Financial Futures

Strategic transformation team to lead next phase of Financial Futures

Anonymous — Mon, 07 Jun 2021 21:48:06 +0000

Strategic transformation team to lead next phase of Financial Futures Anonymous (not verified) Mon, 06/07/2021 - 15:48

Financial Futures, designed and launched to align campus resources with the university’s priorities and mission, is continuing through June 2023.

“As a campus, we have spent the last two and a half years building new capabilities to identify and rigorously test ideas for financial resilience and mission enhancement,” said Chief Operating Officer Patrick O’Rourke. “We will continue to develop the Financial Futures process as a way to support the vital work of Academic Futures, the Inclusion, Diversity, and Excellence in Academics (IDEA) Plan and other key priorities.”

More than 50 units on campus have implemented projects via Financial Futures. Examples include a project to increase undergraduate and graduate student access to mental health services, a project aimed to expand and strengthen areas of research collaboration between CU Anschutz and CU �鶹ӰԺ, a project to use in-house audio/visual design and engineering capabilities (instead of contractors) and a project to increase academic advising across campus.

Financial Futures projects captured approximately $30 million in fiscal year 2020. Looking ahead, the strategic transformation team estimates an impact of over $60 million in fiscal year 2021 and more than $100 million in fiscal years 2022 and 2023. According to Financial Futures tracking data, 80% of the projected impacts will be realized in colleges, schools and units.

“The work of Financial Futures is especially vital as we emerge from the challenges of COVID-19,” said Ann Schmiesing, executive vice provost for academic resource management and a lead for the Financial Futures initiative.

To support the more than 195 Financial Futures projects implemented since 2019, the cross-functional strategic transformation team, composed of staff who work in both Academic Affairs and Strategic Resources and Support (SRS), was formed in October 2020.

“We were very intentional about maintaining the reporting structure that bridges Academic Affairs and SRS,” Schmiesing said. “Our alignment and collaboration are key to the success of these projects and to realizing the projected gains for all levels of the campus.”

Carla Ho’a is CU �鶹ӰԺ’s chief financial officer and a Financial Futures lead.

“We are excited to continue development of the strategic transformation team as a campuswide resource for structured and informed decision-making to support campus strategic priorities,” said Ho’a.

Co-led by Abby Benson, associate vice chancellor for SRS, and Quentin McAndrew, assistant vice provost and executive director for strategic transformation, the strategic transformation team is charged with ensuring projects are able to deliver on strategic goals set for campus via mission alignment, cost savings, cost avoidance, and/or revenue generation. Benson will continue her role as chief of staff to O’Rourke and McAndrew will continue her role as executive director for academic and learning innovation for the CU �鶹ӰԺ online education team.

In addition to Benson and McAndrew, the team includes Gwen Evans and Christina Tenerowicz, who transitioned from the Office of Information Technology full-time to the transformation team as associate director and director of strategic transformation, respectively. Evans and Tenerowicz provide essential project management, business case development and project-tracking support for faculty and staff, serving as initiative sponsors, leads and project owners.

Other team members include Brian Danielson, senior strategy and business analyst, Jordan Pfannenstiel, budget analyst, and Kathryn Tisdale, director of communication and strategic initiatives, who provide business and financial analysis and communication support, respectively, as part of their existing roles on campus.

“We’re delighted to welcome Scott Jones, assistant director in Budget and Finance, who will be supporting our efforts starting in June 2021,” said Benson.

Of their work with Financial Futures stakeholders, McAndrew said, “It’s incredible to work with CU �鶹ӰԺ faculty and staff as they implement projects that are critical to our continued fiscal resilience. Their energy, creativity and dedication to CU �鶹ӰԺ is truly astounding.”

“I want to recognize the CU �鶹ӰԺ faculty and staff who have engaged in innovative thinking, commitment and collaboration in the Financial Futures journey so far,” said Provost Russell Moore. “Their efforts have resulted in projects that are already impacting our campus in important ways and will continue to do so in the months and years ahead.”

