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Subcategory of CFO News

Campus discussions about spend analytics might sound like a late night infomercial: Implement the technology and save millions!

SERVING THE UNDERSERVED—Terrence Murphy Hall (back right) on the downtown Minneapolis campus of the University of St. Thomas will house the two-year Dougherty Family College beginning this fall.

Dougherty Family College, a two-year school, will open on the Minneapolis campus of the University of St. Thomas this fall, thanks to $18 million in private donations.

The STEM workforce was about 8.6 million in 2015, and is projected to grow to more than 9 million by 2022, according to the U.S. Bureau of Labor Statistics.

Recent lawsuits have alleged that certain colleges breached the Employee Retirement Income Security Act (ERISA), which states employers that sponsor retirement plans have a fiduciary responsibility to prudently manage those plans on the behalf of their employees.

Eight prominent universities—including University of Pennsylvania, Duke, Emory, Johns Hopkins, Vanderbilt and others—were hit with separate lawsuits in August 2016 alleging the institutions mishandled their employee retirement plans.

After years of working with multiple food service vendors and local restaurants, Carnegie Mellon University brought fast-casual bakery chain Au Bon Pain to campus. The school’s first experience with a national restaurant franchise, it was a 12-month process from the brainstorming phase to opening the doors to hungry students.

When Teri McIntyre was a University of Wisconsin undergrad in the early ‘90s, she volunteered to call alumni to ask for college fund donations and—believe it or not—she liked making those calls. A university development officer noticed and offered McIntyre a job after graduation.

Betsy Mennell, Northern Arizona University’s development vice president, learned the hard way that “in fundraising, if you speak the language you can talk the talk, but you may not be able to walk the walk.”

After being burned a few times hiring the wrong people—“disorganized, not self-disciplined, afraid to ask for money”—she now requires candidates to tackle four tasks that every MGO must handle.

In an era in which every college or university expense must be scrutinized, tuition remission policy details may be worth analyzing. (Click to enlarge)

Almost 90 percent of colleges and universities offer tuition remission benefits to their employees and employees’ dependents. And with college tuition costs skyrocketing, that benefit has become increasingly sought-after—but expensive for the institution.

While many institutions that examine their tuition remission spending wind up reining in spending in this area, some schools are actually increasing the benefit to better recruit and retain top-notch talent.

Last year, leaders at the University of St. Thomas in St. Paul, Minnesota, increased the tuition benefit for employees’ spouses and children from 75 percent to full coverage. Employees themselves already received 100 percent remission.

Public-private partnerships are a growing trend that allow universities to fund the construction of new buildings and, if desired, turn over maintenance and operations to skilled partners. Structuring these decades-long partnerships for a successful outcome involves careful planning on the big decisions and the details.

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