Declining enrollment and revenue are problems facing many small liberal arts colleges that depend mainly on tuition for funding. Omega College is an example of those challenges because of two competitors (within 20 – 50 miles driving distance) – a community college and a state regional college campus. Another shortfall is that the college only offers limited classes for part-time students, and a limited master’s degree program (Barr & McClellan, 2011). Although the college has reached out to the community college to acquire transfer students and it is participating in the University and College Network (U-Can), these actions are not enough to solve the crisis. As a result of these problems, the administration has appointed a strategic planning committee to “develop a five-year financial plan, develop a better academic plan to increase options and opportunities, and develop an aggressive plan of advancement of the college” (Barr & McClellan, p. 186). If I were a member of the administration, I would ask the
Committee to consider: 1) what types of budgeting is needed; 2) what type will work best; 3) and what strategies need to be implemented to meet the needs of the institution (Barr & McClellan, 2011). This essay will explore and make suggestions for improving funding and enrollment for Omega College based on the three questions above.
Considering the problems and what the administration wants to accomplish will require a combination of budgeting strategies which should begin with an All Funds Budget that is a holistic system that takes into account all forms of revenue and expenses and gives an overview of the institution’s current budgeting woes. To carry this inquiry a step further, a Zero-ba...
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...volved to listen to the advice of the other, establish a network, keep in touch, and be sure to develop and tailor the learning community to fit the culture of the university and the community at large. (On the experience of creating learning communities, 1999).
After scrutinizing the situation in which Omega College finds itself in need of funds and students, I find that is has been negligent and has overlook many opportunities to engage the community at large to encourage enrollment and financial support. The college needs to reach out to the community at large to learn what courses are needed for students to obtain employment after graduation, offer extension services for mentoring, and collaborate with the community to sponsor cultural events. It also needs to tailor its financial system bearing in mind its future advancement in the academic world.
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