Enrollment Management is Financial Management

A focus on enrollment, i.e. recruitment and retention amounts to a focus on the finances of any institution that is partially (like MCCC) or fully (like private colleges) dependent on tuition revenue. While I do have degrees in accounting and economics, those are not necessary for this simple analysis.

My basic premise is that recruitment and finances are inextricably linked and have a direct correlation. MCCC has three sources of revenue: property taxes, state appropriations, and tuition. Barring a successful millage, we cannot affect either of the first two, but we can impact the last – tuition. How do we increase tuition revenue? My answer is, recruit and retain more students. Simply put, increasing enrollment (recruiting and retaining more students), will increase our tuition revenue. That is the why I say the president is the chief recruiter for MCCC – to increase tuition revenue. That is why we have developed an Enrollment Management Plan (EMP) – to increase tuition revenue. That is why the president travels all over the region to attract more students to MCCC – to increase tuition revenue. That is why we are developing an adult recruitment strategy – to increase tuition revenue. That is why the president spends so much time engaging students on campus to impact retention – to increase tuition revenue. That is why the president continues to engage our community to keep MCCC in a positive light – to increase tuition revenue.

Certainly, there are other reasons why the president does all the above, but our financial situation is top of mind.

Bottom line: if we recruit and retain more students, we will increase tuition revenue.  In short, the more students we have, the more revenue we have. So we could not possibly be neglecting our finances by focusing on recruitment and retention.  The enrollment declines have hurt MCCC financially; reversing that is priority one – that is how we can increase tuition revenue – the only revenue stream over which we have any control.  That is finance/economics/accounting 101.  We are trying to change the financial situation on the revenue side the only way it can be changed – by focusing on enrollment. We must all be committed to the Enrollment Management Plan – that is our financial (revenue) improvement plan. Please join me as we begin to implement the EMP.

 

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2 thoughts on “Enrollment Management is Financial Management

  1. The Enrollment Management Plan indicates that MCCC will have a completely online program available for Winter 2016. There is no such program.

    4.3 Develop and market a
    program that can be
    completed fully online
    VP Instruction,
    Academic Deans,
    faculty, and
    Director of
    Marketing
    FL 15 WI 16 Offer one program
    that can be
    completed online.

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