The goal:

Sustainable growth.

We will modernize and optimize the way we budget and allocate resources to realize our University-wide aspirations.

Topics on this page

Overview

To achieve our aspirations and drive growth, we must modernize our resource model to better support our ambitions and respond quickly to strategic opportunities. The current decentralized approach hinders adaptability and effective resource allocation.

A new model will enable strategic investments, enhance coordination and collaboration across the university, and streamline decision-making processes, ensuring alignment toward shared goals. This transformation will optimize resources, foster innovation, improve efficiency, and create a more supportive environment for our researchers, educators, and students to thrive.

Achievements of this goal

  • Provide structure and direction to attract the most important sources of funding and enhance revenue streams.
  • Create improved and more efficient stewardship and utilization of University resources (financial, human, physical, and operational infrastructure).
  • Maximize incoming resources and align them with strategic initiatives and priorities.
  • Incentivize strategic decision-making and thinking.
  • Align resources with our priorities in concrete ways.
  • Ensure long-term financial sustainability.

Objectives and progress

Our objectives and tactics lay out the steps we’re taking to drive progress. Each year, we will review our approach and launch new initiatives to ensure we respond to changing conditions and take advantage of new opportunities. Our core beliefs influence each tactic.

The tactics below are abbreviated. If you have any questions, want to collaborate on tactics, or have feedback, please contact us.

Objective

Develop new budget model informed by our mission and goals to strengthen decision-making, service delivery, and strategic growth initiatives.

The new budget model will create opportunities for a coordinated strategy, fostering stability and consistency within an uncertain marketplace. It aims to support innovation and growth across all schools and units while being responsive to specific needs. Key elements include multiyear planning, collaboration incentives, and a focus on transparency, accountability, and aligning resources with the University’s mission.

Leaders

  • Elizabeth A. Milavec, Executive Vice President for Administration and Finance, Chief Financial Officer, and Treasurer
  • Nicole Sampson, Interim Provost and Chief Academic Officer

Tactics and progress

  • Identify key financial strategies in the updated budget framework to drive profitability while simultaneously supporting essential capital projects and strategic initiatives [budget model phase 2].
  • Identify financing solutions to address future capital needs.
  • Improve cash forecasting capabilities to optimize use of debt and cash.
  • Institute a University-wide Capital Planning Committee and develop a 5-year working roadmap.
  • Implement tools that leverage purchasing data to increase cost savings and improve contract management outcomes.
  • Create a new Financial Model For Dining Services that supports the University’s Strategic Plan
  • Improve long-range planning capabilities to support strategic investments.

Tactics Status
Phase 1: Develop overall University budget model funds flow recommendations and implementation plan. Progress made
Phase 2: Adjust as needed based on learning during FY2025. Progress made
Alignment of Annual Internal Audit Workplan with the Strategic Plan Completed

Objective

Identify and create the conditions to support new and innovative revenue streams

The University’s financial sustainability will rely on developing new revenue sources, such as private sector research sponsorships, start-ups, and new educational programs. By balancing traditional and new revenue streams, we aim to manage risk and secure long-term financial stability. This approach will help capitalize on our strengths while preparing for the future.

Leaders

  • Elizabeth A. Milavec, Executive Vice President for Administration and Finance, Chief Financial Officer, and Treasurer
  • Nicole Sampson, Interim Provost and Chief Academic Officer
  • David C. Linehan, M.D. Senior Vice President for Health Sciences, CEO of the Medical Center, and Dean of the School of Medicine and Dentistry

Tactics and progress

  • Support unique programs to generate alternative revenue sources and optimize the use of endowment funds for revenue producing programs.
  • Implement IRS credits, which were applied for in 2020 as part of the CARES Act, designed to help employers pay employees during the COVID-19 pandemic.
  • Identify investments in qualifying clean, renewable and energy efficiency projects which allow the University to claim “direct pay” tax credits as part of the American Rescue Plan.