According to Benson and McAndrew, the strategic transformation team will lead an annual review of Financial Futures projects to be completed in fall 2021. More information is available at Financial Futures.

The next phase of the campus’s Financial Futures initiative, led by a cross-functional CU �鶹ӰԺ team, is set to occur through June 2023 with a focus on building the university’s financial resilience.

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Financial Futures launches extended, executive and next-gen workstream

Anonymous — Tue, 10 Mar 2020 17:17:52 +0000

Financial Futures launches extended, executive and next-gen workstream Anonymous (not verified) Tue, 03/10/2020 - 11:17

Financial Futures, the campus-wide strategic initiative working to further align strategic resources with CU’s mission as a comprehensive public teaching and research university, launched the Extended, Executive, and Next Generation workstream last month. The workstream, sponsored by Sharon Matusik, dean of the Leeds School of Business, and led by Quentin McAndrew, executive director of digital initiatives and assistant vice provost, seeks to identify mission-driven education opportunities that leverage the value of a CU �鶹ӰԺ education.

“The energy has been incredible,” said McAndrew, who hosted an idea review and listening session on Feb. 18 attended by CU faculty, staff and students. “The ideas being generated run a wide gamut, from a future of work hub to new admission and post-graduation pathways to an entrepreneurship program for artists and more.”

Matusik is excited about projects that leverage CU expertise in new ways. “There’s an increasing demand for accessing higher education in different ways and at different points in time in one’s career. That presents an opportunity for CU to leverage its academic excellence in a host of new ways for our community and beyond.”

Ann Schmiesing, executive vice provost for academic resource management and Financial Futures co-lead, agreed. “CU �鶹ӰԺ is uniquely positioned to offer innovative and specialized education opportunities that expand the reach of our incredible faculty expertise.”

Schmiesing recently provided an update on Financial Futures to department chairs and directors on Feb. 14.

“It’s especially heartening to see that the positive net impact being generated by Financial Futures projects will be realized across all levels of the university,” she said.

Two final workstreams, Capital Productivity and Working Capital, will also launch this spring.

Financial Futures opened with a diagnostic phase in August 2018 and moved into Solution Design in January 2019. To date, campus community members have generated over 570 ideas, engaged over 250 staff and faculty as project owners, and moved over 160 projects into implementation. Implemented projects are expected to generate approximately $82 million in projected fiscal year 2021 net impact.

Financial Futures, the campuswide strategic initiative working to further align strategic resources with CU’s mission as a comprehensive public teaching and research university, recently launched a new workstream.

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Financial Futures: Realizing gains for CU �鶹ӰԺ

Anonymous — Thu, 06 Feb 2020 18:14:29 +0000

Financial Futures: Realizing gains for CU �鶹ӰԺ Anonymous (not verified) Thu, 02/06/2020 - 11:14

One year into the solution design phase of the Financial Futures initiative, campus community members have generated over 570 ideas with the goal of aligning strategic resources more closely with CU �鶹ӰԺ’s mission as a public teaching and research university.

Join the next Financial Futures listening session

Join the Financial Futures Extended/Exec/Next Gen team in an interactive session where attendees will review and generate ideas to build CU �鶹ӰԺ’s financial resiliency through strategic alignment to our mission.

Who: CU �鶹ӰԺ students, faculty, and staff
What: "Extended, Executive, and Next Generation Education: A Financial Futures Listening Session"
When: Wednesday, Feb. 19, 3 to 4 p.m.
Where: University Memorial Center, Room 425

Learn more

After passing through a robust testing and refinement process, these ideas have yielded over 160 projects approved for implementation by campus leadership. Collectively, approved projects are projected to generate significant net impact for campus in fiscal year 2021 and beyond.

In addition to positive financial implications, CU �鶹ӰԺ’s faculty, students and staff will benefit from projects that are aimed at, for example, better supporting research, expanding academic advising and improving vendor contracts.

