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FINANCE

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GOAL: To continue to enhance financial stability to assist in fulfilling the mission of the college and the goals of the overall strategic plan through 2029. Evaluate Annually

An institution such as a college needs financial resources and financial stability matched to its vision and mission. The college will maintain financial stability through prudent business practices, careful long-range financial planning, and increased Financial Aid funding in the face of decreased grant programs as evidence by achieving the following objectives.

1. Financial Impact 1. To obtain and access funding sources that will allow the maintaining of appropriate human resources, the procurement of capital equipment, the maintenance and upkeep or our facilities, and the purchasing of needed operating supplies. Evaluate Annually
   
   Financial Impact: $30,000
   
   
   1. Continue to keep Title IV programs and student base so that grant funding remains below 30% of school’s revenue
   2. Establish scholarship programs for those students with a funding gap prior to completion of the program
   3. Surpass our 23-24 budgeted net Income from Operations by $250,000 for reserves
   4. Achieve a “Current Ratio” metric (current assets / current liabilities) of 4.0 or greater
   5. Maintain and nurture investments to grow our reserves
   
   
2. To, at a minimum, break even at the close of each fiscal year with no debt, fully funding capital expenditures, and maintaining a minimum 1.5 Composite Score ratio. Evaluate Annually.
   
   Financial Impact: $25,000
   
   
   1. Monitor enrollment levels, and encourage and fund recruitment programs so that our institution maintains break-even levels or greater
   2. Monitor and evaluate monthly and Y-T-D Income versus Expenditures and make strategic adjustments as needed
      
      
3. To continually evaluate and modernize our financial processes so that the college maintains utmost efficiency and competiveness in today’s business environment. Evaluate Annually
   
   Financial Impact: $25,000
   
   
   1. Solicit and assess outside vendors specializing in electronic Purchase Order software, which when employed would significantly reduce paper processing and manual input, and at the same time enhance efficiency in the procurement of operating supplies and general purchasing.
   2. Research available systems in processing Accounts Payable through electronic means, thereby significantly reducing our paper check processing, and strengthening prevention against theft.