This summary explores the challenges facing higher education and the limitations of incremental budgeting in adapting to the sector's evolving financial realities. With rising costs, declining enrollments, and increased competition, traditional budgeting models often lock institutions into outdated spending patterns. The text highlights alternative models, such as performance-based and incentive-based budgeting, which offer greater agility, accountability, and alignment with institutional goals. It emphasizes the importance of selecting a budget model that fosters innovation, transparency, and long-term financial sustainability.
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Stretching the dollar: creative ways to budget in grad school — University Affairs
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Need more funding? Read this blog to learn how to enhance higher education finances by identifying new opportunities for alternative revenue streams and optimizing existing alternative revenue streams. Read now: https://bit.ly/3XcpZZ5 #alternativerevenues #higheredfinance #campuscommerce
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Higher education institutions are adapting to financial pressures and enrollment challenges by exploring alternative budgeting methods. Find out more about these innovative approaches in this insightful article. #mossadams #highereducation
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mossadams.com
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In connection with Maloney + Novotny LLC's continued commitment to the education sector, we have just released our annual private education benchmarking study. Our annual benchmarking study is a comprehensive analysis of financial and operational performance metrics of over 30 educational institutions. Our analysis has revealed some interesting trends from 2022 to 2023: > Enrollment has surged by 12%, recovering from declines during the pandemic and reaffirming the demand for private education. > Gross tuition revenue is up by 6%, demonstrating the increase in tuition rates and need for tuition assistance for students. > Financial aid per student has increased by 7%, confirming the need for assistance and institution's commitment to accessibility and equity in education. > The cost to educate a student has risen by 8%, underscoring the need to pursue additional funding sources or increase current tuition rates as seen above. These insights not only benchmark individual institutions against their peers but also spotlight broader trends across different educational models. Beyond the numbers, our report provides actionable insights into key performance indicators, industry benchmarks, and peer comparisons, accompanied by tailored recommendations for best practices in internal controls and financial management. Our annual report provides invaluable insight, steering strategic decisions, and promoting a culture of continuous improvement within educational institutions. Interested in diving deeper into these findings and understanding their implications for your institution? Reach out to me or your trusted M+N advisor today. Let's work together to navigate the complexities of today's educational landscape and enhance the operational and financial efficiency of your institution! #Education #Benchmarking #FinancialManagement #OperationalExcellence #finanicalhealth #StrategicGrowth
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Struggling with #enrollment, financial stress, or challenges in #student #support? Our new 2024 #HigherEd trend report has got you covered! Check out our latest press release for a glimpse into current trends shaping the future of #highereducation https://hubs.ly/Q02p5tTx0
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Download our publication to learn how zero-based budgeting can help your institution identify and curb unnecessary spending: bit.ly/3S9NOy1 #HigherEd #FinancialPlanning
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Adults can easily learn the basics of budgeting, compound interest and diversification. The real challenge is in applying that knowledge consistently.
Financial education in schools is a good start. But the psychology of money is complex and students need help navigating the real world
theglobeandmail.com
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