TOWARDS AN ACADEMIC COST STEWARDSHIP ECOSYSTEM:
A Practical Guide for Administrators, Faculty, and Governing Boards
Mike Cogan and Hesham El-Rewini
Forthcoming
This book offers a tailored roadmap for developing an institutional culture wherein academic quality and financial resources are viewed as complementary. It emphasizes adaptability in the ever-evolving higher education landscape. With a combined experience of more than 60 years in public and private universities, we offer this resource as a guide to help college and university leaders address the challenges facing higher education today, especially those challenges that threaten the financial stability of small and medium-sized institutions.
Part 1: Foundations of the Academic Cost Stewardship Ecosystem
CHAPTERS 1-4 SUMMARY
The initial sections of the book establish a comprehensive understanding of why a tailored approach to academic cost stewardship is vital in today’s fluctuating educational landscape. Part 1 delves into the authors’ motivation for writing the book and describing this resource as a strategic blueprint to navigate the complexities of higher education’s current financial challenges. The concept of the “Academic Cost Stewardship Ecosystem” is introduced, highlighting the pressing need for financial sustainability amidst dwindling enrollments and escalating skepticism about the value of a college education. Further, the authors describe the value of a community approach to decision-making that requires moving beyond an operational mindset and transitioning to a formative learning environment in which financial literacy is necessary for delivering quality academic outcomes for students and faculty.
Part 2: Strategic Roles and Stakeholder Engagement
CHAPTERS 5-8 SUMMARY
This segment of the book focuses on the pivotal roles and the dynamic interactions among various stakeholders within the academic ecosystem. Chapter 5 outlines strategies for institutional leaders to practice meaningful academic cost stewardship, emphasizing the necessity of aligning financial management activities with the unique structures and cultures of academic institutions. It highlights the crucial role of the provost in managing academic and administrative functions effectively. Chapter 6 continues this theme by analogizing the provost to a “stay-at-home parent” balancing diverse academic agendas while fostering cost-effective academic program delivery. Chapter 7 discusses the importance of faculty engagement in academic cost stewardship, advocating for collaborative approaches and data-informed decision-making to revitalize shared governance. It stresses the need for effective communication and consensus-building led by the provost. Chapter 8 extends the discussion to the role of governing boards in the stewardship ecosystem, underscoring their need to understand and support academic program delivery and fiscal sustainability comprehensively.
Part 3: Building a Sustainable Cost Model
CHAPTERS 9-12 SUMMARY
The concluding chapters of the book present a roadmap for assessing, integrating, and optimizing academic resources within higher education institutions to foster a sustainable cost model. Chapter 9 encourages institutions to assess the current state of their academic program costs and the barriers to effective cost stewardship, calling for a culture of transparency and strategic planning. Chapter 10 proposes a hybrid cost model that integrates key information sources, aligning academic expenditures with revenues and emphasizing cross-departmental collaboration for informed decision-making.
In Chapter 11, the discussion turns to the development of a successful cost model and decision support reporting, outlining strategies to equip decision-makers with essential information for resource allocation that aligns with academic and financial goals. Finally, Chapter 12 discusses the imperative of creating a culture of informed decision-making and budget expertise. It advocates for strategic budgeting processes that are data-informed and aligned with academic priorities, emphasizing ongoing training and adjustment of budgeting tools to adapt to evolving educational needs and financial challenges.