ERIC Number: ED496511
Record Type: Non-Journal
Publication Date: 2007
Coping with Financial Distress
Chabotar, Kent John
Trusteeship, v15 n1 p27-32 Jan-Feb 2007
Colleges and universities, like corporations and other nonprofit organizations, are subject to periodic fluctuations in the economy and public support. Thus, the question is not whether they will confront financial problems but rather when and how. This article describes how institutions and boards can detect budgets in crisis, provides principles for addressing the crisis through a process called "retrenchment," and outlines retrenchment stages--from minor budget shortfalls that require only a modest response to a full-blown emergency that requires significant actions to guarantee the institution's survival.
Descriptors: Retrenchment, Public Support, Financial Problems, Coping, Educational Finance, Budgets, Budgeting, Resource Allocation, Tuition, Strategic Planning
Association of Governing Boards of Universities and Colleges. 1133 20th Street NW Suite 300, Washington, DC 20036. Tel: 800-356-6317; Tel: 202-296-8400; Fax: 202-223-7053; Web site: http://www.agb.org
Publication Type: Opinion Papers; Reports - Descriptive; Journal Articles
Education Level: Higher Education
Authoring Institution: Association of Governing Boards of Universities and Colleges, Washington, DC.