (ED) issued the first guidance on CARES Act funding on April 9th, 2020. Use this resource to answer all of your questions about the act.
Get answers to your most pressing questions on the CARES Act, and recommendations on how to best distribute funds to students.
The COVID-19 outbreak has wreaked havoc on higher education institutions, including their financial plans. Find out how these schools are fighting back.
Furloughing staff during COVID-19: how leaders are supporting employees through difficult budget decisions
Facing new financial pressures from COVID-19, a growing number of institutions are contemplating furloughs as a way to avoid layoffs, retain staff, and generate short-term salary savings. Some are indefinitely furloughing staff whose jobs cannot be performed remotely. Others are asking all staff to take a pre-defined number of furlough days.