Financial and Operational
Preamble: We commit to growing revenue and increasing the efficiency and effectiveness of business processes in order to provide adequate resources to support the university's mission while maintaining a value-based tuition structure.
Goal 1: Increase Enrollment
We will focus on increasing our enrollment (without sacrificing our quality) and retention, which are critical to our financial sustainability.
- Increase overall enrollment to at least 30,000, with specific goals for graduate, international, out-of-state, and spring/summer student populations
- Increase year-to-year retention rates by three percentage points annually and the six-year graduation rate to at least 50 percent
- Improve the reputation and level of awareness of Wayne State University
Goal 2: Develop a Culture of Philanthropy Throughout the University Community
We recognize the great potential of our thousands of students and hundreds of thousands of alumni to contribute to our financial stability.
- Achieve the $750 million capital campaign goal, including $187.5 million in new endowment funds
- Increase the number and amount of gifts to the endowment to surpass a half-billion dollars
- Increase involvement of students, faculty, administrators, and alumni in philanthropy
- Steward the investments that are made by donors
Goal 3: Diversify and Enhance Sources of Revenue
As we strive to increase our state revenue, we will also diversify our revenue sources, particularly by expanding our relationships with industry, leveraging our intellectual property, and increasing income from our auxiliary services.
- Increase performance-based annual allocation from the State of Michigan
- Increase revenues from training/academic non-degree programs, contracts, tech commercialization, patents, industry R&D, indirect cost recovery, and auxiliaries
Goal 4: Achieve Operational Excellence in All Processes
We will focus on increasing efficiency and productivity throughout the university.
- Ensure that process improvements are implemented
- Streamline university policies, procedures, and practices that impact student success as well as the overall university community
- Improve the budgeting process and the transparency of financial reporting by implementing new tools and budget models
- Assess the quality and return on investment of programs, initiatives, and schools/colleges
- Review classroom and course scheduling to ensure optimal utilization of campus assets (e.g., buildings, space, capacity) and degree attainment expediency
- Develop a culture of collaboration to eliminate organizational silos
- Establish key metrics to assess operational excellence and benchmark against peer and best-in-class institutions
Goal 5: Ensure Environmental Sustainability
We will encourage environmentally sound practices throughout the university.
- Promote participation in recycling throughout the university
- Encourage all new architectural projects to comply with LEED Standards
- Develop an environmentally friendly practices checklist to be implemented throughout the university
- Promote sustainability throughout Wayne State University