Strategic Plan - Financial Sustainability - Strategic Plan

Strategic Plan - Financial Sustainability

Stockton Atlantic City campus

Implementation Goals & Accomplishments

5.1 - Enhance Overall Fiscal Responsibility of University Resources: Develop a plan to enhance overall fiscal responsibility of University resources, including pursuit of alternative revenue sources, identification and implementation of cost savings measures, optimization of resource allocation through zero-based budgeting, the inclusion of financial sustainability as a core principle in decision-making, and continued advocacy at the State level for increased support.

Goal 1 - Develop a plan to enhance overall fiscal responsibility of University resources.

FY-21, FY-22

Lead Unit: Administration & Finance

Status: 50% complete

DEI connective action: n/a

FY-21 Update

In light of COVID-19, our focus in FY-21 was to maintain a balanced budget despite the pandemic’s negative impact on enrollment and student housing. Our efforts included strategic budget cuts, implementation of a rigorous expenditure pre-approval process, continuous financial modeling, and prudent use of federal and State COVID relief funding. The University had to remain flexible and pivot when necessary.
As we close out the fiscal year, it is clear that we were successful in our efforts from a financial perspective as we anticipate a healthy FY21 operating surplus.
Efforts to enhance overall fiscal responsibility of University resources will continue in FY22 and thereafter.

Goal 2 - Partner with Academic Affairs and Strategic Enrollment Management Team to determine enrollment strategies specific to academic programs and the financial impact of various pedagogic strategies.

FY-21, FY-22

Lead Unit: Administration & Finance

Status: 50% complete

DEI connective action: n/a

FY-21 Update

The Division of Administration & Finance has successfully partnered with Enrollment Management and the Chief Planning Office to project Academic Year and Summer Session enrollment and housing occupancy and the corresponding financial impact.
During FY22, this group will work with Academic Affairs to determine enrollment strategies specific to academic programs and to model the financial impact of such strategies.

Goal 3 - Implement zero-based budgeting University-wide for non-salary expenditures.

FY-21, FY-22

Lead Unit: Administration & Finance

Status: 100% complete and ongoing

DEI connective action: n/a

FY-21 Update

The University successfully implemented zero-based budgeting for all non-salary expenditures.
In FY22, the zero-based budgeting effort will be expanded to include hourly expenditures.

Goal 4 - Identify and implement strategies to enhance the University’s financial ratios.

FY-21, FY-22

Lead Unit: Administration & Finance

Status: 75% complete

DEI connective action: n/a

FY-21 Update

Annually, the University completes a review of key enrollment and financial ratios measuring market position, operations, financial reserves, and debt / liabilities. To provide perspective the University’s ratios are compared to the NJ Public Mean, Moody’s Public Baa1 Median, and the other senior public colleges and universities in NJ. The ratio’s historical trend is also considered. Details are reported to senior management as well as the Board of Trustees.
In FY22, strategies for monitoring and enhancing ratios will be evaluated and certain University ratios will be monitored on a quarterly basis.

Goal 5 - Support financial sustainability by enhancing protection of institutional and user data.

FY-21

Lead Unit: Information Technology

Status: 100% complete

DEI connective action: n/a

FY-21 Update

Implemented new information security controls and tools to protect institutional data.
Conducted a remote penetration test against IT systems to test for vulnerabilities that could lead to data loss or exfiltration.

Goal 6 - Investigate opportunities to increase implementation of green energy and high efficiency measures including upgrading the mechanical and electrical systems using LEED construction principles where appropriate.

FY-21, FY-22

Lead Unit: Facilities & Operations

Status: 30% complete

DEI connective action: n/a

FY-21 Update

F&O has retained the consulting services of Sightlines to update the University’s commitments to sustainability and establish the new benchmarks for compliance and planning. This data will be critical and necessary for the next steps in planning for forthcoming energy efficient mechanical and electrical upgrades and renovations.

Goal 7 - Implement a University compliance program.

FY-21, FY-22

Lead Unit: General Counsel

Status: 10% complete

DEI connective action: n/a

FY-21 Update

Prepared draft material for new website information.
Discussed compliance program with former Chief Officer for EEO and Compliance.
Prepared outline for Institutional Risk Management Plan.

Goal 8 - Work with elected officials to increase support the University’s growth in Atlantic City and increased funding for the University necessary to support enrollment goals.

FY-21

Lead Unit: Human Resources/Government Relations

Status: 100% complete

DEI connective action: n/a

FY-21 Update

State budget includes an additional $8.292 million plus funding for AC Phase II that will support increased enrollment capacity, student retention.

Goal 9 - Implement internal budget, vacancy review, and space management processes.

New FY-22

Lead Unit: Student Affairs

Status: Begins in FY-22

DEI connective action: n/a

Goal 10 - Integrate strategic planning, budgeting, assessment operations to support financial sustainability.

New FY-22

Lead Unit: Student Affairs

Status: Begins in FY-22

DEI connective action: n/a

5.2 - Develop and Update Facilities Master Plan: Update Stockton’s facilities master plan for all campus locations to align with the University’s strategic priorities. This plan should be based on the core principles of financial and environmental sustainability, beautification of the campuses, and commitment to continuously addressing deferred maintenance.

Goal 1 - Continue to develop individual cases for support aimed at informing prospective donors and private sector institutions about opportunities for naming gifts, capital improvements, and other modes of partnership.

FY-21, FY-22

Lead Unit: Executive Vice President

Status: 50% complete

DEI connective action: n/a

FY-21 Update

Created multiple donor-specific proposals soliciting capital support for various partners including the Holocaust Resource Center, Marine Field Station, Alliance Heritage Center and others.
FY22 work will include the creation of specific cases for support for each of the schools and business units, highlighting specific capital projects contained in the master plan.