A mechanism for resourcing projects and themes developed through strategic campus initiatives like Academic Futures and Foundations of Excellence, Financial Futures also “leverages ideas that bolster the most essential elements of the university’s mission, while also investing in new ideas that staff and faculty have long wanted to test,” said Carla Ho-a, chief financial officer for CU �鶹ӰԺ.

Visit t he Financial Futures webpage to learn more about projects and to submit questions or ideas of your own.

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The future of Financial Futures

Anonymous — Tue, 10 Dec 2019 19:51:33 +0000

The future of Financial Futures Anonymous (not verified) Tue, 12/10/2019 - 12:51

In December 2018, CU �鶹ӰԺ launched the solution design phase of the Financial Futures initiative. During the course of the past 12 months, more than 300 faculty, staff and students have generated more than 500 ideas focused on improving CU �鶹ӰԺ’s financial resiliency and delivering on its mission as a tier-one public research institution. More than 220 staff and faculty have engaged as project owners, leads and sponsors in implementing approximately 150 projects selected based on their ability to strategically align CU �鶹ӰԺ’s resources with its mission.

“As students, faculty and staff prepare to close out another successful fall semester and look toward a new semester and a new year, Financial Futures is also at an inflection point,” said Carla Ho-a, vice chancellor and chief financial officer, as well as Financial Futures co-lead. “What began as an initiative is proving to be a robust, data-informed process by which the best ideas from all areas of the campus can be reviewed, prioritized and implemented.

In spring and summer 2020, we will focus on transitioning this process from the Financial Futures initiative to a more regular, ongoing manner of aligning our resources with our mission,” continued Ho-a.

In November, Financial Futures leadership hosted events for project owners, leads and sponsors to share feedback on their Financial Futures involvement and to identify opportunities to strengthen the current process.

Ann Schmiesing, executive vice provost for academic resource management and Financial Futures co-lead, was thrilled with the turnout. “More than 100 people attended to provide feedback. One of the main themes that emerged is how valuable those who have been involved in Financial Futures have found the initiative,” said Schmiesing. “Looking ahead, we have an opportunity to engage more faculty and staff in the process.”

Eric Klinger, associate faculty director of the Writing Center and a Financial Futures project owner, is impressed with the Financial Futures process. “It brings key stakeholders together to understand how solving financial issues can improve student outcomes and make our efforts as educators and administrators more productive and sustainable,” said Klinger.

“I appreciate the openness of the dialogue and the willingness to challenge old ways of thinking and address longstanding shortcomings of our current budgeting process,” he said.

Klinger’s project proposes to stabilize funding for the Writing Center by providing additional resources to be dedicated to improving services while also meeting increased student demand.

“A thriving writing center is a campus resource that cultivates students’ academic abilities and connections to the university environment,” said Klinger. “It has been refreshing to share details of my work and its outcomes candidly with administrators who care deeply about making CU �鶹ӰԺ a better value for students.”

Ho-a, Schmiesing and other members of Financial Futures leadership plan to host a transition-focused event in the spring. If you have ideas or feedback about Financial Futures, please let us know by providing your feedback on the Financial Futures website.

What began as an initiative is proving to be a robust, data-informed process by which the best ideas from all areas of campus can be reviewed, prioritized and implemented. In 2020, we will focus on transitioning to a more regular, ongoing manner of aligning our resources with our mission.

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Financial Futures hits milestones—more than 150 projects approved for implementation

Anonymous — Tue, 05 Nov 2019 19:28:57 +0000

Financial Futures hits milestones—more than 150 projects approved for implementation Anonymous (not verified) Tue, 11/05/2019 - 12:28

At just over one year since its launch, Financial Futures has reached some noteworthy milestones: more than 225 project owners from over 50 departments and units across campus and the CU system have generated over 500 ideas to align strategic resources to our mission. To date, over 150 projects have been approved for implementation.

