Mon 20 Oct 2008
Reducing Expenses – an EphBlog brainstorm
Posted by wslack under Cost Cutting Ideas, Finance at 7:33 pm
Let’s see what else folks can come up with. The list below is NOT an endorsement; I’d just like to be able to put everything together. In fact, I am adamantly opposed to some of these ideas.
What the college is doing so far:
- Hiring slowdown/freeze
- Renovation/Construction delay
- Facilities upkeep delay
Here’s what we have so far, culled from comment threads.
- Salary and Wage increase freeze
- Staff Reductions
- Cuts to Financial Aid
- Axing the Bolin Fellows Program
- Add more full-fare students
- Cutting CLC’s
- Don’t take long trips on the college credit card
- Reward those who have ideas about cost cutting
- Increase transparency of spending decisions
- Specialty Staff
- Zero based budgeting
- Admit fewer zero revenue students (revenue aware admissions)
- Bring back student loans, to some degree
- Buying stuff for less money (No, duh…)
FIRST UPDATE – @ 11:54 (Y’all can do much much better than this)
- Cut charitable giving
- Outsourcing
- Expand student jobs to include groundswork
- Cut high cost classes
I will update this post as more things get added. Points for creativity and originality in the comments.
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11 Responses to “Reducing Expenses – an EphBlog brainstorm”
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David says:
1) Cuts to charitable giving (e.g., local hospital, art museum and schools).
2) I think that “Admit fewer zero revenue students” should be rephrased as “revenue-aware admissions.” For example, there are many international students (say the Korean students at this school) that would be able to pay part or full tuition. These richer applicants are (I think) relatively easy to identify because they go to an expensive private school with limited/no financial aid. I bet that many of them are as good as the international students who we currently admit in our revenue-blind system.
We should not reduce international admissions but replacing some of the almost universally poor current internationals with richer ones would help the College’s finances.
October 20th, 2008 at 7:51 pmRonit says:
- luxury satellite campus in Dubai that charges at least $100k per student; only oil sheikhs and Russian oligarchs need apply.
- outsource the teaching of all 100-level courses to India and China; who needs a professor in class when you’ve got videoconferencing?
- have students shovel snow and mow lawns, lay off groundskeepers
- create new Hopkins Memorial Center for Defense/Corn Products/Right Wing Ideology
- merge with JP Morgan
October 20th, 2008 at 7:57 pmhwc says:
I think we should rephrase it in academic-speak:
“We are 100% committed to need-blind admissions. We are simply trying to address our discount rate.”
October 20th, 2008 at 7:58 pmRonit says:
In fact, let’s get rid of professors altogether, David has already proven that computers can handle the job better anyway.
October 20th, 2008 at 8:07 pmhwc says:
Charge Nike more for using the athletic fields?
Cut back on enrichment classes?
October 20th, 2008 at 8:18 pmRonit says:
- eliminate expensive, unproductive departments like physics, biology, compsci, chemistry, geosciences, art, foreign languages, economics, etc.
October 20th, 2008 at 8:45 pmJonathan '05 says:
Well, Will, I at least liked your idea to make something useful out of the chaos of discussion. I guess it was important, though to have another place to be sarcastic on Ephblog.
(snide as that sounds, I admit I laughed aloud at Ronit’s first one)
October 20th, 2008 at 9:56 pmfrank uible says:
Close the College for a year or two or more.
October 20th, 2008 at 11:55 pmannonymosity says:
*cough* cut WNY *cough*
October 21st, 2008 at 1:34 amDavid Kane says:
Guy Crease points out that faculty salaries were cut 10% in the Great Depression. It would be useful to know more about the history of that era. With luck, we will not need to live through it again.
October 21st, 2008 at 8:46 amJG says:
Cut the ridiculous full-color, gigantic brochures sent out under the guise of “fundraising.” Most younger alums would rather get an email (and are more likely to read it) – and you could include the pretty pictures at no cost and probably send more of them. You save on postage, save on printing, and avoid pissing off those that see it as a waste and make a point of NOT replying to such soliciations (me and others I know).
Fundraising is important and especially now needs to be maintained, but there is some fat that can be cut without eliminating staff, programs, etc. I realize that this isn’t a huge amount of money, but it matters…not even getting into the environmental and waste aspects.
At this point, I think cuts should first be done with the idea of not cutting back on program or staff we already have but eliminating waste (and there is always waste).
October 21st, 2008 at 1:50 pm