Goal 2 - Apply the updated Facilities Master Plan to address the needs of Stockton University based on the core principles of financial and environmental sustainability over the next ten years. and in alignment with the requirements of the New Jersey Pinelands Commission and the New Jersey Department of Environmental Protection.

FY-21, FY-22

Lead Unit: Facilities & Operations

Status: 30% complete

DEI connective action: Provide an environment for excellence to a diverse student body, including those from underrepresented populations (Mission).

FY-21 Update

The University’s Facility Master Plan was completed and approved in September 2020. Several projects within the plan have already commenced in the early stages of development or concept study including AC Residential Phase 2, Multicultural Center, Sports Center Expansion, (Hub 1, Phase 1), North Athletic Campus and Coastal Resiliency Institute in Atlantic City.

Goal 3 - Collaborate on the reimagining of existing space and planning for beautification improvements on the Atlantic City campus.

New FY-22

Lead Unit: Atlantic City Operations

Status: Begins in FY-22

DEI connective action: Maintain a safe, respectful, and affirming environment (Equity).

Goal 4 - Collaborate on the planning and execution of the Phase II residential project and Multicultural Center.

New FY-22

Lead Unit: Atlantic City Operations

Status: Begins in FY-22

DEI connective action: Develop resource networks (Equity); active, intentional and ongoing engagement with diversity (Inclusion).

5.3 - Enhance Institutional Fundraising and Alumni Engagement Efforts: Promote comprehensive fundraising and alumni engagement efforts to support the University’s strategic priorities. Work with campus divisions to identify specific needs and opportunities.

Goal 1 - Complete a comprehensive review of funding opportunities for key administrative units, outline strategic priorities for the advancement of each, and create plans for partnerships with internal and external stakeholders. Continue to update and enhance existing fundraising plans for academic units.

FY-21, FY-22

Lead Unit: Executive Vice President

Status: 70% complete

DEI connective action: Advance curricular/co-curricular and interactional campus diversity as appropriate (Diversity); develop resource networks (Equity).

FY-21 Update

Completed two-year long comprehensive review of funding opportunities for each of the University’s schools.
Worked in partnership with deans and other faculty to create plans to increase funding for facilities, scholarships, faculty research and additional staff.
Work in FY22 will focus on administrative units including Student Affairs, Athletics and other areas.

Goal 2 - Implement a strategic alumni engagement plan aimed at increasing participation among graduates in general programing, mentorship of students, providing internships, job recruitment, and volunteerism. Create new opportunities for corporate alumni, students, recent graduates, those living outside the immediate campus area, and other specific constituencies to become engaged in meaningful ways.

FY-21, FY-22

Lead Unit: Executive Vice President

Status: 75% complete

DEI connective action: Develop resource networks (Equity).

FY-21 Update

A five-year plan has been created, focusing on enhancing opportunities for engagement and networking, and strengthening the alumni network. Life-cycle engagement will focus on cultivating relationships from the time constituents are on campus as students, throughout their careers, in retirement and beyond. Chris Marshal Advancement Consulting was brought in to provide an executive assessment of the Alumni Relations program as it correlates to annual giving among alumni. The report is being used to tailor initiatives aimed at increasing engagement and philanthropy.

Goal 3 - Develop Student Affairs fundraising priorities and strategies in conjunction with Development and Alumni Affairs.

New FY-22

Lead Unit: Student Affairs

Status: Begins in FY-22

DEI connective action: Close achievement gaps in student success and completion (Equity).

As a public institution, Stockton is a steward of public funds, carefully balancing the fiscal needs of academic programs, capital and facilities, technology infrastructure, human capital, debt and expenses, student programs and services, and operations while keeping tuition affordable.

To ensure the ongoing viability of delivering its mission, the University must develop a sustainable financial model that is responsible, fair, and transparent. This involves consideration of key components including: revenue enhancement, cost containment, multi-year financial planning, and strategic resource allocation.

Clear goals, timelines and accountability measures will shape how new resources of revenue are sought. A financial plan should not be the driver of University strategy; rather, the purpose of this area of focus is to support the strategic plan’s other initiatives by providing valuable information about the financial implications of decisions. By so doing, the University will be in a stronger position to make realistic, mission-driven decisions.

Efforts must include continued advocacy for increased statewide support, pursuit of alternative revenue sources, and, where appropriate, leveraging public-private partnerships. At the same time, the University must also explore every possible internal action to ensure its financial health.

We will do this by developing strategies and tactics that:

Coordinate efforts between strategic, academic, and financial planning, including the determination of enrollment strategies specific to academic programs and the financial impact of particular pedagogic strategies.
Implement a University-wide, zero-based budgeting exercise for non-salary expenditures to ensure optimal resource allocations (in alignment with our strategic plan), particularly with respect to discretionary expenses, and an accurate understanding of program costs.
Coordinate with key stakeholders to institute appropriate space- and time-management practices, a capital investment strategy, and an accompanying campus master plan update that aligns with the University’s academic and student life goals, and describes new facility needs and appropriate reinvestment in existing facilities, along with information technology and infrastructure.
Create strategies to enhance the University’s financial ratios and ensure the integrity of the University’s credit rating. Together, we will hold true to our mission, and shape what we become.
Leverage capital and intellectual assets to optimize revenue-generating operations.
Reallocate existing resources toward uses that strengthen operations, revenue, FTE enrollment, and the University brand.
Maintain and routinely test a multi-year financial planning model.