Invitation to Submit Initiatives to Improve the Long-Term Financial Sustainability of The New School
A Message from the University Budget Committee
We come to The New School community asking you to work with us on an essential task that will contribute to the short- and long-term viability of our university. As you know, we are an institution that has always been financially vulnerable because we are tuition dependent and also committed to investing in our community. That model can make it difficult to imagine moving from dreaming in big and bold ways to realizing our aspirations. We are also an institution that thrives on a commitment to full community engagement, shared decision-making, and creative problem solving.
This is the time when all of that comes together. As noted in the recent memorandum from the Board of Trustees, “the university is facing a serious budget deficit. With this budget deficit and the potential for more headwinds ahead, we know that our path to financial health will require difficult decisions and concerted action. While we have resources to help us weather this storm in the short term, those resources are limited, and we have a responsibility to ensure that the university is soundly positioned for a sustainable future.” The memorandum outlines that the Board of Trustees has charged the expanded University Budget Committee (UBC+) with collecting initiatives from across the university that will support the realization of our mission while building financial sustainability for The New School. Financial sustainability will come from identifying new sources of revenue as well as proposed ways to reduce costs.
We are looking to all of you as our partners in the work and invite you to submit ideas that are revenue-generating and/or cost-saving. We welcome all initiatives including the following: academic programs, identifying new partnerships, different approaches to facilities use, student recruitment or retention strategies (i.e., improving students’ experience), and organizational or structural changes. These examples are intended to be illustrative rather than exhaustive. We encourage you to think expansively.
Ideally, we would have preferred to have strategic planning completed before launching this initiative. While we would like to have more time, this first step to engage the community in future planning activities must be completed quickly to begin to address the projected budget deficit the university is facing. The Strategic Planning process, led by Provost White, will provide additional opportunities to discuss and flesh out goals, principles, and initiatives that are aligned with the university’s mission and academic priorities.
Over the next two months, the UBC+ will assess the viability of submissions and select a set of recommended initiatives for presentation to the President’s Leadership Team (PLT) and the University Deans. We invite all members of The New School community to submit initiatives. Further, we encourage collaboration across colleges, offices, and/or divisions to facilitate coordination and reduce duplicative effort. To ensure the broadest participation possible, anonymous submissions will also be accepted. Please note that some proposals will require additional vetting and review via existing governance structures. For example, proposals for new degree programs will still need to be vetted through the appropriate existing school or college-based curriculum development and approval processes.
Initiative submissions will be reviewed for viability by the UBC+ on a rolling basis. Submissions that are made between now and Monday, April 3rd will be considered for further refinement and inclusion in the University’s Fiscal 2024 budget. Submissions made later will be reviewed periodically using the same process.
Later this week we will release more information on the process, including how to submit initiatives for consideration. The process will include a submission form, a template for outlining projected revenues and expenses for the initiatives over the next five years and a rubric for evaluating the viability of each initiative.
We will be hosting an information session on the process on Wednesday, March 8th from 10:00 am-11:00 am, which will be recorded for those that are unable to attend. Starting the following week, we will also host regular 45-minute open information sessions. Information on the process and the schedule for these sessions will be made available on the Financial Transparency Council’s (FTC) Website. We are also happy to announce that we are working with the FTC to develop new opportunities for the community to gain a deeper understanding of the university’s finances and budget. Please stay tuned for future announcements on this important work.
We look forward to receiving initiatives from our creative and innovative community.
The University Budget Committee+ Members:
- Ben Allison, Part-time Assistant Professor, College of the Performing Arts, UBC+ UFS Representative
- Craig Bernecker, Director, MFA Lighting Design Program, Professor of Lighting Design, Parsons School of Design, Faculty Trustee and UBC+ Faculty Representative at Large, Provost’s Designate
- Joshua Burgher, Chief Financial Officer
- Eden Elam, Student Trustee
- Loretta Ferrari, Vice President for Budget, Financial Planning and Analysis
- Maria-Elena Grant, Associate Director of Operations, Institute on Race, Power and Political Economy, The New School Staff Senate UBC+ Representative
- Noor Lima Boudakian, Student Trustee
- Jin Kim, Deputy Provost for Academic Planning and Administration
- Cecilia Rubino, Associate Professor of Theater, Eugene Lang College of Liberal Arts, UBC+ UFS Representative
- Paulo dos Santos, Associate Professor of Economics, The New School For Social Research UBC+ UFS Representative
- Tokumbo Shobowale, Executive Vice President for Business and Operations
- Joel Towers, University Professor of Architecture and Sustainable Design, Parsons School of Design UBC+ UFS Representative
- Mary Watson, Executive Dean, Schools of Public Engagement
- Renée T. White, Provost and Executive Vice President for Academic Affairs
- Paula Young, Vice Provost for Institutional Research and Decision Support