Generating and sustaining financial resources is critical to the ongoing success of the University’s strategic initiatives; financial sustainability; and ability to attract and retain a diverse and talented faculty, staff, and student body. Key to achieving this is wise stewardship of the University’s endowment, development of gifts, generation of operating margins, and attraction of outside funding through research and corporate partnerships as well as judicious decisions about expenditures and capital investments.
The working group charge is to assist in developing fully sustainable financial models that generate and preserve the institution’s financial resources necessary to support the mission and strategic plans for the University, the Medical Center, and each school. To do so, we will focus on the following key areas:
- Generating Sufficient Operating Margin
- Growing and Preserving the Endowment
- Prioritizing and Funding Capital Investments
- Increasing Research Funding
- Developing Business Improvement Plans
- Identifying Opportunities to Enhance Existing Revenue Sources, New Revenue Sources, and/or Reducing Costs
Working Group Activities
- The working group will partner with each of the working groups on identifying the potential capital needs and financial impact resulting from initiatives generated by the working groups.
- Initiatives will need to be prioritized based on how well they support the 2018-2025 strategic plan goals, return on investment, fundraising potential, increase to financial sustainability (operating income, research funding, new revenue streams, etc.), and other key metrics such as reputational and quality gains.
- There are several major capital projects already emerging from the planning that will require review and discussion, including the Emergency Room expansion, modernization of Strong Memorial Hospital, expansion of orthopedics’ capacity, and renovations of laboratories and classrooms on the River Campus.
- The working group will be updating key financial models throughout the process and preparing sensitivity analyses.
- A clear understanding of the University’s debt capacity over the strategic planning period will be critical.
Holly Crawford, Chair (Administration and Finance)
Mike Andrews (Administration and Finance)
Elizabeth Milavec (Controller)
Adam Anolik (URMC CFO)
Kathy Strojny (URMC)
Doug Phillips (Institutional Resources)
Eric Loomis (Advancement)
Tony Green (Office of the Provost)
Finance Liaisons to the Working Groups
Lead through Research: Elizabeth Milavec, Associate Vice President Financial Operations and University Controller
Data Science: Tim Woodward, Director of Finance and Administration, Hajim School of Engineering & Applied Sciences
Neuroscience: Bill Passalacqua, Senior Associate Dean, Finance & Admin, SMD
Innovate in Education: Roger Smith, Senior Financial Officer, AS&E
Performing Arts and Humanities: Michele Gibson, Senior Associate Dean, Eastman
Build and Embrace Community: Mike Andrews, Senior Associate Vice President Budgets & Planning and Deputy to CFO
Transform Health Care: Kathy Strojny, Director Medical Center Finance, URMC
Envision the University of Rochester in 2025: Holly Crawford, Senior Vice President, Administration & Finance; Chief Financial Officer
Communication: Erin Kane, Associate Vice President Communications, Marketing, Constituent Engagement