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Articles: Financial Services

Construction budgeting software allows Southern Methodist U to maintain a digital record of projects and ensure future projects have adequate funding for site development and other line items.

A Midwestern state university budgeted about $12 million for a major addition to its library several years ago. At the time, there was not a tightly controlled project planning process at the institution and the library’s plaza—already a major central gathering space on campus—was not included in the project budget.

Sidewalks weren't part of the construction project budget for the Hurvis Center at Lawrence U, but that piece was still planned ahead, through a local landscaper.

In some cases, colleges and universities will opt to fund some site development items, such as landscaping, as an operational cost instead of a capital cost.

But the decision depends on owner needs and should still be made in advance, during the budgeting process for the entire project. Here’s how two institutions have approached the decision:

The Loyola platform is a one-stop shop for tracking and spending points.

“Engage with the career center” sounds a bit like “eat your vegetables” to a college student. Students know they should access career planning resources, but other options from the campus activities buffet beckon.

In surveys, graduating students from Loyola University Maryland’s Sellinger School of Business and Management raved about the faculty and facility, but not the career center, says Dean Karyl Leggio.

What makes a college or university more likely to attract million-dollar gifts? It may not be surprising to learn that longer presidential tenure, the age of an institution, strong alumni networks, and national college rankings help schools win big donations.

Source: Association of Certified Fraud Examiners; 2012 data/Graphic by Edie Sutton

Despite what many working for higher education institutions may believe, the campus is a common setting for fraud. In fact, the Association of Certified Fraud Examiners’ latest “Report to the Nations on Occupational Fraud and Abuse” identified education as one of the top five industries for reported cases of occupational fraud.

The accompanying graphic shows what kinds of losses campuses are experiencing and who is committing—or is likely to commit—these crimes.

Spencer Parker had a plan: Take his high school volleyball stardom to college, spend a couple of years at a smaller school to develop his academic and athletic skills, then move on to a larger setting. Become a volleyball star on a bigger stage. But the nagging desire to play college football, the lingering effect of a successful season as high school quarterback, was relentless.

Education is now one of the top five industries for reported cases of occupational fraud.

What do a private liberal arts college, a public community college and a high-ranking national university all have in common? Each recently reported six-figure occupational fraud losses.

In fall 2012, Sage launched the Achieve Degree program, an online degree designed for students on the autism spectrum or with other special needs, who generally work from home or their local library.

In today’s competitive higher education market, colleges and universities must prove the value of the degrees they bestow to graduates each year. Traditional measures, such as graduation rates, grade point averages, and cohort default rates, have become only a few of the ways colleges and universities are evaluated. Students and their parents want to be assured that their investment in a college education will pay off in the form of a self-sustaining and financially-secure career path.

Oregon State is one of three universities to be governed by an independent board.

In a climate of declining state funding, Oregon higher ed policy leaders needed to bring in more resources while taking some of the burden off students. That’s why three of the state’s universities are breaking off from the Oregon University System. Effective July 1, Oregon State University, Portland State University and the University of Oregon will have their own boards.

Does autism run in families? Can children with autism grow up to live independently? These questions were part of a survey that tested University of California, Riverside faculty and students’ knowledge of autism spectrum disorder to help guide the support of these students through their college years. More than 1,000 people were quizzed on the prevalence, causes and signs of ASD in the largest known higher ed autism awareness survey.

With so many students depending on community college as their best—and sometimes only—option for higher education, it’s time for community colleges to get their fair share of education funds. While these schools enroll 53 percent of all undergraduate students at public institutions, they receive only about 25 percent of the federal funding available.

At the University of Alabama, athletics fans can check out the Bryant Museum, covering UA sports history. It’s just one of several revenue-generating spots on campus where payments are made.

From the sale of tickets to athletic or performing arts events, to housing and parking fees and fines, as well as merchandise sales and event sponsorships, there are myriad alternative sources of revenue coming in to various departments on a given campus throughout the year.

Upon deciding that a more uniform approach was required when it came to the nontuition revenue being generated by departments across campus, The University of Alabama officials established policies designed to regain control of what had been, up to that point, highly decentralized.

Segmented into three areas—revenue-generating operations, credit card operations, and eCommerce ventures—the policies centralized the oversight and handling of funds within the student receivables office.

At Armstrong Atlantic State University, the business and finance department created a policy in 2011 that covers how to establish any revenue-producing activity.

Such activity is defined as that which generates revenue from the sale of products or services provided by the university or university employees.

Prior to establishing an account for this activity, a department must take the following steps: