Reducing expenses, decreasing enrollment, increasing costs, and shrinking revenue. These are the current realities of higher education.
Are your board members asking the right questions in response?
We know from a recent In Trust Center survey of board members at theological schools that a majority (65 percent of respondents) believe they are dedicating the appropriate amount of time in board meetings for strategic conversations. But is that precious time being spent asking the right questions? More specifically, are those questions ones that are related to the school’s future financial vitality?
A recent Trusteeship article, “Seven Questions Every Board Should be Asking to Prevent Becoming Financially Challenged,” helps boards identify those important questions.
Specific questions include:
- Can we honestly say to our incoming students that “this college will better prepare you to prosper than any other relevant college?”
- What is the full set of actions the college is taking that we know in our hearts are only temporary measures that buy us time?
- Are we bringing world-class minds with fresh perspectives to bear on our problems, or are we relying on the same people as last year to fare better simply through more practice, or trial and error?
Read the full article to consider the full list of questions and learn more about what your board should be asking.
How might your board use valuable board meeting time to reflect on these questions and consider your own responses?