Increase Revenue In Higher Education

Budget management analysis is used by mangers as a tool and helps determine that all resources available are being used efficiently. The budgets are determined yearly and are based upon the previous year’s budget and variances. This paper will discuss specific strategies to manage budgets within forecast, compare five to seven expense results with budget expectations, describe possible reasons for variances, give strategies to keep results aligned with expectations, recommend three benchmarking techniques, and identify those that might improve budget accuracy, and justify the choices made.

College tuition has been an increasingly intense topic of discussion over the years. The costs of higher education have been debated by many people, and it has been discussed as to whether costs are becoming too high for students to afford. College has become more and more popular, and now as many as 20 million students attend universities reported by The National Center for Education Statistics (1). The value of a college degree is immense, but college tuition is becoming too expensive for students to afford, and furthering the problem are students’ lack of knowledge on how to pay and earn money towards their college degree.

Many programs and acts have been put into place to try to decrease the budget for the department. One that seemed to be the answer

Research indicates a steep upward trend in the cost of higher education throughout the 20th century. In recent decades, America has witnessed a widening gap between inflation and tuition. An incoming freshman at a typical college incurs charges for tuition, university fees, books, room and board,

There is no escaping the fact that the cost of college tuition continues to rise in the United States each year. To make it worse, having a college degree is no longer an option, but a requirement in today’s society. According to data gathered by the College Board, total costs at public four-year institutions rose more rapidly between 2003-04 and 2013-14 than they did during either of the two preceding decades (Collegeboard.com). Students are pressured to continue into higher education but yet, the increasing costs of books and tuition make us think about twice. Sometimes, some of these students have to leave with their education partially finished, leaving them with crushing debts. It is important to find the means to prevent these

Financial barriers for higher education has climbed over the last ten years. Today, over 40 million Americans have student loans. Of these 40 million, most individuals are struggling to maintain payments on the loans (Hillary for America, 2016). Since 2004, the tuition for in-state colleges and universities has risen by about 42 percent and with the recent Great Recession, states have continued to decrease spending on higher education at a rapid rate (Hillary for America, 2016). It is estimated that states are only contributing around $1,805 per student, which is estimated to be 20 percent less than what was contributed only seven years’ prior. The federal government in

The Federal government, state government, and Board of Trustees should consider creating policies that are aimed to reduce college tuition because seeing the monetary cost of attendance may deter many people from pursuing a degree which will affect unemployment rates and eventually the economy. Mark Pocan once said, “By making college unaffordable and student loans unbearable, we risk deterring out best and brightest from pursuing higher education and securing a good paying job” (Pocan 1). Education is a fundamental human right, and it needs to be accessible to everyone. The purpose of this paper is to persuade the government to help make

Implementing cost saving strategies is essential to saving money or even figuring out smarter ways to maneuverer the budgets or increase revenues. There is many ways in which the NJCAA tries to save costs using specific tactics such as cutting athletic programs, monitoring travel expenses, limiting athletic scholarships, and adjusting salaries/budgets of the staff members. Cutting athletic programs or a specific team is seen as a tool to that “improves the academic programs and services” (Mullin, 2011). This is seen as one of the last resorts by an institution that is not producing revenue. Along with cutting the programs, checking travel expenses is equally important because of the revenue increase from the ethical decision of the scheduling within an organization. In addition to using scheduling or conference realigning as an advantage, the “smart reductions in travel length and duration can significantly reduce operational costs” (Mullin, 2011). Despite taking a look into realigning of conferences, this can be seen as a benefit when lessoning the travel distance which serves as a tool for cost reduction. The reduction of scholarships has been seen as a way to save more money for institutions which is equally important to the travel expenses. The actual process of limiting scholarships is provided by the “national governing boards such as NJCAA, which dictates whether scholarships can be provided and provide scholarship limits for each sport” (Mullin, 2011). However, this strategy helps save thousands of dollars annually by limiting scholarships being given. Lastly, cutting or adjusting the budgets of the coaches is not something that is recommended as a main option in involving revenues. At the “community college level, unlike many large four-year institutions, coaches/staff members serve various roles, including but not limited to serving as an administrator or

A surging $1.2 trillion in student debt and rising rapidly in tuition is the critical issue America public universities face today. These student debts and rising tuitions are caused mainly by administrative hiring and pay or expensive building projects on campuses. When public universities are spending money toward expensive building projects, this does not help with making tuition cheap to attend a certain university, instead it’s high.

more people than ever are attending college. The population has increased by 50 percent since

The first area I was able to cut directly impacted me as the principal. I cut all spending for principal funds including phone, office supplies, and travel. I feel that making these cuts sends an important message that I don’t just expect my staff to be the individuals that have to make sacrifices. These budget changes would most likely come directly out of my pocket, however this is a necessary expense to keep the morale of the staff as high as possible and to also send the message that I am impacted by these changes as much as my staff. There also wouldn’t be much backlash from any other stakeholders as cutting these funds would almost entirely be impacting me and future individuals that are in my position. Cutting the funding of these three areas alone would reduce the school budget by $1,120.00 or around 1.5%.

Higher education costs have been increasing at a rapid pace, faster than inflation for the economy as a whole, for the past fifty years. It started in the 1960’s when the federal government passed the Higher Education Act to increase the amount of people able to afford and attend college. Regardless of the Unites States Government efforts to increase the affordability of college, federal aid programs have not risen to expectations due to the ever-increasing college prices. To lower the price of college, the government needs to cut back on student financial spending to go only to the lowest income families and create tax incentives for families to start saving up on their own.

The tuition increases have come in response to the lack of federal funding to universities, leading them to find their own way to provide for their upkeep. “Recent increases in university tuition fees are part of a new entrepreneurial trend in higher education in which institutions are expected to generate more of their own revenue” (Quirke). The universities have decided that since they can no longer look towards federal funds to fuel their costs of maintenance and revenue, they must find a new route towards attaining much needed funds, and they have chosen to

According to The Rising Cost of College by College Choice, since 1981, the total cost of college has gone up by 500% (2). College tuition has increased faster than inflation and even when state subsidies increased, college costs still increased (2-4). One possible short-term solution to the problem is introducing programs that would help improve financial literacy among students and their parents. By educating students and their parents on how to properly budget, college could seem to be more affordable than previously thought (Holland par. 34). Another solution, based on an article, is making students responsible only for the principle in a loan and making public colleges pay the interest. This would cause colleges to lower their costs since this gives colleges incentives to make college cheaper, because colleges don't want to pay interest on their

I think the article gives a good constructive way to budget. Considering that I’m interested in the educational field and being involved in the community, the article is informative with letting me know how to organize an educational setting using a model. Also, the article talks about how the different situations can calculate on what brings in revenue. For example, as said by Redlinger and Valcik (1983), “Coupled with other measures (including teaching evaluations, class dropout rates, and measures of student learning), our return on involvement (ROI) model creates a more robust means for continued and future allocation of campus resources and establishes the basis for performance evaluation publicly available to all those concerned” (pg. 1). Small schools are prone to having more pressure on them for funding.