Traditionally the way a college or university spent their money was their business and not questioned. However, in recent years students and parents want to better understand where and how their tuition dollars are being used. This has initiated a deeper look into college and university finances.
Below is an article from hechingerreport.org that provides details on how student groups are going about scrutinizing the financials of colleges and universities and publishing their findings. After reading this article, give us a call at SpendBridge so we can discuss the best way to manage procurement and accounts payable at your institution.
Source: hechingerreport.org | Re-Post SpendBridge 4/19/2018
One of the most active student clubs at Michigan State University meets every other Wednesday in a room above a buzzing cafeteria.
This club doesn’t organize intramural sports or plan keg parties or produce the yearbook. It pores over dense financial documents to examine how the university handles its money. One kind of risky deal they unearthed, the students in the group say, cost the school more than $130 million at a time when tuition was increasing much faster than the national average. (more…)
As tuition costs rise, there is a growing desire from parents and student to justify those costs. Parents and students desire to understand what their full potential will be after spending time and money to attend a college or university.
Below is an article from insidehighered.com that provides details on how colleges and universities are managing the desire for accountability for the value of the education they are providing. After reading the article, give us a call at SpendBridge so we can assist you with managing costs within your procurement and accounts payable departments.
Source: insidehighered.com | Re-Post SpendBridge 7/22/2018
Colleges are facing more pressure to prove that the credentials they issue are worth the time, money and effort students put into earning them. Robert Kelchen, an assistant professor of higher education at Seton Hall University, attempts to make sense of this building pressure in a new book from Johns Hopkins University Press, Higher Education Accountability.
Kelchen takes a wide scope that tracks the history of efforts to prod colleges to do better, while also looking at the current environment and giving clues about what’s to come. We interviewed him via email about the book, which resulted in the following exchange. (more…)
Landing a job after graduation is every student’s goal. However, institutions rarely share in any of the risks to help a student achieve that goal. One creative way a school in New York is sharing the risk is by offering a guarantee of a job after graduation or repaying the student’s tuition.
Below is an article from hechingerreport.org that describes the need for some accountability for the student’s burden to sit with the school to ensure successful graduates and low default rates. After reading the article, give us a call at SpendBridge so we can help you implement strategies to better manage your procurement and accounts payable needs.
Source: hechingerreport.org | Re-Post SpendBridge 3/7/2018
Just outside the cavernous loft that serves as the campus of the Flatiron School, tourists line up to take selfies with the famous statue of a charging bull that symbolizes nearby Wall Street.
Free enterprise is also on display inside, where students work in teams and with instructors to learn coding, the kind of computer programming that makes possible websites, apps, and software. It’s a hot field with median pay of nearly $80,000 a year, according to the Bureau of Labor Statistics. (more…)
Finding the best way to distribute your message to the right people can be challenging. Colleges and Universities are finding that they need to focus on techniques such as open educational resources, improving to the student experience, using digital marketing and finding a more effective use of data analytics to locate the right students for their institution.
Below is an article from insidehighered.com that details how UMUC was able to implement some strategic initiatives to turn around the decline in their enrollment to record enrollment. After reading the article, give us a call at SpendBridge so we can help you implement strategies to better manage your procurement and accounts payable needs.
Source: insidehighered.com | Re-Post SpendBridge 2/19/2018
The University of Maryland University College, one of the oldest distance education providers, was created after World War II with a mission to educate veterans and those in active service. The university stationed faculty members at military bases overseas, and ran correspondence programs, before becoming an early adopter of online learning. Serving the military, UMUC says, is “in its DNA.” (more…)
Source: hechingerreport.org | Re-Post SpendBridge 2/8/2018
Some of the most celebrated education reform efforts today serve to make instruction more difficult. Personalized learning, project-based learning, mastery-based learning – they all require more work of teachers and more work of students.
But several speakers at the LearnLaunch Across Boundaries conference on education technology and innovation, held last week in Boston, argued that these reforms are not simply trends that will come and go, but the evolution of an education system that, in the scope of human history, is still quite young. (more…)
Predicting where the population of students will originate each year is a challenge. To help with forecasting, the Higher Education Demand Index or HEDI was developed. It applies demographic trends to college-going rates and rather than assuming today’s rates will continue in the future, it looks at the rates for different socioeconomic groups.
