You are here

Feature

Subcategory of CFO News

Some higher ed institutions are giving new technologies the ol’ college try in preparation for future financial challenges. Here’s a closer look at five compelling reasons to move beyond spreadsheets.

Adaptive Suite (Adaptive Insights)
Cloud-based performance management software for budgeting, planning, forecasting, reporting and dashboards
adaptiveinsights.com

Axiom Higher Education Suite (Kaufman Hall)
Software to support institutional planning and reporting
kaufmanhall.com

What do you see as the biggest roadblock for finance offices at colleges in moving away from spreadsheet-based budgeting and financial planning?

“​The biggest roadblock is changing existing processes that are constrained by outdated technology. With … a platform [that has] data integrations, linking, collaboration, control and a full audit trail,  finance teams can create new, efficient processes and modernize the way they work.”

—Matt Rizai, chairman and CEO, Workiva Inc.

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.

Pages