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Fiscal Planning and Policies



Action Steps

Person Responsible


Due Date


Metric


Progress Noted

A. Establish a monitoring system for financial performance using ratios, trends, and benchmarks based on industry standards.

  • Identify appropriate Financial Performance Indicators for institutions similar in size and scope to USM
  • Calculate and compare USM financial information, including trends, with identified Financial Performance Indicators
  • Analyze results and identify areas of possible financial improvements
  • Conduct regular budget, financial condition, and financial strategy meetings to review goals and policies using appropriate financial ratios and trend analysis

 

 

 

 

VPFAS

 

 

 

 

VPFAS

 

 

 

 

VPFAS

 

 

VPFAS

 

 

 

 

12/2006

 

 

 

 

1/2007

 

 

 

 

2/2007

 

 

2/2007

 

 

 

 

Summary of Financial Performance Indicators

 

 

 

Report of Indicators Comparison

 

 

 

Report of areas of Financial Improvements

 

Monthly agenda items for Admin Council

Agenda item at each Finance Committee meeting

Improved Process for monitoring results—with financial monitoring process established will be able to benchmark: Monitor Final Results

 

 

 

 

 

Used CIC Kit—pre-made financial comparisons, national, regional, KCIA: Results

 

 

 

 

 

Tracking data: bond rating agency

In Process

 

B. Determine possible plans to eliminate deficits from operations

  • Develop scenarios and forecasts where revenues equal expenditures and expenditures equal revenues

 

 

Admin Council

 

 

3/2007

 

 

Presentation to Finance Committee

 

 

In Process

C. Develop a program to review the financial impact of all major areas of operations and programs.

  • Develop procedures to identify direct and indirect costs of major operations.
  • Determine methodology to allocate indirect costs to major operations and programs.
  • Prioritize operations to be reviewed.

•  Athletic Department

•  Auxilliary Enterprises

  • Develop calendar to schedule operational reviews.
  • Calculate total operating program costs and provide analysis including recommendations to improve fiscal impact.

 

 

 

 

VPFAS

 

 

VPFAS

 

 

 

Admin Council

 

 

VPFAS

 

 

VPFAS

 

 

 

 

12/2006

 

 

1/2007

 

 

 

1/2007

 

 

 

2/2007

 

 

4//2007 - ongoing

 

 

 

 

Summary of direct and indirect costs for FYE2006

 

Documented methodology

 

 

 

List of Major Operations

 

 

Documented Calendar

 

 

Report of cost of selected Major Operations for FYE 2006

Results

 

 

Activity-Based Costing, presented to BOT, used for academic programs, athletic department

D. Develop policies to begin to build cash reserves.

  • Commit to cash and short-term investment goals to equal a stated percentage of expenses

 

  • Build capital investment and reinvestment funds for renovations, new program capital requirements and equipment replacement

 

 

Admin Council

 

 

 

Admin Council

 

 

5/2007

6/2007

 

 

 

4/2008

6/2008

 

 

Admin Council Approval

Presentation to Finance Committee

FYE 2008 Budgeted Surplus

Admin Council Approval

Presentation to Finance Committee

FYE 2009 budget line item for long-term capital expenditures

All In Process

 

 

 

 

 

 

Not feasible yet.


 

BUDGET


Action Steps

Person Responsible


Due Date


Metric


Progress Noted

A. Improve fiscal management that strengthens budget controls by:

  • Tracking variances between actual and forecast revenue and expenses
  • Having a plan to deal with or resolve for significant variances (positive or negative)
  • Building revenue enhancement and expenditure control incentives
  • Revamping incentives when they fail to improve effectiveness
  • Building a contingency fund

 

 

 

VPFAS

 

 

VPFAS

 

 

 

Admin Council

 

 

Admin Council

 

VPFAS

 

 

 

7/2007

 

 

7/2007

 

 

 

6/2008

 

 

 

6/2008

 

 

6/2008

 

 

 

Monthly report to Admin Council

 

 

 

 

 

Changes incorporated into FYE 2008 Budget

 

 

Changes incorporated into FYE 2008 Budget

 

Changes incorporated into FYE 2008 Budget

 

 

 

In Process.

 

 

 

 

 

 

In Process: Supplemental Budget, must increase revenues

 

 

In Process


 

REVENUES


Action Steps

Person Responsible


Due Date


Metric


Progress Noted

Focus strategy on main income flows in USM

 

A. Tuition Revenues

  • Build a coherent net pricing strategy
  • Revise payment procedures to ensure accurate and timely recording and collection of tuition revenues.
  • Bill students monthly and enforce collection procedures.

•  Set receivables and bad-

debt goals.

 

 

 

 

VPFAS

 

Controller

 

 

 

 

Controller

 

 

VPFAS

 

 

 

 

1/2007

 

1/2007

 

 

 

 

1/2007

 

 

1/2007

 

 

 

 

Documented strategy to Finance Committee

Documented procedures for main and Overland Park campuses.

