Understanding the University’s Financials
Over the course of the next two weeks, Financial Services and Human Resources will host campus-wide learning sessions to provide students, faculty, and staff with an update on the University’s budget-planning process, projections for upcoming fiscal years, and a closer look at the financial dynamics that are influencing higher education institutions.
The conversations will center on information presented at the recent Board of Trustees meeting and include:
- An update on the results of Fiscal Year 2017—closed on June 30, 2017—and a preliminary forecast for Fiscal Year 2018
- Details on the key financial drivers of the budgeting process—including undergraduate and graduate enrollments, levels of merit- and need-based scholarships, the University’s discount and tuition rates, and staffing levels—and how the University reinvests its positive results of operations each year
- Projections for Fiscal Year 2019 and beyond, including options the University is considering to improve budget projections and opportunities for investment and innovation
- Discussion around how the campus community can positively impact the University’s financials
As Dr. Rooney has stated, Loyola is a fiscally healthy institution. However, to remain healthy, meet rising expenses, and to honor the University’s commitment to minimize tuition increases, we must commit to planning ahead. We have a unique opportunity to utilize the time remaining in this fiscal year to be strategic and thoughtful as we identify opportunities for better alignment of our expenses in preparation for the beginning of Fiscal Year 2019.
Loyolans are encouraged to take advantage of this time for additional transparency and ownership of the budgeting process by attending one of the upcoming sessions. Each event will run for one hour, with 30 minutes set aside for questions, on the following dates and in the following locations. Presenters will include Wayne Magdziarz, senior vice president and CFO/CBO, and Winifred L. Williams, PhD, vice president for human resources and chief diversity and inclusion officer:
- Health Sciences Campus: Friday, September 22, 11:30 a.m., Cuneo Center, Leischner Hall, Room 390
- Water Tower Campus: Monday, September 25, 11:30 a.m., Lewis Towers, Regents Hall, 16th Floor
- Lake Shore Campus: Thursday, September 28, 11:30 a.m., Damen Student Center, Sister Jean Dolores Schmidt, BVM Multipurpose Room (North)
We look forward to you joining us at one of these sessions. Please feel free to bring your lunch and enjoy it during the presentation. If you have questions, please contact Financial Services at 312.915.7797 or Human Resources at 312.915.6175.