The Oct. 24 town hall featured projects moving through implementation, newly approved projects and other initiative updates. Here are a few highlights:

Expanded first-year academic advising: In support of Foundations of Excellence recommendations, the campus is implementing a first-year advising model to support student success. Hiring is underway to add additional first-year advisors across all CU �鶹ӰԺ colleges and schools.
Biological Research Technology Resource Center: This campus-wide facility provides dedicated space and equipment to conduct interdisciplinary biological research. Since its establishment in July, the space has trained and supported users from CU �鶹ӰԺ, in addition to those from other CU campuses, Anschutz and local biotech/industry.
Adobe Creative Cloud contract renegotiated: To leverage the scale of users and the total cost to the CU �鶹ӰԺ campus, the Office of Information Technology renegotiated its contract with Adobe, resulting in deeply discounted software pricing for faculty, staff and students.

For Mike Viola, IT category manager for the CU system, the Adobe Creative Cloud project is especially exciting. “It’s rare that I get to see the impacts of my role so directly,” says Viola. “The renegotiated contract with Adobe brings the cost of the Creative Cloud suite down to a fraction of the original cost for students, staff and faculty.

“Too often, administrative offices in higher education limit ‘enterprise’ considerations to staff and faculty. This project intentionally put students at the center, and in so doing we were able to create cost savings for CU �鶹ӰԺ and its students,” says Viola.

“The lower cost of Adobe is extremely helpful for me,” says Max Kitay, a CU �鶹ӰԺ student pursuing a bachelor’s of science in technology, arts, and media. “I use Adobe Creative Cloud in classes each semester, and the lower cost allows me to allocate those funds elsewhere in my life.”

“Financial Futures created a collaborative environment that allowed me to work more with people on the campuses. It was fun, and it made me appreciate my role more,” says Viola. He and his CU �鶹ӰԺ project partners are working with faculty and students to spread the word about the new, low-cost licenses. He’s also got his sights set on an even lower cost option in the future.

“Financial Futures shows what can be accomplished when we’re looking at things from an enterprise level. We’re more powerful together,” says Viola.

For Max Kitay, there’s another upside. “It’s nice knowing that CU staff are looking for ways to help students spend less on college. It really shows that the university wants students here and wants them to have the resources to be successful.”

Students can purchase the Adobe Creative Cloud from the CU Book Store for only $65 for the remaining 2019 license year (through June 30, 2019.)

Expanded first-year academic advising, a renegotiated Adobe Creative Cloud contract and the new Biological Research Technology Resource Center are among the highlights for approved Financial Futures projects.

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Financial Futures: Community-generated ideas impacting campus

Anonymous — Tue, 01 Oct 2019 17:02:36 +0000

Financial Futures: Community-generated ideas impacting campus Anonymous (not verified) Tue, 10/01/2019 - 11:02

Financial Futures continues its focus on supporting and enhancing the mission of CU �鶹ӰԺ through strategic resource alignment. Projects include improving the transfer student experience, refining construction project processes, removing barriers related to collaborative research and more.

To date, the initiative has engaged more than 225 project owners from 50 units across campus to develop these ideas into potential projects. More than 200 projects have already been reviewed, and 142 projects have been approved.

Here are highlights of two projects that are well underway:

Adobe Suite contract renegotiated to a fixed price: In a concerted effort to leverage the scale of users and the total cost to the CU �鶹ӰԺ campus, the Office of Information Technology renegotiated its contract with Adobe, resulting in deeply discounted pricing.
Additional advisors hired for first-year students: In support of Foundations of Excellence recommendations, the campus is implementing a first-year advising model under Vice Provost and Associate Vice Chancellor for Undergraduate Education Mary Kraus. Hiring is underway for additional advisors across the undergraduate colleges and schools, significantly reducing the advisor caseload.

Financial Futures leadership will host a town hall on Oct. 24 to share updates and future plans with the campus community.

Financial Futures has engaged more than 225 project owners from 50 units across campus to develop ideas into potential projects. A total of 142 projects are approved to date.

