For this assignment, you will analyze one of the following case studies concerning higher education financing on community college appropriations, compensation expense reduction, or college turnaround plan development.
After reviewing your chosen case study, craft a 5-page response (plus title and reference pages) based on research literature and personal experience in higher education:
In addition to the prompts for your case study, address the following:
You are the vice president for finance and administration at Muddy Water Community College (MWCC). Enrollment at MWCC is strong, with just over 5,000 students. Approximately 80 percent of the college operating revenue comes from tuition and public funding. It is February and the fiscal year ends on June 30. The state has not sent the last 3 million dollars of your annual state appropriation. The state treasurer claims that sales tax income is well below expectations and property tax income is lower than expected. Your college has a small endowment of less than 6 million dollars. There is enough operating cash to pay salaries through the end of April. Complete the following:
You work at Excellent College (EC), a private, secular college in the Northeast. Due to a drop in enrollment, EC is experiencing reduced tuition revenue that has caused severe financial problems. EC must reduce its operating expense to offset the lost tuition revenue. Nearly every way to cut the operating expense budget has been identified and necessary actions have been taken. The one expense area not considered is the employer-paid employee benefits package, which includes health care coverage, a life insurance policy, and an 8 percent of base salary contribution to the TIAA/CREF pension fund. As vice president for finance and administration, you must develop a plan for reducing the expense of the employer-paid benefits package. Address the following:
Progressive College (PC) is an independent private college that targets adults who want to finish their undergraduate degrees. Competition from other area colleges squeezed the student enrollment at PC and it is facing some financial challenges. The college has a negative net-asset position and very little operating cash. Fortunately, the chairman of the board has the resources to fund PC until it can develop a recovery plan. You are vice president for finance and administration at PC and you have been charged to work with the college president and administration to develop a turnaround plan. After many meetings and discussions, you have developed a four-part financial recovery plan as follows:
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