Cost-Effective Exclusives

Three new articles in the Online Only section of University Business magazine's website may vary by topic but they all touch on the importance of keeping costs in check. They accompany the May issue.

- " 'The Flu Shot' for Your Endowment"
Like the cold/flu season, no institution is completely immune to the fiscal effects caused by the economic downturn. However, the current times are not entirely to blame. Timothy C. Phillips, founder and CEO of Phillips & Company, a wealth management firm, writes that heavy losses for foundations and/or endowments can be just as much a result of poor decision making. Phillips defines three key factors that can lead to tragic financial mismanagement and what officials should do instead.

- "A Cost-effective Approach to Building University Residence Halls: Four Case Studies"
Getting a structural engineer involved early on in the construction of a residence hall not just helps with scheduling, but can also aid with cost-related decisions such as purchasing the appropriate building materials. Stephen Metz, the P.E. principal at Shelley Metz Baumann Hawk, a full-service structural engineering firm, tells how three Ohio universities and one college carried out this idea successfully.

- "Do Less with Less (Because we’re probably not going back to having more…)"
Budget cuts, increased workloads, and personnel changes are among the reasons for administrative departments having to take on a "doing more with less" business approach. Yes, Kent Sipes understands. In his piece though, he argues that this notion doesn't necessarily mean that an institution's valued customers, i.e., students, have to suffer. A communications and training consultant at CedarCrestone, Sipes suggests that perhaps a college or university can better serve them by behaving more intelligently. He explains what can be done.