We must not only be able to balance the university’s operating budget, but also align our financial models and strategies with the institutional vision of our university. Now more than ever, this will require proactive planning and the use of reliable data to inform financial decisions that reflect the core values of the institution. The COVID-19 pandemic has further intensified and made more difficult the need to achieve and maintain financial sustainability, which can only be accomplished through continued financial alignment, increased student enrollment, pursuit of growth opportunities, and a willingness to shift resources.
We commit to employing various financial models across the university that allow for agile responses to increasingly diverse and evolving student needs. We will prioritize program decisions based on agreed upon, data-informed metrics including national standards. To enable prioritization, decisions will be made regarding resource allocations and reallocations using agreed upon, data-informed metrics, including national standards. We will decide not only what current activities should continue and what new avenues should be pursued, but also which existing areas must be reduced.
Given the institution’s and state’s fiscal realities, financial support of institutional priorities will almost certainly require reallocation of resources. We will create and improve systems for sharing knowledge of activities and goals across campuses and allocate resources to incentivize collaboration. As a student-centered university, UW-Stevens Point will have a budget that promotes and rewards activities that are responsive to the desires and needs of the student body. Additionally, alternative revenue resources will be fully explored and developed to provide stability and growth. Expansion into innovative methods of instructional delivery will not only increase financial stability but will allow the university to support its vision of providing educational access to lifelong learners.
We will be transparent within our university community as well as with regional stakeholders about institutional goals, metrics, and processes in financial decision making. Members of the university community will be given timely access to financial data and review processes that will be used to make future curricular, programmatic, and services decisions. Taking these actions will encourage trust among students, faculty, staff, and administration. This shared knowledge will provide all constituents with an understanding of university-wide financial implications and a means for unifying toward a sustainable future.