Priority 1

BUILD STEWARDSHIP, EFFICACY, AND INSTITUTIONAL FINANCIAL HEALTH 

Subgoal 

Metric 

Time Frame 

1: Strengthen financial resiliency for quality programs and operations 

Develop a $9,000,000 operating reserve. 

Within 3 years 

2: Build a systematic organizational and budget model that is inclusive, transparent, and based on identified priorities 

Increase Budget Transparency: Assessment of the accessibility and clarity of budget information 

Baseline set in year one with target increase % determined from baseline. Meet target within 4 years. 

Increase Priority Alignment: Develop a yearly process in which all units with budgetary access develop a spending plan based on budget from the previous year including an alignment with priorities identified in the mission, vision, values and strategic plan (MVVSP). In this plan, units will also have to list aspirational goals that are aligned with MVVSP as well as model hypothetical 5%, 10% and 15% cuts aligned with MVVSP 

Process created in year 1 with yearly updates.  

3: Increase stewardship to ensure sustainability and achieve goals. 

Implement cost saving measures and cut high-cost low-value revenue drains to reduce annual spending by 5%  

Within 3 years 

4: Develop innovative business revenue enterprise arm of the college to generate additional resources.  

After this arm of the college is established, increase new business ideas successfully implemented by 10% 

Baseline set year 1 with target increase 10% determined from baseline. Meet target within 3 years. 

Develop 3 new partnerships to support new business ventures  

Within 3 years 

Generate $500,000 in additional revenue annually by identifying and developing grants, enhancing community engagement and donor relations, launching targeted fundraising campaigns, and potentially finding marketable services or products 

Within 3 years