Priority Six

Strengthen and Diversify Revenue Streams and Improve Financial Planning and Management Practices.

Rationale: Optimizing the short and long-term planning and strategic use of Gallaudet’s fiscal resources is essential for us to capitalize on our strengths and transformational opportunities.

Goal: Strengthen Gallaudet’s long-term financial well-being by growing and diversifying revenue streams and by improving the efficiency and effectiveness of financial planning and management practices.

Objective One: Assess the current status of then establish and implement new University-wide budget and financial planning processes.

Objective Two: Develop two to three-year budget forecasts to more fully comprehend the level of resources that are and will be available to implement and sustain essential operations and strategic priorities.

Objective Three: Develop and maintain the necessary infrastructure to optimize giving for university operations, research, and strategic initiatives.

Objective Four: Continue the planning and construction of the landmark building at 6th Street and Florida Avenue and development of Creativity Way within budget and timelines for rollout in 2021.

Objective Five: Create a center of excellence concept for 6th street initiative for 0-5 learning for children and families and support the commitment to build bilingual educational programs in U.S. over next 10 years .

Strategies:

  1. Design a financial data gathering and analysis system to support campus programmatic, operational, and strategic decision making.
  2. Develop a plan for annual and multi-year budget forecasting based on agreed upon assumptions and beliefs.
  3. Develop annual university budget reflective of defined strategic initiatives and quantification of necessary resources within defined timelines.
  4. Establish a common methodology to calculate the cost for on-going implementation of programming and total-cost-of-ownership for facilities.
  5. Educate and engage faculty and staff in the new financial data gathering and analysis systems as well as in understanding of program and operational costs.
  6. Align budget development (financial planning) with identified program priorities.
  7. Increase the fundraising role of academic leaders by organizing high-capacity donors to directly and regularly interact with them.
  8. Engage the Real Estate Foundation and the Board of Trustees in the development of a real estate strategic plan.
  9. Create a center of excellence concept for 6th street initiative for 0-5 learning for children and families.