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Teaching and technology, online and distance education

Anonymous — Tue, 03 Sep 2019 21:23:31 +0000

Teaching and technology, online and distance education Anonymous (not verified) Tue, 09/03/2019 - 15:23

Academic Futures recommended a comprehensive approach to teaching with technology and reimagining online and distance education as one of four lead projects, and the concept figures prominently as a guiding principle of space planning and resource support in Strategic Facilities Visioning and Financial Futures.

Later this week, the campus will announce a path forward on this project, responding to the recommendations of the Academic Futures-Financial Futures Online Strategy Working Group and to the philosophy statement on Teaching Excellence Independent of Modality adopted last year.

The teaching with technology, online and distance strategy, when fully enacted, will expand the opportunities for learning for CU students wherever they are, using educational technology to promote equity and accessibility and giving CU �鶹ӰԺ faculty a dynamic tool to leverage their research, scholarship and creative work via exciting new modalities.

The path forward will also establish a baseline culture of innovation regarding online teaching and excellence, continuously adding to the teaching options faculty enjoy.

This furthers the public good in myriad ways: first and foremost by placing the combined excellence of CU �鶹ӰԺ’s globally ranked faculty into the hands of students at CU �鶹ӰԺ —helping them to earn their degrees more quickly and with less debt—and then extending these resources to students all over the world, providing intellectual resources to fuel both personal advancement and community development.

Academic Futures recommended a comprehensive approach to teaching with technology and reimagining online and distance education as one of four lead projects.

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Other Academic Futures project updates

Anonymous — Tue, 03 Sep 2019 21:22:52 +0000

Other Academic Futures project updates Anonymous (not verified) Tue, 09/03/2019 - 15:22

Throughout the year, we will continue to make progress on the other Academic Futures’ themes and projects:

Governance

The Academic Futures Report, reflecting a campus desire for stronger and more clearly defined governance structures, called for every school and college to review its governance structure to ensure that it was meeting the needs of faculty, staff and students.

To that end, over the 2019-20 academic year, Provost Russ Moore charged CU �鶹ӰԺ’s deans with developing more comprehensive governance structures in their schools and colleges. The goal is to develop more unified governance approaches at the college and school level, develop a governance ecosystem where units can learn from each other, and together find opportunities to support the important work of the �鶹ӰԺ Faculty Assembly.

Ensuring that campus maintains governance bodies that are recognized by faculty as representative of their ideas, concerns and input are touchstones of successful shared governance and work toward greater openness—values that serve the public good.

Campus success: physical resources

Strategic Facilities Visioning provides the foundation for physical infrastructure planning needed for CU �鶹ӰԺ to carry out its mission, serve its constituents, and successfully execute on all of the priority themes and projects from Academic Futures.

The work of the Strategic Facilities Visioning team over the past year is culminating this fall in the development and refinement of a data-rich planning tool that will help our campus leadership make the most meaningful and impactful infrastructure investment decisions in support of the campus mission and the strategic priorities emanating from Academic Futures.

This tool will also play a vital role in testing and evaluating different facilities scenarios as we embark on creation of the next Campus Master Plan over the next two years.

What it means to be a public university today

What it means to be a public university today is a question deeply embedded in Academic Futures and in our daily activities of research, scholarship, creative work, teaching and service.

It finds meaning in the questions of faculty surrounding shared governance, research, and outreach and engagement with the public. It is a core question for students, relating to affordability, and the value and utility of a public research university degree. It is found in the questions of staff regarding openness, transparency, partnership and fulfillment in daily work, and most certainly, in the questions of a skeptical public on affordability, purpose and return on investment.

Throughout the third year of Academic Futures, the campus will address this theme in its input to leadership on initiatives such as Interdisciplinary Teaching, Research, and Creative Work; in the faculty discussions and responses to re-envisioning governance; and in administrative statements on policy and programmatic directions.

Later this year, Academic Futures will submit to the campus a new proposal to revitalize and re-envision the engagement of faculty, staff and students with communities, demonstrating the values of the university community, the value of its people, and the potential of a public university in elevating the public good.

Sustaining, supporting and inspiring our community

Under the IDEA Plan, we are creating commitments to diversity, equity and inclusive excellence that will sustain, support, and inspire our research, scholarship, creative work, teaching and service.