 

 

Monthly bills and stated goals for receivables and bad debts

Stated Goal

 

 

 

 

Results:

Overtime comparisons, ERMS, controlling tuition discounting, collecting bills, 3 years comparison

B. Auxiliary Enterprises

  • Complete operational financial impact review as outlined in Fiscal Planning & Policies Action Step C.
  • Require auxiliaries to achieve a net income minimum goal that covers direct expenses, depreciation, and fixed expenses from the university.
  • Reorganize or outsource auxiliaries, administrative services, or other operations that fail to meet financial goals
  • Explore alternative uses for fixed assets to generate additional revenue

 

VPFAS

 

 

 

VPFAS

 

 

 

 

 

 

VPFAS

 

 

 

 

Task Force (TBA)

 

3/2007

 

 

 

6/2008

 

8/2008

 

 

 

 

6/2008

 

 

 

 

6/2007

 

Report of analysis and review

 

 

Goals built into FYE 2008 Budget

Report on measurable results

 

 

 

Changes incorporated into FYE 2008 Budget

 

 

 

Changes incorporated into FYE 2008 Budget

 

Done

 

 

 

In Process

 

 

 

 

 

 

In Process

 

 

 

 

Not feasible yet.

C. Development – Strengthen fundraising programs and activities and monitor results.

  • Increase revenues by:

•  Develop and implement plan to increase annual fund revenues

 

•  Develop and implement plan to increase endowed funds

- Consider capital

campaign to raise

endowed scholarships

for students with

significant financial

need

•  Develop and implement plan to raise funds for Allied Health programs

 

 

  • Monitor fundraising results

•  Develop a set of

performance indicators

(e.g. cost to raise one

dollar) and provide

regular reports.

 

 

 

 

VP for Development

 

 

VP for Development

 

 

 

 

 

 

 

VP for Development

 

 

 

VP for Development

 

 

 

 

10/2006

 

6/2010

 

1/2007

 

 

 

 

 

 

 

 

3/2007

 

 

 

 

2/2007

 

 

 

 

 

Completed plan presented to IA Committee

$1.0 million in Annual Fund Revenues

Completed plan presented to IA Committee

 

 

 

 

 

 

 

Completed plan presented to IA Committee

 

 

 

Report of Financial Indicators to IA Committee on a quarterly basis

 

 

 

 

 

In Process

 

 

Process: Capital Comparisons with b and c

Done

 

 

 

 

 

 

 

Done

 

 

 

 

Program in place with benchmarks.


 

ENROLLMENT/MARKETING


Action Steps

Person Responsible


Due Date


Metric


Progress Noted

A. Annual Enrollment

  • Prepare an annual enrollment plan including the identification of preferred enrollees – their location, their motivation to attend, their price sensitivity, their expectations about academics and the college, any barriers keeping them from attending, and any relevant academic or personal characteristics.
  • Compile a database of prospective and current students' characteristics
  • Develop a marketing strategy built around research of best practices for existing and new programs
  • Communicate to prospective students through campaigns that spell out USM's value, personalized services, and fulfilling communities

 

 

Director of Admissions

 

 

 

 

 

 

 

 

 

 

 

Director of Admissions

 

Director of Marketing

 

 

Director of Admissions

 

10/2006

 

 

 

 

 

 

 

 

 

 

 

 

10/2006

 

 

6/2007

 

 

 

7/2007, annually thereafter

 

Documented Annual Plan for Admissions presented to Admin Council

 

 

194 Enrolled Students

 

 

 

 

 

 

 

 

 

 

Presented Annually to Admin Council

 

 

Documented annual plan reviewed by VPFAS

 

Done

 

 

 

 

 

 

Improvement in Admissions, Data Tracking, Benchmarking 2-3 years data

B. Continue using and monitoring ERMS for financial aid program targeting preferred students

Director of Financial Aid

11/2007, annually thereafter

Documented annual plan reviewed by VPFAS, presented to Admin Council

Done

C. Eliminate as many obstacles to student admission and registration as possible

  • Review procedures for admissions and registration for Leavenworth Campus
  • Propose changes in procedures for approval

 

 

 

Director of Admissions

 

 

Director of Admissions

 

 

 

12/2006

 

 

 

1/2007

 

 

 

Report to Administrative Council

 

 

Report to Administrative Council

Done

Continuing to monitor.

D. Treat the student at customer

  • Customer service training
  • Annual surveys

 

Director of Marketing

 

 

 

2/2007

5/2007

 

 

Plan to Admin Council

Survey Results

 

Surveys, client/student satisfaction survey.

AQIP project in place.

E. Market the Allied Health niche for USM that will enhance its reputation

Director of Marketing

6/2010

Marketing plan presentation

In Process

F. Monitor admissions, enrollment, and financial aid campaigns

  • Establish performance indicators
  • Set Goals
  • Monitor results

•  Admissions

•  Financial Aid

 

 

 

 

 

 

 

Directors of: Admissions

Financial Aid

 

 

 

 

 

 

 

10/2006

10/2006

 

 

 

 

 

 

 

Weekly and annual reports

Weekly and annual reports

 

 

 

Measures, comparative benchmarks and data, internally and externally.