Tactics Status
Employer Tax Credits project: Filing Employer tax credits by April 1st 2024 for entire University. Completed
American rescue plan tax credits: Project start in FY24 with tax provider by June 2024. Completed
Dining Services evaluation and recommendations Progress made

Objective

Create plans and strategies for long-term sustainable infrastructure needs

We will ensure that the University of Rochester is prepared to adapt and plan for new goals as institutional and societal needs shift and evolve over time by implementing strategies for long-term sustainability. We will do this by strategically investing in, reshaping, and expanding our infrastructure and capabilities.

Leaders

  • Elizabeth A. Milavec, Executive Vice President for Administration and Finance, Chief Financial Officer, and Treasurer

Tactics and progress

  • Develop a University Master Plan informed by stakeholders that guides campus development, facilities management, and resource allocation to support institutional missions and future growth.
  • Develop and recommend an implementation plan for student housing for inclusion in university and capital planning processes
  • Revise Incident Command Structures to comply with NIMS principles for operational consistency between the River and Medical Campus.
  • Improve planning inputs to, and tracking and reporting of, university-wide capital projects.
  • Program approval to optimize the University Energy Assets with the potential to reduce overall GHG’s by 10%
  • Include strategic plan risk analysis in the annual audit plan risk assessment process
  • Enhance the use of data by the Office of University Audit to improve sponsored research compliance and risk management
  • Establish processes and measures to ensure the University is meeting commitments and grant requirements related to Minority and Women-owned Business Enterprises (MWBE) on facilities projects.
  • Develop new Hazard Vulnerability Analysis Template to include common definitions for hazards respective to River and Medical Campus.
  • Develop and recommend strategic sustainability goals for inclusion in university and capital improvement processes.
  • Analyze and map University real estate portfolio of owned and leased properties

Tactics Status
Create a University-wide stakeholder informed master plan draft Progress made
Create a student housing plan that addresses student needs, future housing needs, revenue potential Completed
Complete implementation of Plan on Real Estate and Facilities Modules while preparing for Space Module. Progress made
Comprehensive, equitable campus community policing Progress made
Completion of Strategic Business Impact Assessment. Completed
Evaluate enterprise-wide mass communications system for Emergency Preparedness Completed
Go live for myURHR (April 2024) University-wide (excluding affiliates) Progress made

Objective

Enhance philanthropy and engagement to support strategic priorities

Implement a new comprehensive campaign that will sustain and grow high levels of philanthropy and charitable giving, further build engagement activity among all University stakeholders, and support University, school and unit strategic priorities, the One University vision, and the Boundless Possibility strategic plan.

Leaders

  • Tom Farrell, Senior Vice President and James D. Thompson Chief Advancement Officer

Tactics and progress

  • Establish campaign fundraising and engagement priorities. Develop the campaign case for support, branding, and messaging.
  • Establish campaign volunteer structure and initial leadership recruitment. Engage all school and unit boards and councils and other volunteer leadership groups.
  • Seek to raise 40-50% of the preliminary goal by the campaign public launch (FY26).
  • Conduct targeted outreach events to create enthusiasm and engagement with existing and future supporters. Plan for the campaign public launch (FY26).
  • Complete internal preparations, budget, new staff and resources, IT system, campaign policies.

Tactics Status
Create a University-wide stakeholder informed master plan draft Progress made
Create a student housing plan that addresses student needs, future housing needs, revenue potential Completed
Complete implementation of Plan on Real Estate and Facilities Modules while preparing for Space Module. Progress made
Comprehensive, equitable campus community policing Progress made
Completion of Strategic Business Impact Assessment. Completed
Evaluate enterprise-wide mass communications system for Emergency Preparedness Completed
Go live for myURHR (April 2024) University-wide (excluding affiliates) Progress made

Measures of success

Definitions of measures of success will be coordinated across the University to create consistency and increase transparency.

  • Operating + Finances
  • Long-term investments
  • Capital projects

Explore goals and progress

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