Our client’s need
A higher education institution needed help to perform a diagnostic review and evaluation of its operations to identify high-opportunity functional and programmatic recommendations for improving its fiscal position. At the time, the institution was working on accreditation of their Master's program.
Baker Tilly solution
Baker Tilly interviewed senior leadership and other personnel and analyzed key financial and operational data, including financial indicators and ratios. We evaluated the business plan and performed targeted financial analysis of academic programs and non-academic departments. We also evaluated the institution's approach to grant management and indirect cost allocation methodology, including related government findings/results, and finally, summarized options for cost reduction, revenue enhancement or alternative sources of funding.
Executive leadership and board members received specific observations to assist them in developing management action plans. The institution received targeted recommendations and guidance related achieving accreditation of a master’s program to further the its position as a leader in the field, optimization of the academic staffing and scheduling model for improved fiscal performance, and recognition of and adaptation to changing market conditions for academic and non-academic offerings to ensure long-term sustainability. We also provided a recommendation to centralize government and grant funding-related financial data to:
- aid in fiscal management
- develop detailed financial projections and strategic plans for key programs and initiatives to optimize resource allocations and decision-making in support of the institution’s mission and objectives
- implement enhancements for fundraising activities and communications with the alumni network.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.