 

Done


 

STUDENT LIFE


Action Steps

Person Responsible


Due Date


Metric


Progress Noted

Student Retention

 

A. Establish a program to minimize attrition

  • Review Retention Planning Process with Retention Committee
  • Develop Retention Goals and Metrics
  • Develop Retention Plan
  • Implement Retention Plan
  • Report Actual results against plan and stated goals

 

 

 

 

 

VPAA

 

 

Retention Committee

 

 

 

 

 

10/31/2006

 

 

2/28/2007

 

 

 

 

 

 

 

Report to Admin Council

 

 

Report to Admin Council with stated Retention Goals

 

 

 

In Process


 

STUDENT LIFE


Action Steps

Person Responsible


Due Date


Metric


Progress Noted

Student Life Programs – Career Development

 

A. Gathering Data and Examining Current Operations

  • Examine CAS Standards SAG & FALDO for Career Development
  • Write report comparing current operation to suggested standards
  • Identify areas of need for staffing and budget cuts or increases to meet suggested standards

 

 

 

Director of Career Development

 

 

 

 

 

10/31/2006

 

 

12/31/2006

 

 

 

 

 

Done

 

Reports, national standards, best practices

B. Developing USM Internship Program

  • List current internship data/data bases available to USM students
  • Identify potential areas of deficient listings
  • Work with faculty and staff and research ways to identify and/or create internships in areas listed as deficient
  • Identify number of students participating in internships
  • Set a goal to grow program based upon current level
  • Write follow-up report of progress made

Director of Career Development

 

 

10/15/2006 ,

then on-going

10/15/2006

 

On-going

 

 

 

 

 

 

 

 

5/31/2007

 

In Process

 

 

 

 

 

 

 

 

 

 

 

 

In Process

C. Identify and Assist students with Graduate School Opportunities

  • Follow procedures and dates outlined in B above

 

 

 

 

12/31/2007

 

In Process

D. Identify and Assist students with employment opportunities

  • Follow procedures and dates outlined in B above

 

 

 

5/31/2008

 

In Process


 

ACADEMIC PROGRAMS


Action Steps

Person Responsible


Due Date


Metric


Progress Noted

Review academic programs to improve fiscal impact while maintaining academic quality

 

A. Develop financial impact model

 

 

 

 

VPAA, ALC, VPFAS

 

 

 

 

1/2007

 

 

Done

 

Program Analysis Template and Process Implemented 2006-07, Academic Leadership Council and Departments—end of year reports.

 

ABC developed

B. Analyze each program in light of mission, strategic planning and fiscal impact, role of program in University's curriculum to improve fiscal stability and service to community

VPAA, ALC

6/2007

 

 

Program Analysis Completed 2007

Art, Biology, Chemistry

Growth/Curricular Modification

Plans approved and implemented

ABC input

 

Done

C. Develop plan for each program

  • Growth plan with goals & deadline
  • Alternate or modify program
  • Move to support program
  • Eliminate program

VPAA, ALC

10/2007

 

 

Growth/Modification Plans for remaining programs/ABC input

June 2008

 

Done


 

OPC OBJECTIVES


Action Steps

Person Responsible


Due Date


Metric


Progress Noted

A. Study and revise as needed the structural relationship between the OPC and main campus to improve the effectiveness and efficiency of both campuses.

President

 

 

Done

 

Have comparative results

 

Measures, Student Surveys, Annual = Improvement

B. Work with Pearson Achievement Solutions in introducing various professional development and certification programs to enhance MAT revenue and in building additional streams of revenue through class and program expansion.

Online Director

 

 

Have a new partner: COMPASS

C. Develop a growth strategy for OPC

 

3/2007

 

In Process

D. Eliminate as many obstacles to student admission and registration as possible

  • Review procedures for admissions and registration for Overland Park Campus
  • Propose changes in procedures for approval

 

VP for Extended Sites

 

 

 

 

 

 

12/2006

 

 

1/2007

 

 

 

Report to Administrative Council

 

Report to Administrative Council

Done—monitoring processes.

E. Enhance our understanding of the impact of OPC marketing

  • Refine reporting systems
  • Determine metrics to measure results

 

Director of Marketing

VP for Extended Sites

 

 

 

3/2007

 

Revised Reports

 

Establish metrics

 

Done—Benchmarks in place, monitoring progress.

In Process

F. Monitor marketing campaigns

  • Establish performance indicators
  • Set Goals
  • Monitor Results

Director of Marketing

3/2007

Quarterly Reports

In Process

 


 

ADMINISTRATIVE SERVICES AND GOVERNANCE


Action Steps

Person Responsible


Due Date


Metric


Progress Noted

A. Simplify everything, consolidate where reasonable, and cut expenses

  • Post implementation of Jenzabar review

•  Software

•  Training

  • Review primary administrative procedures for effectiveness and efficiency

•  Revenue Recording

•  Payroll & Benefits

•  Accounts Payable

Admin Council

 

 

 

 

 

VPFAS

 

 

 

 

 

 

In Process

 

 

 

Done