Tips for forming emergency finance plans for senior admin

April 3, 2020

“The most important task this week for presidents, provosts, CFOs and board members is to begin to pivot from short term emergency response to long term strategic adjustment,” writes John Kroger. According to the author, postsecondary institutions need to adopt a 12- to 18-month emergency finance plan to address major revenue losses due to campus closures, stock market decline, and rising unemployment. To create a successful emergency financial plan, Kroger provides five tips: form an emergency financial planning committee; model the potential impacts of the crisis; plan for draws on endowments; limit all future cash outlays; and devise a political strategy. Inside Higher Ed (International)