Course Description
Financing and financial management in higher education, with particular attention to patterns of financial support and costs, tuition and financial aid, cost-effectiveness, budgeting, and financial decision making.
Athena Title
FINANCE HIGHER ED
Semester Course Offered
Offered every year.
Grading System
A - F (Traditional)
Course Objectives
The successful attainment of many objectives in postsecondary education is unavoidably linked to acquiring and maintaining the financial resources essential to make striving for such specific objectives realistic. Individuals in or aspiring to leadership and management roles in higher education often do not bring to such positions the formal credentials and training associated with chief financial officers. Nevertheless, these persons have responsibilities that include the informed and thoughtful management of budgets as well as the insightful preparation of financial plans that carry forward the strategic initiatives of their respective institutions. They also remain accountable to elements of their sponsoring society. Consequently, these academic leaders, whether administrators or interested faculty, must acquire some understanding of and appreciation for the conditions that shape the development of financial support (or its lack) for higher education as well as achieve familiarity with extant financial policies and issues, if they are to exercise reasonably informed fiscal leadership and judgement. The course makes use of basic and applied literature striving to show how theory informs practice and, conversely, how practice shapes theoretical assumptions. The latter, in addition to selected readings, will be illustrated through the empirical evidence offered by practitioners who will speak to the class as guest lecturers and who will afford students through class discussion an opportunity to explore both the science and the art involved with the management of financial issues in higher education. II. Course Objectives To provide a strategic planning framework in which the relationship between financial resources and the achievement of institutional objectives can be seen. To provide a methodology for scanning the environment systematically that identifies threats and opportunities affecting financial dimensions of institutional strategic planning processes. To provide an understanding of the organizational change process and how it is affected by and affects financial policy. To examine the historical background of higher education financial policy to gain perspective on the evolution of existing issues. To examine a variety of policies, strategies, theories and processes of analysis shaping financial support in both public and private higher education sectors. To examine the influence of regional accreditation requirements on the design of successful financial strategies to support institutes,colleges and universities and ultimately student educational outcomes. To explore current financial issues and trends in higher education. To encourage innovation among class members in the design and implementation of funding strategies and financial management systems.
Topical Outline
Among the topics and issues addressed are: 1.Strategic planning, environmental scanning as part of financial issues/management in higher education; 2.Assessing and assigning value to higher education; 3.Determining cost in higher education; 4.Accountability issues and financial support; 5.College and university budgeting - concepts, vocabulary, mechanics; 6.Cost effectiveness analysis; 7.Student financial aid issues - access, choice; 8.Accreditation 9.State and federal policies affecting financial issues; ALso used throughout the course are guest speakers having included in the past: *former state budget director *former president *current president *international colleagues for comparative purposes *scholars conducting research in financial areas *state system officials