Update on the Invitation to Submit Initiatives to Improve the Long-Term Financial Sustainability of The New School
A Message from the The University Budget Committee
Thank you to everyone who has submitted an initiative over the last few weeks. To date, the Expanded University Budget Committee (UBC+) has received 64 proposals from students, faculty, and staff that reflect the community’s interest in maximizing university resources and finding new opportunities to increase retention and enrollment.
We are inspired by the range of submission topics that demonstrate creative approaches to generating new revenue and utilize existing resources in new and innovative ways. Of the total proposals submitted, 50% projected $1 million-$10 million in cumulative expense reduction and/or revenue creation and another 30% projected over $10 million in savings or revenue.
FISCAL YEAR 24 PROPOSALS
With the April 3rd deadline to submit proposals for inclusion in the FY24 budget behind us, we wanted to share some key data points for the submissions received by this date.
Total Proposals Received by April 3rd: 64
Proposals Were Submitted by:
33 Faculty
27 Staff
1 Student
3 Unknown/Anonymous
Please note: The submission form asked individuals submitting the proposal to report their status using one of the above categories; however, several proposals were submitted by collaborative groups that may have included individuals in multiple categories.
Please note: Many proposals aligned with multiple priorities.
The 64 proposals we received represent a variety of ideas in various states of development. We received several great suggestions that have been forwarded to the relevant departments for consideration. We also received a number of academic program-related proposals that have been referred to the relevant college dean and the provost’s office for a separate review. A small number of the proposals received were not fully completed and proposers have been asked to provide additional materials and/or information. The remaining complete proposals will be evaluated by the Expanded University Budget Committee in the review process described below.
REVIEW PROCESS
The initiative submission process is ongoing and the Committee will continue to accept and review proposals for consideration in future fiscal year budgets over the next 18 months.
To ensure that all proposals are reviewed through an impartial lens, Committee members have elected to attend an EISJ workshop from the Office of Equity, Inclusion, and Social Justice before evaluating proposals.
We also want to ensure all stakeholders have the opportunity to provide clarification and supplemental information before the proposals are evaluated. Community members who submitted proposals have been invited to UBC+ meetings to present their initiative and answer questions from the Committee. Departments that may be impacted by the proposed initiatives will also have the opportunity to weigh in on the proposals before the Committee begins our review.
During our review process we will select a set of viable initiatives that align with university priorities and support our financial situation using this previously shared rubric. We anticipate updating the community on the outcome of the Committee’s review in mid-May.
DROP-IN INFORMATION SESSIONS
Weekly drop-in information sessions will continue through the end of this month to support anyone working on proposals for the next fiscal year. Information sessions will be held on a monthly basis starting in May. The schedule for information sessions is posted on the University Budget Committee page of the Financial Transparency Council website.
Thank you for your continued engagement and participation in finding ways to strengthen and support our financial sustainability. If you have any questions please feel free to reach out to the Expanded University Budget Committee at universitybudcomm@newschool.edu.