Full Description
Smart financial management means more students served Community College Finance provides an introduction to best practices for community college leaders and their boards, with guidance on the complex regulations, processes, and considerations surrounding the financial management of these unique institutions. As community colleges continue to increase in importance, this book provides non-technical yet extensive information to guide current and future leaders toward the establishment of effective processes to secure and maintain the funding that is so crucial to the education and future of millions of students nationwide. Readers will gain insight into the background and foundation of community college finance and learn the essentials of practice in today's economic and political climate. The discussion covers student financial aid, tuition, budgeting, and more, and explores the future of federal policy and what it means for the institutions that play such a critical role in the nation's educational system.
Over eight million students attend more than a thousand community colleges in the United States today, and those colleges are now facing the retirement of their founding generation of leadership. Meanwhile, the balance between traditional funding sources is shifting as new models and approaches are being implemented, and comprehensive, guiding resources are lacking. This book fills that need with expert insight reflecting current realities and a true understanding of the challenges community colleges face. Readers will:
Delve into factors affecting funding and the cost of attendance
Develop a budgeting style and process that serves the institution
Learn to manage fiscal crises effectively without reducing standards
Consider the future of federal policy and how it will affect budgeting
At a time when a difficult economy raises questions about the value of higher education, the value that community colleges offer becomes ever more clear. Community College Finance provides the guidance leaders need to help their institutions flourish.
Contents
List of Figures and Tables ix
Acknowledgments xiii
Preface xv
About the Authors xxi
Sources of Revenue
1. Factors Influencing Community College Finance 3
2. The Shifting Balance of Revenue 23
3. Institutional Support 41
4. Tuition and Fees and the Cost of Attendance 59
5. Student Financial Aid 77
6. Infrastructure and Funding Issues 93
Expending Fiscal Resources
7. Institutional Expenditures 113
8. Aligning Mission and Money 131
9. Costs, Efficiency, and Productivity 149
10. College as an Investment 165
Leadership Resources
11. Funding Formulas 185
12. Setting Prices 199
13. Managing a Fiscal Crisis 217
14. Tenets of Advocacy 229
15. Future Forces in Community College Finance 243
Appendix: Principles of Taxation 255
References 269
Index 291
