vcu-2019-six-year-plan-presentation

2020-2026 Six-year Academic, Financial & Enrollment Plan Presentation to Op Six August 13, 2019 VCU is committed to the success and progress of all Virginians Quest 2025: Together we transform Six-year Plan strategies address Quest and Virginia Plan goals Affordable access • Financial aid • Financial services • Affordable course content Commonwealth impact • • • • REAL daVinci Center IPPA/Internships (STEM) Humanities & Sciences Internships Optimize student success • Student success programs • Curricular innovation • Reduce class size • Build and sustain Diversity Research, innovation & investment • Faculty & Staff Salaries • Online • Massey Cancer Center Affordable Access for All Assist VCU students and their families in Expand financial aid strategically to support the neediest students based on need and merit “getting to zero balance” Speed time-to-degree to reduce total cost of attendance Strategically expand financial aid Institutional Aid1 to In-state UG Students Additional Aid Required to Cover 100% of Unmet Need for UG Students FY14 vs FY19 and FY20 (proposed) 2018-2019 $20.6 $17.8 $20.0 Aid in millions $15.0 $10.0 $5.0 $5.6 $FY 2014 FY 2014 FY 2019 FY 2019 FY 2020 FY 2020 $90.0 $81.3 $72.0 (millions) $25.0 Additional Institutional Aid Needed Institutional Aid $54.0 $36.0 $32.9 $18.0 $0.0 Federal Poverty Level Pell Eligible Represents all institutional aid under program 108 Excludes athletic scholarships FY2019 figures are not final and they are subject to change Source: IRDS, Ellucian SIS Financial Aid Data,; Financial Aid calculations to cover unmet need are as of July 2019 Increasing Graduation Rates First-Time, Full-Time Freshman Graduation Rates by entering Fall term 67.4% 70% 62.3% 60% 53.9% 51.0% 62.9% 57.0% 50% 45.3% APLU Urban Cluster yr rate = 44% 36.9% 40% 30% 27.3% 25.0% 44.5% 39.9% 30.2% APLU Urban Cluster yr rate = 21% 20% Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 6-Year Graduation Rate Fall 2009 Fall 2010 Fall 2011 4-Year Graduation Rate Fall 2012 Fall 2013 Fall 2014 APLU rates are average based on IPEDS data Optimize Student Success Continue to grow Improve learning outcomes through Student Success services curriculum and course redesign and reduced class size for including advisement and technology foundational classes Build and sustain initiatives to enhance diversity and inclusion Commonwealth Impact Grow VCU’s REAL initiative Relevant, Experiential, and Applied Learning Enhance innovation and entrepreneurship programming for students through the daVinci Center STEM-based REAL/ Internship Performance Pilot Develop a robust Humanities & Sciences Internship program REAL Relevant Experiential and Applied Learning Initiative 2017 presidential directive to engage every VCU student in meaningful hands-on work that turns classroom knowledge into real-life experiences, action and service REAL provides an anchor for all experiential education activities at VCU including research, study abroad, service learning, practicum and internships Expanding REAL: proposed performance pilot for VCU Focus on retaining talent in Virginia by increasing access to internships and career skills development for underrepresented and low-income students What REAL means in practice REAL means valuing and empowering students from all backgrounds • New or improved curricular elements to ensure adherence to best practices • New or improved tracking of experiential learning across the institution • Bringing an equity lens to experiential learning through information sharing and student exposure to tailored experiential learning opportunities REAL does not: Increase student’s time to degree Increase student’s debt load Research, Innovation & Investment Continue progress toward competitive salaries FY21 and FY22 annual merit increases of 3% New programs with a holistic and integrated approach to online technology Seeking NCI-designated Comprehensive Cancer Center status for Massey Cancer Center Faculty Salaries Faculty Salary Pay Gap between VCU and Its Peers by Faculty Rank $165,000 $132,000 $158,376 $145,939 19.6% 10.2% $132,400 $132,400 $99,000 $101,537 $104,274 12.9% 16.0% $87,017 $88,268 $89,900 $89,900 18.1% 19.8% $73,700 $73,700 Tier III R1 $66,000 $33,000 $Tier III R1 Professor Tier III R1 Assoc Professor Avg Salary Increase Needed (%) for VCU Faculty Assist Professor Avg Salary of VCU Faculty Karol Kain Gray, Meredith Weiss Financial & Capital Plan VCU FY20-FY22 Financial Plan • No increase General Fund Support • UG Tuition 0%, 7%, 4% Virginia Commonwealth University Preliminary Year Financial Plan Scenario University Revenue Tuition Fees Other NGF Funding State Funding (FY20 growth included) Total University Revenue Projected Expenses University Budget Projected Salary & Fringe Growth Projected Financial Aid Growth Academic and Operational Needs Projected Additional University Expenses Auxiliary Overhead Net Total University Expenses University Net Position Health Ins Premium Holiday Funds (1X) Growth in State Support Revised University Net Position 2020 2021 2022 680,857 463,287 13,862 27,161 195,407 699,716 491,713 13,862 30,993 195,407 731,974 (689,701) (689,701) (10,808) (4,100) (5,222) (20,130) 500 (709,332) (709,832) (15,927) (5,100) (5,641) (26,668) 1,000 (735,500) (9,615) - (3,525) - ($9,615) ($3,525) (8,844) 2,300 ($6,544) VCU FY20-FY22 Financial Plan • Increased General Fund Support • UG Tuition 0%, 4%, 3% Virginia Commonwealth University Preliminary Year Financial Plan Scenario University Revenue Tuition Fees Other NGF Funding State Funding (FY20 growth included) Total University Revenue Projected Expenses University Budget Projected Salary & Fringe Growth Projected Financial Aid Growth Academic and Operational Needs Projected Additional University Expenses Auxiliary Overhead Net Total University Expenses University Net Position Health Ins Premium Holiday Funds (1X) Growth in State Support University Net Position 2020 2021 2022 680,857 454,732 13,862 27,161 195,407 691,161 479,606 13,862 30,993 195,407 719,867 (689,701) (689,701) (10,808) (4,100) (5,222) (20,130) 500 (709,332) (709,832) (15,927) (5,100) (5,641) (26,668) 1,000 (735,500) (8,844) 2,300 (6,544) (18,171) 10,000 ($8,171) (15,632) 13,000 ($2,632) ARTS AND INNOVATION ACADEMIC BUILDING INTERDISCIPLINARY ACADEMIC AND LABORATORY BUILDING Interdisciplinary arts, business, medicine and engineering space that will provide a launchpad for critical digital and creativity economy initiatives with partners across the state Mission-critical classroom and lab space to accommodate demand for instructional labs, learning and innovation spaces