Standards: The standards the university will set for itself are as follows

Maintain tuition at current rates (allowing for inflation).

Maintain or increase measures of demographic diversity.

No significant decrease in students with financial need as percentage of incoming class.

Maintain top faculty.

Historic: Historic expenditures of university regarding tuition, financial aid, and student services can be used for comparison.

Step 8: Action steps

Look back at the goal and objectives you developed last week for Step 5 of your strategic plan. Outline a series of action steps that could be implemented to achieve them; include a timeline.

Step 1: Audit of university expenditures: effective immediately

Step 2: Hiring freeze on faculty and administrative personnel. Replace retiring members with graduate students and adjunct faculty who do not receive benefits. Examine possibility of administrative staff reduction, letting go non-tenured faculty (especially in majors with few students) and consolidation of academic departments: Notify staff immediately about possibility of layoffs. Layoffs and consolidation begin after audit for staff immediately. For faculty, layoffs begin of the summer/end of semester.

Step 3: Reduce food service expenditures...

(2006). Strategic finance: Planning and budgeting for boards, chief executives, and finance officers. Washington, DC: Association of Governing Boards of Universities and Colleges.