These efforts will also have direct benefits for diverse communities and individuals outside the university, improving their access to CU �鶹ӰԺ resources, programs and communities of expertise and practice, furthering the public’s faith in the university, its engagement with the university, and its confidence that the university is representative of the public it represents.

For example, innovations such as the Center for Teaching and Learning, called for in Academic Futures, Foundations of Excellence, and the IDEA Plan, will support and inspire our community with resources and opportunities to hone teaching skills, practices and holistic growth.

Internationalizing our campus

Unifying the university’s efforts around international education, learning, research and scholarship is a recommended project of Academic Futures, with benefits for students, faculty, and local and international publics. Look for next steps on this project later this year.

Learn more about projects including governance; campus success; what it means to be a public university; sustaining, supporting and inspiring our community; and internationalizing the campus.

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Academic Futures year-3 implementation: Enacting our commitment to furthering public good

Anonymous — Tue, 03 Sep 2019 20:02:37 +0000

Academic Futures year-3 implementation: Enacting our commitment to furthering public good Anonymous (not verified) Tue, 09/03/2019 - 14:02

As CU �鶹ӰԺ enters into year three of the Academic Futures initiative, our implementation begins in earnest. Campus will experience the integration of our strategic initiatives—Foundations of Excellence, IDEA Plan, Strategic Facilities Visioning—into Academic Futures’ projects and themes, driving toward the central theme of Enacting Our Commitment to Furthering the Public Good. 

Financial Futures will continue to be a complementary initiative, as its purpose is to support the mission of CU �鶹ӰԺ through strategic financial alignment.

Our focus this year is on four priority projects: 

Creating a common student-centered approach to teaching and learning
Making excellence inclusive

Teaching and technology, online and distance education
Interdisciplinary teaching, research and creative works

We will also continue to make progress on the other themes and projects in the Academic Futures report, including how our Strategic Facilities Visioning initiative will provide the physical infrastructure support needed to successfully execute the priority themes and projects. 

As the third year of Academic Futures progresses, campus is encouraged to help rethink the future of learning and discovery:

Visit the Strategic Initiatives webpage  
Read updates on Academic Futures, Financial Futures and related strategic initiatives in CU �鶹ӰԺ Today
Watch for special events, town halls and other opportunities to engage in person

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Financial Futures: Community-generated ideas are creating impact

Anonymous — Tue, 03 Sep 2019 17:58:15 +0000

Financial Futures: Community-generated ideas are creating impact Anonymous (not verified) Tue, 09/03/2019 - 11:58

Financial Futures will continue its focus in fall 2019 on supporting and enhancing the mission of CU �鶹ӰԺ through strategic financial alignment.

The diagnostic phase of Financial Futures began in August 2018 and included analysis of historical performance, peer benchmarking and interviews with more than 100 campus stakeholders and leaders. These activities provided the information needed to identify and prioritize areas of opportunity for the solution design phase, which began in January 2019.

The solution design phase invites faculty, staff and students to design projects focused on aligning our resources to our mission. Projects range from improving the transfer student experience to refining construction project processes to removing barriers related to collaborative research and more.

To date, faculty and staff have generated more than 430 ideas. The initiative has engaged more than 170 project owners from 40 units across campus to develop these ideas into potential projects. Over 160 projects have been reviewed so far and 110 projects have been approved.

This effort has generated millions in projected recurring annual financial impact across all categories and includes new revenue generation, cost savings and cost avoidance. This keeps the university’s resources focused on mission and helps to serve the public good amid changing fiscal times.

Financial Futures will host a town hall in October focusing on the impacts it has made on key Academic Futures priorities, including online and distance education and student-centered approaches to teaching, learning, and operating. Financial Futures leadership will also announce the next workstreams ready for launch and share progress updates.

Financial Futures will continue its focus in fall 2019 on supporting and enhancing the mission of CU �鶹ӰԺ through strategic financial alignment.

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