Boundless Possibility: 2030 Strategic Plan

Boundless Possibility: 2030 Strategic Plan

Sustainable growth2023-11-13T19:49:30+00:00

Sustainable growth

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

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If we are to realize our aspirations, our resource model must support our ambitions and catalyze our growth. The current decentralized model of budgeting and resource allocation does not sufficiently allow the University to adapt and react quickly to strategic opportunities for developing our academic and research enterprises. It is, therefore, critical that we modernize our model in order to allocate resources to strategic areas and make targeted investments in support of our goals.

Implementing a new resource model will also help to facilitate coordination and collaboration among schools, units, and departments; make it easier to track progress toward our goals; and provide a framework for decision making to ensure all members of our community are working toward the same goals. This effort supports a one university approach that optimizes our resources, provides opportunities for innovation in revenue generation, improves efficiencies, and gives our researchers, educators, and students a better environment in which they can learn, discover, heal, and create.

Achievement 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, and 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.

Strategic objectives

A new budget model for the University is more than just how funding is received and distributed. The model will create conditions and opportunities for a more coordinated strategy to thrive. We can create stability and consistency within a marketplace full of uncertainty that ensures that all of our schools and units are able to innovate, grow responsibly, and support the University mission and goals while also being more responsive to specific school and unit needs and stakeholders.

Critical elements of the model will allow for more robust multiyear planning and coordination as well as incentives for collaboration and innovation across business functions and will emphasize transparency and accountability. The new model will be modern and mission focused to align resources in needed areas supporting the pursuit of our goals and vision.

The financial health and sustainability of our University will depend in part on the identification and development of new sources of revenue. Examples include new forms of research sponsorship, such as through private sector partnerships; capitalizing on intellectual property from our research activities by spinning off start-ups or licensing emergent technologies; and developing new educational programs that bring our areas of distinction to a broader range of audiences. We will develop a balanced set of traditional and new revenue streams in order to manage risk while laying groundwork for our longer-term financial future.

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.

Measures of success

Definitions of measures of success will be coordinated to create consistency and increase transparency. Detailed metrics for each of the following areas will be available via dashboards and updates on our Progress page at the end of our first year.

  • Employee promotion and career growth
  • Long-term investment pool and endowment
  • Capital projects and investments
  • Operating revenues
  • Net assets
  • Philanthropic activity for research eminence and education

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Building the future

We’re modernizing and optimizing the way we budget and allocate resources to realize our University-wide aspirations.

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