Challenge 4

FY12 implementation steps are presented for each goal supporting Challenge 4 within the strategic plan.

Goal  1:  Increase revenue and allocate resources consistent with institutional needs and priorities.

• Balance the base operating budget for FY 2012, recognizing 1) reduced state support, 2) opportunities for productivity enhancements, 3) incremental revenue, and 4) the need for selected strategic investment. (Jones) 
• Increase alumni giving participation rates and overall annual and endowment giving by 1) strategic investment in fund raising and development opportunities, and 2) continued restructuring of development operations consistent with performance metrics and fund raising goals.* (Pieri, Jones) 
• Align fund raising efforts with priorities established through the strategic planning process.* (Halleran, Pieri) 
• Seek to fully endow athletic scholarships so that as tuition rates rise, and the cost of scholarships corresponding grows, the College can sustain a competitive athletic program without increasing pressure on other revenue sources.* (Pieri, Driscoll) 
• Increase grant and contract activity at the College and the Virginia Institute of Marine Science through strategic investment and /or reprogramming existing resources. (Manos, Wells) 
  *  Continues into FY13-16

Goal 2: 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.

• Identify opportunities to encourage and reward entrepreneurial activity.  (Halleran, Golden)
• Focus economic development efforts on specific regional target areas and technologies so as to increase the number of faculty and students engaged in such projects.* (Sledge)  
• Continue review/implementation of business and academic innovation opportunities across campus.* (Halleran, Golden)