According to the most recent Inside Higher Ed Survey of College and University Business Officers, only one in four respondents strongly agreed to being confident about their institution’s financial sustainability over the next half-decade.
Even more serious – nearly one in five indicated being worried their institution might be forced to close its doors in the foreseeable future. Shedding light on sources for these concerns, enrollment management and “the overall affordability of attending school” were the top two issues that business officers believe are garnering more attention on their campuses than five years ago.
To address their institutions’ financial challenges, over eight in ten business officers plan to employ strategies targeted at increasing overall enrollment.
Whether or not these strategies will have a significant budgetary impact is a more open question; 61% of CFOs believe that new spending at their institution will come from reallocated dollars, rather than increased net revenue. More importantly, half of business officers do not believe their institution can make “additional and significant” spending cuts without diminishing institutional quality.
To learn more about how LRAP can help your institution meet its enrollment and revenue goals, please contact email@example.com.