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University CXO Summit 2013: Mark G. McNamee Interview


How Universities Can Overcome Budget Cuts








 
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Dr Mark G. McNamee, a speaker at the upcoming marcus evans University CXO Summit 2013, on how universities can become more financially healthy.

Interview with: Dr Mark G. McNamee, Senior Vice President and Provost, Virginia Tech


FOR IMMEDIATE RELEASE


Despite budget cuts and various cost-cutting measures in recent years, Virginia Tech has continued to grow and expand its academic and research programs, says Dr Mark G. McNamee, Senior Vice President and Provost, Virginia Tech. What helped the most to achieve that, according to Dr McNamee, was having a clear strategic message that they put front and center throughout all the challenges that came their way. “I would advise university leaders to come to an agreement on their most important goal for however long they can plan for, and to stick to it. Focusing on a single goal enabled us to work our way through, and not lose momentum or change direction at any point,” he added.


A speaker at the marcus evans University CXO Summit 2013 in Atlanta, Georgia, February 11-12, Dr McNamee draws our attention to the initiatives and strategies that are allowing Virginia Tech to continue to grow in today’s challenging times.


How can universities overcome budget cuts?  What strategies could you share from Virginia Tech?


This is a very hot topic today, as we have reached a point where state funding will be stable at best, and there is pressure to moderate tuition increases. We are focused on finding revenue enhancing strategies that are different from the traditional ones. We are considering creating some innovative marketable masters programs for which we could charge appropriately and recover excess revenues. We may also add some premium tuition surcharges to high demand programs, which would provide a modest but sustainable increase in revenues.


At Virginia Tech, we have been very proactive in developing auxiliary enterprises, activities outside our core function that have the potential to generate revenue. For example, we own two hotel and conference centers. We have a research building in Arlington that can seek and support contracts and grants on a different scale than is typically available to a university. These are just a few examples of how we get new revenues to flow in.


Have you identified any cost-cutting opportunities that other universities overlook?


Cost cutting is the other side of the coin. We have been through multiple rounds of state budget cuts since 2000, so we have had to pay very close attention to costs. A number of administrative services have become electronic; we have outsourced our facilities’ renovation and maintenance operations, and restructured internal functions. That does not always save us money immediately, but it does put a brake on future cost rises.


On the academic side it has been challenging, as we have been trying to grow the size and scope of our research programs. Although tuition fees have increased in the past ten years, state funding has decreased. However, we have managed to keep the total cost of education constant, which required innovative steps at every level.


Two things have served us well: the decision to outsource renovation projects and to run the residential and food programs ourselves. We have more control on costs. Even as tuition fees have increased, the total cost to students is still a very good value. Many universities are charging a lot more for housing and food than they need to.



Contact: Sarin Kouyoumdjian-Gurunlian, Press Manager, marcus evans, Summits Division


Tel: + 357 22 849 313
Email: press@marcusevanscy.com



About the University CXO Summit 2013


This unique forum will take place at the Ritz Carlton, Buckhead, Atlanta, Georgia, February 11-12, 2013. Offering much more than any conference, seminar or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event.


For more information please send an email to info@marcusevanscy.com or visit the event website


marcus evans group – general business portal


Please note that the Summit is a closed business event and the number of participants strictly limited.


About marcus evans Summits


marcus evans Summits are high level business forums for the world’s leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com


          Image may be NSFW.
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          Image may be NSFW.
Clik here to view.
          Image may be NSFW.
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All rights reserved. The above content may be republished or reproduced. Kindly inform us by sending an email to press@marcusevanscy.com


 


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