Message from Chancellor King on University Financial Assessments
UW-Whitewater community,
Over the last eight months, the Universities of Wisconsin have engaged with a third-party consultant to conduct financial assessments of each campus. The goal of this project is to provide necessary data and context for universities to address structural budget deficits, both in terms of reducing expenses and generating revenues.
In the spirit of “Warhawk Bold,” we were the first university to raise our hand and engage in the process. Our Strategic Planning and Budget Committee informed the work by providing critical feedback during this engagement.
Assessments for seven universities, including UW-Whitewater, were publicly released today. They are meant to serve as additional tools to achieve continuous improvement and success as we navigate an ever-changing environment for higher education.
At last month’s State of the University Address, I highlighted the five major “opportunity” areas for UW-Whitewater outlined in this financial assessment. They are:
- Improve retention by enhancing the student journey
- Diversify our enrollment strategy
- Develop a policy-based approach to academic portfolio
- Leverage Rock County to achieve UW-Whitewater’s strategic vision
- Create a culture of urgency and accountability
These five opportunities align well with the strategies we have already established as part of ongoing efforts to move UW-Whitewater forward. They include:
- Strategic planning (15 action items/teams are executing this work university-wide.)
- Academic planning (This collaborative work on academic programs and policies is led by the faculty and Provost John Chenoweth.)
- Budget planning (Vice Chancellor for Finance and Administrative Affairs Brenda Jones and Assistant Vice Chancellor of Financial Services Trisha Barber are leading efforts to address our structural deficit and strengthen our finances.)
In terms of next steps, the Strategic Planning and Budget Committee will dedicate their next meeting on April 15 to discuss the university financial assessment and identify ways it can:
- Serve as a tool toward our continuous improvement initiatives, which include advancing the university's strategic plan.
- Guide our continuing process in addressing our budgeted structural deficit and recognizing investment opportunities.
- Focus on our continued commitment to enrollment growth and inclusive education through the work of both our current strategic plan and academic plan.
- Provide a landscape to recognize our continued urgency to move forward and implement our ongoing initiatives and plans.
Accomplishing these goals will continue to require individual and collective efforts across both our Whitewater and Rock County campuses. I deeply appreciate the work completed to this point, and look forward to further collaborations as we secure an even brighter future for UW-Whitewater.
Corey A. King
Chancellor