Cost Containment and Revenue Enhancement Initiatives
- Public-private partnerships – Contracts with a
private entity that permits the private entity to assume full financial and
administrative responsibility for the on-campus construction, reconstruction,
repair, alteration, improvement or extension of a building, structure, or
facility of the institutions; the private entity finances the entire project;
the college/university retains full ownership of the land upon which the
project is completed. Such projects at
NJASCU institutions in recent years represent investments totaling an estimated
one billion dollars.
- Development campaigns – In recent years, NJASCU
institutions have ramped up fundraising efforts and raised millions of dollars
dedicated to supporting student scholarships and fellowships, and campus
- Facilities rentals – University athletic facilities,
meeting rooms, dormitories, conference space are marketed as rental sites
during off-season and off-peak times.
- NJEdge – As a member-driven, non-profit technology
consortium of academic and research institutions in New Jersey, NJEdge provides
to its members valuable technology savings, such as Internet circuit
provisioning and reduced VMWare consortium-based licensing costs.
- Virtual Academic Library Environment of NJ
Inter-institutional information connectivity and collaborative library offers
greater access to scholarly information for less money.
- Purchasing cooperatives – This practice provides
both cost avoidance and cost savings, depending on the specific goods or
services being procured.
- Energy efficiency initiatives.
- Basic budgetary belt-tightening – including streamlining staff, refinancing debt, and using in-house, rather than out-sourced, service providers for such jobs as institutional research analytics and web-based video production.
- Accelerated five-year combined
bachelor’s/master’s degree programs.
- Community college partnerships – Different types of
partnerships with community colleges make college more affordable for students,
such as providing seamless transfers without the loss of time or credit.
- Continuing studies course expansion – The non-degree course
offerings provide additional credentials for adult learners to accelerate their
- Student advising initiatives – such as DegreeWorks –
systems for student advising, helping to keep students on track to finish their
degrees in four years.
January 9, 2019