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Higher Education in Crossroads
 

Higher Education in Crossroads

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Higher Education has never seen more challenging times. Institutions face issues around cost containment, risk management, reduced funding, student safety, and sustainability, just to mention a few. ...

Higher Education has never seen more challenging times. Institutions face issues around cost containment, risk management, reduced funding, student safety, and sustainability, just to mention a few. Open and consistent communication with our clients on these issues and how ParenteBeard can help, is how we make a difference.
This presentation offers ParenteBeard’s Dave Capitano, VP of Accounting and Audit’s insights on the recent shifts in higher education.

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    Higher Education in Crossroads Higher Education in Crossroads Presentation Transcript

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    • Higher Education –Which way is Up?
    • Client Service CommitmentConfidence Through ClarityA successful relationship takes work, honesty, collaboration and commitment.From our very first meeting, you expect us to be committed to your business and to work every day to help youachieve your goals.We expect you to hold us to that standard of excellence. That’s why we created our client service commitment.Our commitment goes beyond words on a page. We sign it to reinforce our dedication.Signing our client service commitment creates a shared set of expectations. You can count on us to deliver what we promise:the complete range of services and solutions you need from trusted, experienced business advisors.We commit to giving you our best. Connection Confidence Momentum Communication is the cornerstone of the You can depend on us to get it right. You We tailor our services to your needs. We’ll connection between you and your service can count on ParenteBeard to provide an work closely with you to understand your team. It’s the way we build relationships, exceptionally well-qualified team with priorities, goals and definition of success. become trusted advisors and maintain our deep industry specialties in audit and We offer a flexible approach to managing commitment to your success. We accounting, tax and business advisory professional service fees. Our goal? guarantee a prompt response (within one services. We understand where you’re Results that are on time, on budget and business day) to all phone calls and going and how to get you there. We add value. For us, providing insight into emails. At ParenteBeard, you’ll find a commit to service team continuity and emerging issues, opportunities and best collaborative environment where listening promise a well-managed, effective and practices is how we help move your is paramount, feedback is encouraged smooth professional relationship. business forward. and goals are exceeded. 2
    • Expertise and Commitment to HigherEducation• Clients – Over 40 higher education clients – Private Institutions – Public Institutions – Community Colleges• People – Full Time work – Specific Training – Industry Experts• Firm commitment – National Association of College and University Business Officers – Eastern Association of College and University Business Officers – National Association of Student Financial Aid Administrators 3
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    • Higher Education 7
    • Higher Education OverviewIndustry Landscape:• Increased Competition for Students and Faculty• Increased demand for services (Student, Facilities, and Technology)• Reduced funding• Increased Oversight• Safety and Soundness• Social Responsibility 8
    • Higher Education in the NewsDownturn Still Squeezes Colleges and UniversitiesNew York TimesJanuary 11, 2013 An annual survey of colleges and universities by the credit ratings agency Moody’s Investors Service found that nearly half of colleges and universities that responded expected enrollment declines for full-time students, and a third of the schools expected tuition revenue to decline or to grow at less than the rate of inflation. The growing financial challenges for colleges and universities come as students and graduates have amassed more than $1 trillion in student debt, and many are struggling to pay their bills. 9
    • Higher Education in the NewsMoody’s Gives Colleges a Negative GradeNew York TimesJanuary 16, 2013“Until universities demonstrate better ability to lower their cost of operations, perhaps through more intensive use of online classes and elimination or reduction of tenure, we expect government officials to produce bolder solutions in response to the public outcry against the cost of higher education,” the report said. 10
    • Higher Education – Best PracticesWilson College Chambersburg, PAWilson College will hold the line on tuition for 2013-14 for full-time, undergraduate students. It will be the second consecutive year that tuition is frozen at the 2011-12 rate. 11
    • Higher Education – Best PracticesLoan CapsFranklin & Marshall College Lancaster, PAIn fall 2013, Franklin & Marshall College will launch a two-year pilot program that will cap the amount of federal loans students from middle-income families would be expected to borrow at a total of $10,000 over four years. The college will replace loan amounts above the cap with grants that do not have to be repaid. Students who would qualify for institutional grants from $1 to $30,000 will be eligible for the program. 12
    • Higher Education – Best PracticesMarywood University Scranton, PAMarywood University has capped annual spending increases at 3 percent over the past few years, while rolling back expenditures on general expenses and supplies by 7 percent in the current year. The institution has implemented cost- cutting measures, while maintaining student service through ongoing development of electronic and web-based solutions. 13
    • Higher Education – Best PracticesLehigh Valley Association of Independent Colleges Bethlehem, PALVAICs six member colleges and seven associate non-college member institutions collaborate to enhance student academic experiences, and to purchase goods and services collectively as a group to maximize financial resources and generate substantial cost savings. In addition, LVAIC supports several longstanding and emerging programs and projects including strategic planning, business services, faculty exchanges, counselors tours, cross registration, study abroad, and sustainability. 14
    • Higher Education Overview• Risk Management: – Preventive Risk • Work with CRO to identify risk in this area and eliminate were possible as there is no strategic benefit to assume risk in this area. – Strategic Risk • Work with Senior Staff to maximize time and effort. Assuming risks that have greatest return on investment. Examples of such risk are recruiting and retention decisions for students and faculty, investment in new curricular programs and capital. – External Risk • Document and update understanding of competition, changes in technology, rules and regulations, recruiting and retention, and overall industry direction. 15
    • Expertise and Commitment to HigherEducation – Enterprise Risk Management• Preventive risk • External risk – Controls – Competition – Liability – Political landscape – Accreditation – Regulatory• Strategic risk – Funding – Enrollment • Specific risk – Recruiting – Oversight of established – Course loads policies – Budgeting – Facilities & environmental – Debt management – Privacy & intellectual property – Information technology – Procurement, tax, HR 16
    • Higher Education Overview What does this Mean to the Institution: • More Work to stay Compliant • More Stress on key Positions • Less funding to link Services with Mission • Less time to devote to Strategic Planning • Board must be proactive on governance matters 17
    • Higher Education OverviewNext Steps:• Strategic Planning focused on top Priorities• Stream line Governance Process• Set clear and accountable measures• Leverage Technology• Eliminate Program Inefficiencies• Evaluate Technology and Facility usage• Benchmark against competitive Institutions 18
    • Higher Education Overview How ParenteBeard Helps: • Communication – Education Events – Thought Leadership • Corporate Governance Risk Management – Operational Reviews – Internal Audit / Compliance Reviews – Asset (facilities) Optimization • Forensic and Litigation Advisory Services • NPO Consulting – Strategic Planning – Feasibility Studies 19
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