EAB's Latest Take
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.
As governments around the world scramble to respond to COVID-19’s financial impacts, many countries have introduced relief packages for their respective tertiary or higher education sectors. In most instances, government relief accounts for just a fraction of universities’ expected losses. Higher education providers in some countries are receiving no direct emergency funding at all, with policy changes making up the bulk of government action. To make sense of the different support packages and policy changes affecting HEIs, EAB has put together a short summary of where universities stand in terms of relief in different corners of the globe.
In this session, we begin with analyses that every institution should consider to ensure their academic resources are deployed in a way that best balances mission and efficiency.
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.
How higher ed institutions are responding to the financial pressures of COVID-19: results of EAB’s survey of finance officers
The COVID-19 crisis is still unfolding, but higher education leaders are already projecting significant financial losses and preparing for a range of challenging budget scenarios. EAB recently surveyed over 100 business and finance leaders from higher education institutions across the United States, Canada, the United Kingdom, and Ireland to learn how they’re responding to new financial pressures.
The CARES Act provides every institution with hundreds of thousands, if not millions, of dollars to disburse to students, but institutions have just 30 days to determine how they will distribute these funds.
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.