College Business Officers Look Beyond Enrollment to Address Financial Woes

(from Inside Higher Ed) College and university chief business officers increasingly agree that higher education is in financial crisis, with growing numbers losing faith in the convention that increased enrollment is key to overcoming revenue shortfalls. The 2017 Inside Higher Ed Survey of College and University Business Officers found more support for ideas such as simply reallocating money and consolidating programs with other institutions, while stopping short of actually merging. Respondents also seemed hesitant to address budget issues in ways that would mean asking faculty to change, casting some doubt about how realistic many are about the steps they may need to take.

Other findings:

• Only 56 percent of respondents agreed or strongly agreed that their institutions will be financially stable over the next five years.
• 71 percent agreed that they would seek to increase overall enrollment.
• 23 percent said they would try to lower the tuition discount rate.
• Half said they would eliminating underperforming academic programs in the coming year.
• 31 percent said they would promote early retirement for administrators and staff.
• 64 percent agreed or strongly agreed that new sources of spending in the coming year must come from reallocation.

Read the full article at Inside Higher Ed.

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