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Subcategory of CFO News

Thinking beyond painfully slashing big line items, higher ed leaders can realize significant savings in finding smaller cuts that, all together, add up to make a huge impact.

University of Maryland, Baltimore County

Cost cut

Refurbishing rather than replacing classroom tablet armchairs

Savings


Link to main story: Colleges tackle budget pruning


$370,000 on 1,000 chairs

Trigger

Needed to replace after four decades of use had battered the chairs  

Nitty gritty

More than 500 colleges and universities provide some type of resource to help students address unexpected financial emergencies, according to a 2016 study by NASPA.

While most institutions use financial aid systems to award and distribute regular financial aid, that isn’t always the case with emergency aid. Usually, each student’s situation must be evaluated  to determine whether emergency financial help is warranted and if so, at what level.

That process isn’t always built into the standard financial aid system—so institutions often need to get creative to make it automated.

Nationwide, the scope of faculty and staff housing programs varies as much as campus locations do.

Nationwide, the scope of faculty and staff housing programs varies as much as campus locations do.

Top topics for a student financial responsibility agreement.

While the concept may seem unnecessary, a formal document—signed by each student—that states tuition payments are, in fact, expected is now required by a majority of colleges.

Form a benefits committee.

At Lawrence University in Wisconsin, a benefits advisory committee works with an insurance broker to contain costs and determine the best plan designs while providing competitive employee benefits. The committee, which is chartered by the president, includes several administrators from finance and HR along with two faculty members.

Health insurance is a hot topic in Congress, and that’s not the only place. Each year, campus leaders are confronted by a daunting need to contain costs while providing benefits expected by employees.

​Criminals who receive financial aid fraudulently basically steal money from bona fide students and institutions.

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