Unity College is committed to the thoughtful stewardship of its financial resources to support its students, faculty, administrators, and staff as they engage in developing Unity College into a national brand. Unity College will demonstrate this commitment at all times, to all of our constituencies.
Historically, Unity College has always managed its finances on a primarily cost reduction basis. Most of the College’s revenue was realized from a traditional [freshman] market with a regional focus. The physical infrastructure capacity limitations of approximately 600-student enrollment also created an inflexible fixed cost to the operating budget due to the inability to expand on-campus enrollment.
From a positive perspective, the College is significantly under leveraged. The $10 million gift in 2011 has allowed for new flexibility to design a financial model to invest in new revenue streams in order to attain the national brand. While the cost-benefit analysis is in progress, conventional wisdom dictates that with the decline in the pool of traditional-aged students, the College must invest in alternative revenue streams and augment its practices to accommodate new markets. New markets include transfer and non-traditional students, and place-bound students. In addition, new revenue streams from distance and graduate programming are more cost effective than attempting to increase the physical capacity of the campus to accommodate significantly more traditional-aged on-campus students.
The College must develop support for its budget beyond dependence on tuition from its traditional market. Adding new revenue streams to the college budget, working to create additional programs to attract the changing demographics, including considering mission-relevant ways to use the college campus in the summer, and increasing philanthropic support, all need to be part of the working plan for ensuring the long term financial stability of the College.
Goal 6 is intended to ground the transition of the College’s financial decision making, from “what can we do to save a dollar” to “how we can maximize the return from investing said dollar” and achieve positive returns as part of the financial plan.
Objective 1: Develop a five-year financial plan that transitions the College to a financially sustainable model characterized by a surplus of revenue over expenditures.
Objective 2: Increase revenues from existing, traditional programs and operations.
Objective 3: Diversify revenue to provide new resources to enable strategic growth through undergraduate online & graduate programs, robust summer programing, and offsite initiatives at a minimum.
Objective 4: Expand the Development functions to increase unrestricted, restricted, capital, and grants funding.
Objective 5: Identify achievable benchmarks for institutional effectiveness.