Financial Growth and Resiliency
Diversify GSU’s revenue streams to ensure resources that are necessary for institutional growth and fiscal sustainability.
- Broaden GSU’s Foundation philanthropic resources in order to raise more revenue to support the strategic plan and scholarships for students.
- Enhance GSU’s relationships with Illinois State Legislators in order to maintain and grow state appropriated funding and capital development resources, enhance GSU’s contribution to the region and state, and cultivate supporters who will advocate on behalf of the mission and vision of GSU.
- Enhance relationships with GSU’s Federal Legislators in order to maintain and grow federal funding for GSU’s strategic plan and enrich the educational experience of our students and region.
- Secure GSU’s financial stewardship in order to finance capital needs, growth needs, and alternative funding vehicles that consider debt management and credit ratings.
The AIM HIGH Creative Scholarships are a huge boost for our students. Let’s continue looking for opportunities to fund scholarships and promote the success of our students. It would be of benefit to leverage the success of our Alumni, here. There are numerous examples of GSU grads going to launch businesses and make a difference as a result of their experience at GSU. Promote them through regular profiles. It is also of benefit that we profile student successes while they are still at GSU.
How does our President’s salary divided by the number of FTEs at GSU compare to that of the Presidents of the other Illinois State Universities? How does it compare to that of Presidents of similar institutions around the country?
Enrollment is down? Why not hire an outside company to do the marketing for us? Why not pay them several times more than what we could pay a few new employees to do the same thing? Why not make it a long-term contract so that we cannot get out of it for many years to come?
Financial growth is not simply more students. In many cases, more students is financial shrinking. And if tuition does not increase in a similar way as inflation and state appropriations remain the same. we have financial catastrophe. We need young and qualified people leading our finances, not retirees who got bored at home and are trying to learn the ropes in an academic setting. Also, you get what you pay for. There are no free lunches. The same goes for HR, admissions, and marketing.
An essential part of any organization’s financial growth and resiliency has to do with the pricing of the goods and services it provides. GSU needs to ensure that its tuition and fees align to the population that we serve. We all know that state appropriations are down, but this should not automatically mean that we shift the cost to students in tuition and fees.
Measures must be taken to ensure that raising the cost of education at GSU is the last possible option. This task includes implementing pursuing and implementing cost savings measures that will ensure we are good financial stewards. It also means that it may take some investment to implement systems and processes that increase efficiency and quality.
Technology is a great tool, but it is not a solution. We should focus on how we do our work to promote efficiency and balance that efficiency with the needs of our students, faculty, and staff. Just because something is more efficient or cheaper, it does not automatically mean it should be adopted, some systems are inefficient but provide value beyond monetary consideration.
Another aspect that I do not see here is fiscal transparency to our students and the public. Yes, audit reports are public, financial statements are public. But who would expect that most people would know how to find these documents and then know how to interpret them properly? Why not implement a periodic reporting system that lets the community (internal and external) know where we stand financially. An infographic format may be an effective means to deliver this information.
Finally, there needs to be more transparency about the purpose of and use of student fees. There should be clear definitions about what each fee is for, who is responsible for its management, and what it can/can not be used to pay. Also, periodic reports should be made available to the institutional community about how these funds get used.