Goal 6 : FinancialEnsure sustainable financial strength
- Goal 6: Financial 84%
Unity College is committed to the thoughtful stewardship of its financial resources to support its students, faculty, administrators, and staff as they engage in developing Unity College into a national brand. Unity College will demonstrate this commitment at all times, to all of our constituencies.
Historically, Unity College has always managed its finances on a primarily cost reduction basis. Most of the College’s revenue was realized from a traditional [freshman] market with a regional focus. The physical infrastructure capacity limitations of approximately 600-student enrollment also created an inflexible fixed cost to the operating budget due to the inability to expand on-campus enrollment.
From a positive perspective, the College is significantly under leveraged. The $10 million gift in 2011 has allowed for new flexibility to design a financial model to invest in new revenue streams in order to attain the national brand. While the cost-benefit analysis is in progress, conventional wisdom dictates that with the decline in the pool of traditional-aged students, the College must invest in alternative revenue streams and augment its practices to accommodate new markets. New markets include transfer and non-traditional students, and place-bound students. In addition, new revenue streams from distance and graduate programming are more cost effective than attempting to increase the physical capacity of the campus to accommodate significantly more traditional-aged on-campus students.
The College must develop support for its budget beyond dependence on tuition from its traditional market. Adding new revenue streams to the college budget, working to create additional programs to attract the changing demographics, including considering mission-relevant ways to use the college campus in the summer, and increasing philanthropic support, all need to be part of the working plan for ensuring the long term financial stability of the College.
Goal 6 is intended to ground the transition of the College’s financial decision making, from “what can we do to save a dollar” to “how we can maximize the return from investing said dollar” and achieve positive returns as part of the financial plan.
G6: Objective 1: Develop a five-year financial plan that transitions the College to a financially sustainable model characterized by a surplus of revenue over expenditures
G6: Objective 2: Increase revenues from existing, traditional programs and operations
G6: Objective 3: Diversify revenue to provide new resources to enable strategic growth through Online Undergraduate and Graduate Programs, Robust Summer Programming, & Offsite initatives at a minimum
G6: Objective 4: Expand the development Functions to Increase Unrestricted, Restricted, Capital, & Grants Funding
G6: Objective 5: Identify achievable benchmarks for institutional effectiveness
G6: OBJECTIVE 1: Develop a five-year financial plan that transitions the College to a financially sustainable model characterized by a surplus of revenue over expenditures
- G6: OB1: INITIATIVE 001: Create 2015-16 to 2018-19 financial outlook 100%
- G6: OB1: INITIATIVE 002: Create 2014-15 budgets to align with year-one goals of the strategic plan 100%
- G6: OB1: INITIATIVE 003: Create 2015-16 budgets to align with year goals of the strategic plan 100%
- G6: OB1: INITIATIVE 004: Create 2016-17 budgets to align with year goals of the strategic plan 100%
- G6: OB1: INITIATIVE 005: Create 2017-18 budgets to align with year goals of the strategic plan 100%
- G6: OB1: INITIATIVE 006 : Create 3 year rolling pro forma 100%
G6: OBJECTIVE 2: Increase revenues from existing, traditional programs and operations
- G6: OB2: INITIATIVE 001: Ensure successful outcomes of all elements of the second phase of strategic investment, which was implemented during the 2013-14 academic year 90%
- G6: OB2: INITIATIVE 002: Develop comprehensive residential enrollment management plan to provide stable, repeatable 750 63%
- G6: OB2: INITIATIVE 003: Increase auxiliary revenue to an appropriate percent per year by date certain 57%
- G6: OB2: INITIATIVE 004: Assess under-performing programs from marginal ROI perspective 30%
G6: OBJECTIVE 3: Diversify revenue to provide new resources to enable strategic growth through Online Undergraduate and Graduate Programs, Robust Summer Programming, & Offsite initatives at a minimum
- G6: OB3: INITIATIVE 001: Create online programs implementation budget and timeline 100%
- G6: OB3: INITIATIVE 002: Create Graduate program implementation budget and timeline 100%
- SP 2020 G6: OB3: INITIATIVE 003: Create satellite campus programs implementation budget and timeline 25%
- G6: OB3: INITIATIVE 004: Create a robust summer programing implementation budget and timeline 76%
G6: OBJECTIVE 4: Expand the development Functions to Increase Unrestricted, Restricted, Capital, & Grants Funding
- G6: OB4: INITIATIVE 001: Identify and Assess Budget & Performance Benchmarks 78%
- G6: OB4: INITIATIVE 002: Identify target gift levels for private giving 50%
- G6: OB4: INITIATIVE 003: Enhance culture of philanthropy beginning with board and senior management, filtering to staff and faculty 87%
- G6: OB4: INITIATIVE 004: Create and implement integrated program of targeted giving events in coordination w G:5 OB:8 I:3 50%
- G6: OB4: INITIATIVE 005: Create active planned-giving program 100%
- G6: OB4: INITIATIVE 006: Increase grants revenue to appropriate proportions of total development revenues 70%
- SP 2020 G6: OB4: INITIATIVE 007: Assess and launch a comprehensive capital campaign: 14%
- SP 2020 G6: OB4: INITIATIVE 008: Create program for crowd-sourced fundraising 46%
G6: OBJECTIVE 5: Identify achievable benchmarks for institutional effectiveness
- (AY 16-17) G6: OB5: INITIATIVE 001: Define key metrics of success, measure regularly, and reinvest in successful programs 18%