How Colleges And Universities Can Generate Additional Revenue
As costs of running a higher education institution increase and budgets tighten, alternative revenue streams are being leveraged to offset the deficit. Colleges and Universities are partnering with businesses to create a situation that helps both the institution and the business.
Below is an article from www.educationdive.com that describes some of the creative methods being used by Colleges and Universities to generate income and subsidize the costs of attending school while helping students receive valuable on-the-job training. After reading the article, give us a call at SpendBridge so we can help you implement creative solutions at your institution.
Source: educationdive.com | Re-Post 10/30/2017
About five years ago, Metropolitan State University, Denver partnered with Sage Hospitality to open a SpringHill Suites by Marriott on the edge of its campus. Serving as the site of the university’s hotel, tourism, and events program, the building employs at least 90 students at any given time and brings in industry experts to work as adjunct faculty members.
But while giving students practical, career experience, such as working in the on-site restaurant or learning front desk procedures, was a primary goal of the business arrangement, so was increasing the university’s bottom line.
“We had the clear intention of making money that would flow to the university,” says MSU Denver President Stephen Jordan. “The combined space allowed us to create a for-profit entity that we own totally.”
Because the property offers services not typically found at a SpringHill Suites, including a full-service restaurant and conference facilities, the hotel has “widely exceeded our financial expectations,” Jordan says; and in 2014, it was Sage’s top-performing hotel. The revenue is paying for the debt on the academic space, and this year, the corporation overseeing the hotel turned over $2 million to the university foundation—with half being used for scholarships and the other half being used to further improve the hospitality program.