Develop and implement a business plan that maximizes revenue sources and ensures transparent resource allocation in support of College priorities and needs.
As a "one of a kind" public Ivy, William & Mary no longer has the financial resources to maintain our current excellence, much less move in the directions charted by our strategic plan. We are doing better than the vast majority of other colleges and universities. But we are not doing well enough. This century will belong to the schools that either already have or can build sustainable financial foundations. We need to build ours.
Over the last generation, taxpayer support for William & Mary has declined from 43% of our operating budget to less than 13% in FY2013. This trend is not likely to reverse, given the enormous demands on state revenue going forward.
We intend to build a financial foundation resting on the four Ps:
- Performance. Outstanding results worthy of support.
- Productivity. Innovation, greater efficiency and growing streams of earned income (tuition and fees, research grants and contracts, and entrepreneurial leveraging of our strengths to generate new sources of revenue)
- Philanthropy. Greatly enhanced philanthropy (annual giving, endowment, funds for bricks and mortar); and
- Public support. Continued support of operations and capital projects by the state, with flexibility to take advantage of William & Mary’s unique strengths, building on the principles of the restructuring legislation.
Increase revenue and allocate resources consistent with institutional needs and priorities.
Enhance efficiency and effectiveness of operations and identify opportunities for revenue generation or cost savings across the institution. Improve transparency of College revenue and expenditures across all sources and types of expenditures.
Key Implementation Steps
Implement the W&M Promise plan approved by the Board of Visitors in April 2013. Actively promote and track innovation, greater efficiency and creative adaptation. Significantly expand development of innovative teaching approaches through the Creative Adaptation Fund. Increase the fund from the current $200,000 per year up to $500,000 per year by FY18, if appropriate projects are available. (Halleran, Golden)