Optimize Resources: Improving Financial Planning and Management Practices and Strengthening and Diversifying Revenue Streams.
Rationale: Improving Gallaudet’s short and long-term financial planning, budgeting processes, and decision-making will create new opportunities to unleash innovative ideas and encourage informed risk taking. This is the key to strengthening and diversifying revenue, and positioning Gallaudet for the investments, processes, and entrepreneurship that will be required for its long-term strategic plan.
Goal: Strengthen Gallaudet’s long-term financial well-being by growing and diversifying revenue streams and by improving the efficiency and effectiveness of financial planning and management practices.
Objective One: Revise Gallaudet’s budgeting and financial management processes to create an environment that supports programmatic, operational, and strategic decision making.
Objective Two: Assure Gallaudet has the necessary infrastructure that supports and optimizes giving.
Objective Three: Continue the planning and construction of the landmark building at 6th Street and Florida Avenue and development of Creativity Way within budget and timelines for roll-out in 2021.
Objective Four: Identify, explore the feasibility of, and select new revenue-generating activities.
Objective Five: Strengthen federal, state, and local government relations as well as organizational collaborations to grow revenue; positively impact public policy; increase overall enrollment; and develop public, private, and international partnerships.
- Establish an interim process to align resource allocation with identified strategic priorities phased in during FY2018 for use during FY2019 and FY2020.
- Assess the current status, create, and implement new multi-year, university-wide budget and financial planning processes that reflect strategic initiatives, necessary resources, and defined timelines.
- Educate and engage faculty and staff in the new financial data gathering and analysis systems as well as in understanding of program and operational costs.
- Develop two to three-year budget forecasts to more fully comprehend the level of resources that are and will be available to implement and sustain essential operations, physical infrastructure, and strategic priorities.
- Develop and strengthen the capacity necessary, including expanding the role of academic leaders, to support and optimize giving, and ensure the University is able to undertake funded initiatives.
- Establish a methodology to calculate the cost for long-term program implementation and facilities total-cost-of-ownership.
- Continue to expand relationship-building with key stakeholders, including Congress, federal officials, congressional leaders, Washington, D.C. leaders, community, corporations and non-profits, universities, and community members and leaders in Gallaudet’s neighborhood (co-listed for Priority Four).
- Engage the Real Estate Foundation to develop a proposal to the Board of Trustees for a long-term real estate strategic plan that includes defining its role in the local neighborhood and the city.
- Revisit the 2012 facilities master plan and confirm priorities for construction and renovation.
Key Performance Indicators:
- By the beginning of FY 2020, a multi-year financial planning, budgeting, and forecasting system will be ready to pilot.
- By the end of FY 2020, Gallaudet’s Composite Financial Index will be between 2.0 and 4.0.
- By the end of FY 2020, non-appropriated revenue will have continued to rise as a percentage of total revenue.