UCM Continues to Build Upon Strategic Resources Model
Contact: Jeff Murphy
WARRENSBURG, MO (June 23, 2014) – At the same time the State of Missouri faces an uncertain revenue outlook for Fiscal Year 2015, the University of Central Missouri will move forward with the implementation of tools to strategically position the institution for a stronger financial future while focusing on student success.
Rick Staisloff, founder and principal of the rpkGroup, a leading national consulting firm that helps universities with growth and allocation strategies, outlined steps needed for UCM to further develop its existing budget model when he recently met with the UCM Board of Governors.
Staisloff made presentations to the board during a work session on Thursday, June 19, and also during an additional presentation during the Governors’ plenary session Friday, June 20. A strong proponent for the development of new business models for higher education, Staisloff has worked with the board and staff in recent years to help establish the university’s Strategic Resource Model for Student Success. This important tool has helped guide the university through academic and administrative reviews in recent years to better align UCM’s programs and services with resources.
“We’re not going to wipe the board clean,” he said in talking about the university’s existing model. “We’re building on what we’ve already done.”
He added that UCM’s Strategic Resources for Student Success Model “is held up as a best practices model” among national higher education organizations that support innovation in business practices among colleges and universities. “They see UCM as an institution trying to produce transparency and accountability.”
Staisloff’s presentations to the board came amidst a report regarding a cloudy budget picture for Missouri. Representative Denny Hoskins, who also serves as speaker of the House pro-tem, told the board Friday that state revenue has grown only two-tenths of a percent over the past year, although the budget adopted by the General Assembly was based on a 2 percent revenue gain.
“We’re experiencing negative revenue growth for the next fiscal year,” Hoskins said. This, of course, could impact the amount of funding that colleges and universities actually receive during the fiscal year beginning July 1, 2014.
Staisloff said in order to move forward in meeting its education for student success goals in this tough financial environment, the university must be aggressive in finding new sources of revenue, make certain the institution is aligning its financial resources with programs that can produce gains capable of being reinvested back into the university, and acquiring data that will be useful in making valid budget decisions. He suggests meeting the following three goals:
- Build institutional consensus around previously established key performance indicators (KPI);
- Create a new budget process, which is transparent, engaging and aligned with KPI; and
- Develop a Strategic Resource Allocation Model to maximize net revenue in support of the institutional mission.
Staisloff said UCM should plan to roll out deliverables associated with the Resource Allocation Model over the next 18-24 months. The Board of Governors will be instrumental to this process, and will coordinate special discussion sessions, timed with its regular meetings, to help the institution move forward with this process. Such efforts will be instrumental as the university plans for Fiscal Year 2016 and beyond.
UCM President Charles Ambrose stressed the importance of further refining existing financial tools as the university looks toward the future.
“This is not something new for the university,” he said. “It is the evolution of the Strategic Resources Model, which has yielded great results.”
More information about efforts to establish the Strategic Resource Allocation Model will be available as the process gets underway.