Goal Two
Goal Summary Name: Maximize Fiscal Solidity
Goal Description: This goal seeks to enhance the stability of the campus’ finances to ensure its long-term sustainability and viability.
Objective Name: 2.1
Objective: Boost enrollment (recruitment and retention)
Objective Years:
January 1, 2021-June 30, 2025
Start Date:
January 1, 2021
Target Completion Date:
June 30, 2025
Key Performance Indicators:
- Recruitment and Retention Strategies will yield gains in recruitment and retention
- Enrollment will increase on a yearly basis
- Retention rates will improve yearly
Objective Mapping:
- Foundation: F1 Enabling Access to Education
- Thematic Priority: TE 4 Prepare our students for success in their careers and in life
- Thematic Priority: TE5 Partner more effectively with pre-college educators
- Supporting Element: OP1 Improve the design, oversight, integration, and effectiveness of organizational processes
- Supporting Element: OP2 Establish processes for continual institutional assessment, improvement, and innovation, including more systematic review of administrative and academic organizational performance and financial stewardship
- Supporting Element: CO1 Focus on impact through partnerships
- Supporting Element: CO2 Provide expanded access to Penn State resources
- Supporting Element: CO3 Promote contributions through strategic communication.
Action Item:
2.1.1 Attract, recruit, and enroll quality admissible students by utilizing recruitment best practices to increase enrollment by 3.5% service area students each year.
Action Item:
2.1.2 Maximize recruiting efforts to attract quality student-athletes. (See Department of Athletics Recruitment and Retention Plan)
Action Item:
2.1.3 Increase out-of-state high school visits by 30 additional schools to increase overall out-of-state enrollment by 10% per year.
Action Item:
2.1.4 Build relationships with local and regional community colleges through articulation agreements, visitation, and marketing.
Action Item:
2.1.5 Explore opportunities to bring campus recruitment events, program coordinators, faculty, staff, and speakers to the high schools to strengthen relationships and help with recruitment opportunities.
Action Item:
2.1.6 Assess recruitment activities and data for better outcomes.
Action Item:
2.1.7 Enhance Penn State Mont Alto’s information session and visitation experience.
Action Item:
2.1.8 Build on retention efforts through collaboration with other campus offices.
Objective Name: 2.2
Objective: Promote efficient resource management (people, funds, assets, etc.).
Objective Years:
January 1, 2021-June 30, 2025
Start Date:
January 1, 2021
Target Date:
June 30, 2025
Key Performance Indicators:
- Pilot departments will gain time back to focus on strategic initiatives within their department
- Mission-critical initiatives will be accomplished timelier
- Budgetary cost savings/additional revenue streams
- Communications with partners through periodic meetings/events
- Zero-based budgets proposed by all campus departments, annually
Objective Mapping:
Supporting Elements:
- OP2: Organizational Processes
- CO1: Constituent Outreach & Engagement
- IS1: Infrastructure & Support
Action Item:
2.2.1 Explore and evaluate centralized purchasing on campus to optimize procurement.
Action Item:
2.2.2 Continue to identify, develop, and implement innovative cost-savings opportunities.
Action Item:
2.2.3 Review existing and establish new partnerships with local communities.
Action Item:
2.2.4 Implementation of zero-based/bottom-up budget approach across campus departmental budgets.
Objective Name: 2.3
Objective: Grow campus philanthropy/development.
Objective Years:
January 1, 2021 - June 30, 2025
Start Date:
January 1, 2021
Target Date:
June 30, 2025
Key Performance Indicators:
- Annual increase of permanent endowment monies available for campus use
- Increased student enrollment with support from scholarships (aligns with UN SDG #4: Quality Education- Ensure Inclusive and Equitable Quality Education)
- Broadening of the campus donor base
Objective Mapping
- Foundation: F1 Enabling Access to Education for students
- Foundation: IS5 Align fundraising to address specific needs
Action Item:
2.3.1 Secure a minimum of $600,000 in total philanthropic support for the campus each fiscal year (ending annually on June 30).
Action Item:
2.3.2 As part of total philanthropic support, add a minimum of $250,000 to the campus endowment pool each fiscal year (ending annually on June 30).
Action Item:
2.3.3 Add or increase the giving of five or more faculty/staff donors each year. (Within each fiscal year; July 1-June 30) (Starting number of employee donors in 7/2020 = 52 donors)
Action Item:
2.3.4 Add a minimum of $15,000 to the campus arboretum endowment each fiscal year.
Action Item:
2.3.5 Add a minimum of $10,000 each fiscal year to the book value of the campus Student Hardship Endowment. (Starting value on 7/2020 = $140,551)
Action Item:
2.3.6 Each fiscal year (July 1- June 30) add a minimum of $25,000 to the book value of the Miner Choir Endowment. (Starting value on 7/2020 = $175,000)
Objective Name: 2.4
Objective: Increase revenue streams by seeking new sources of income and expanding on current revenue streams.
Objective Years:
January 1, 2021 - June 30, 2025
Start Date:
January 1, 2021
Target Completion Date:
June 30, 2025
Key Performance Indicators:
- Addition of new identified revenue sources Expansion of existing revenue sources such as facilities rentals, camps, conferences, and Continuing Education revenue
Objective Mapping:
- F5 – Driving economic development
- CO2 – Provide expanded access to Penn State resources
- NTP – No Thematic Priorities
- NSE – No Supporting Elements
Action Item:
2.4.1 Implement a formal process to work with campus units to identify new and emerging opportunities that will lead to an increase in revenue streams.
Action Item:
2.4.2 Seek ways to expand Continuing Education portfolio to add new programs by sharing content with other campuses and identifying regional opportunities.