Funding Your Action Plan
In This Issue Setting Priorities for Your Division Developing the Action Plan Funding Your Action Plan Strategies to Ensure Implementation Consider this likely scenario. Your division has identified four strategic priorities that are of both high importance and high cost. But the institution is facing budget cuts, and you actually have less funding to work with this year than you did last year. How do you proceed? Too often, the answer proposed is more fundraising. While fundraising and friend-raising will be critical to the success of your initiatives, devoting an increasing percentage of your time to raising donor dollars — if you are relying on this as your primary means of generating additional revenue — is not a sustainable solution. You will need to find more creative ways to fund your division’s action plan — either by cost-cutting, or by finding a way for your high-cost initiatives to generate revenue and become self-sustaining. To help review an array of examples, we turned to Larry Goldstein, president of Campus Strategies, LLC, and Lucie Lapovsky, president of Lapovsky Consulting and past president of Mercy College. Revenue Enhancement: Thinking Outside the Box KEY EXAMPLE: DREXEL UNIVERSITY Looking at the high cost of […]