Below is an article from insidehighered.com that provides the details of how the HEDI was developed and is used.
After reading the article, give us a call at SpendBridge so we can partner with you to create the best strategy for your institution to attract prospective students.
Source: insidehighered.com | Re-Post SpendBridge 2/1/2018
Yes, everyone in admissions knows that certain groups of students — those who graduate from good high schools and have parents able to pay a significant share or all of their tuition and other college expenses — are shrinking in number. And the situation is more severe in the Northeast and Midwest, where populations are shrinking, than in other parts of the country. (more…)
Source: nytimes.com | Re-Post SpendBridge 1/25/2018
The credit reporting agency Moody’s said on Wednesday that it had revised its financial outlook for colleges and universities, giving a negative grade to the entire field.
For the last two weeks, Moody’s Investors Service gave the nation’s most elite public and private colleges a stable forecast while assigning a negative outlook to the rest of higher education. (Moody’s assigned a negative outlook for the sector in 2009, but it upgraded the most elite ones to stable and 2011 and 2012.) (more…)
Below is an interesting article from educationdive.com about a collaboration between a community college and three Illinois Universities. ABACC is launching its own member collaboration for spend management at this year’s conference. For the next four weeks, we will be sending you information on this collaboration and all the different ways you can participate. Though common in a Christian mission, member schools are often unique in their needs so many of the efforts will be creating micro-collaborations to meet the needs of specific groups of schools. For some members, it’s more about getting the best prices on a meaningful purchase. For others, it’s more about putting better processes and controls in place. We will look forward to talking with each of you at that conference to better understand your spend issues and how this ABACC initiative can positively impact your institution.
Source: educationdive.com | Re-Post SpendBridge 1/15/2018
Around the country, educators are finding that smart collaboration with other institutions, stakeholders and partners might be the key to survival for individual institutions. Maryland’s university system, for instance, has set up a central location where students can take classes and earn a degree from any of the partnering institutions in the state in one place, which may be more conveniently located, with tuition dollars going back to the institution of choice. And the Purdue-Kaplan model combines the academic strength of a notable institution with the administrative and marketing strengths of a for-profit giant.
As small colleges continue to face financial challenges, many are making changes to avoid downsizing or closing altogether. Some institutions are merging while others are elimination programs to be able to focus on the most sought-after courses.
Below is an article from insidehighered.com that discusses some of the changes that small higher education institutions are facing and the various changes they are making. After reading the article give us a call at SpendBridge so we can partner with you to help your institution be successful in the face of growing challenges.
Source: insidehighered.com | Re-Post SpendBridge 1/15/2018
The Council of Independent Colleges has been among the most bullish organizations when discussing the state of small private liberal arts colleges, but a heightened sense of concern underpinned much of the organization’s annual Presidents Institute this year.
The concern was evident in the institute’s programming, which included a notable number of sessions addressing mergers or partnerships between institutions, as well as strategies for taking on financial challenges. It was also evident in this year’s theme — “Pathways to Excellence: Resilience and Innovation.” Institutions cannot be resilient if they are not faced with significant challenges, after all. (more…)
A person’s income does not determine their talents and abilities, however, it can determine their access to pursue their interests. Seeking out low-income students opens our society to a new pool of students that might otherwise be overlooked.
Below is an article from The Hechinger Report that outlines the benefits of expanding college opportunity to those that wouldn’t otherwise be able to afford to attend a higher education institution. After reading the article, give us a call at SpendBridge. We would enjoy the opportunity to assist you as you work to increase the number of low-income students at your university.
Source: hechingerreport.org | Re-Post SpendBridge 12/6/2017
More than 80 leading colleges and universities are committed to a 2025 national goal of enrolling 50,000 more lower-income students in institutions with a 70 percent or higher graduation rate.
This bold effort comes through the American Talent Initiative, launched late last year by Michael Bloomberg, the former New York City mayor. (more…)