When the pandemic struck earlier in the spring, colleges and universities were already planning for their next fiscal year. Almost immediately campuses entered a dramatically different financial era, involving drops in tuition revenue and state appropriations along with rising costs. Many will be forced to seek new revenue streams and make difficult decisions about reallocating resources. How can universities weather such challenging circumstances while remaining flexible and strategic? How can colleges make the right decisions and invest for the future? What potentially new sources of auxiliary revenue were emerging before the pandemic that could help shore up shaky finances now?
In this virtual forum, hosted by a Chronicle journalist, college leaders and financial experts discussed the new approaches campuses are taking to planning and budgeting. Watch the recording hear college leaders and financial experts discuss new approaches to planning and budgeting that include:
- Making tough budgeting decisions
- Remaining flexible and strategic
- Exploring new revenue sources
- Investing in the future