The Finance Committee of the West Virginia University Board of Governors heard Friday (Sept. 12) from members of two SWOT Teams, formed by President Gordon Gee last spring to identify strengths, weaknesses, opportunities and threats related to enrollment management and reducing bureaucracy across campus.

Vice Provost Russ Dean said with a University goal to grow enrollment from 33,000 students across all campuses (Morgantown, Montgomery, Charleston and Keyser) to 40,000 students by 2020, more work needs to be done to ensure that WVU is increasing the quality of the freshman classes’ credentials while growing it from 5,000 to 5,500 new students. The University also needs to reach out to serve more graduate, international and online students – especially West Virginians.

While doing so, he added, WVU must be cognizant of improving the infrastructure to support that growth, whether that be additional faculty or more student experiences outside the classroom—from freshman year to graduation.

WVU must also enhance recruiting activities on and off campus, specifically focused on marketing the academic quality and experiences students enjoy.

In this SWOT team report, Vice President for Finance and Administration Narvel Weese addressed ways WVU can cut through bureaucratic red tape by streamlining, simplifying and standardizing business practices – from infusing technology into those practices to transitioning from a pre audit to a post audit system. Any savings would then be infused into the academic mission of the institution, he said.

As examples, the committee is focused on practices and policies in four areas: human resources, procurement, sponsored programs and grants accounting.

Finance officials also said WVU intends to issue $189 million in bonds next week. Of that amount $50 million is re-pricing of existing variable rate debt and $139 million is new debt. The new revenues from the bonds will be directed to the athletic facilities master plan and Phase II of the PRT modernization project.

Athletic projects include a new team room at the Stadium as well as improvements to the concourse and restroom areas, plus renovations at the Coliseum, Shell Building and other athletic venues. The PRT is in need of a new train control system to improve its efficiency.

“This shows confidence in the University’s financial management and future,” said Weese, “and an endorsement of the path the University is on.”

Recapping the University’s financial activity, Senior Associate Vice President Dan Durbin said WVU’s fiscal year 2014 financial performance was slightly better than budgeted and resulted in a stable balance sheet and an operating margin of nearly $8 million, after excluding capital revenues and the impact of extraordinary items.

Total revenues continued to exceed $1 billion, he added, with most major sources exceeding prior years, except for state appropriations, which declined. The University’s expenses also increased as it continued to actively invest in its employees, students and facilities in fulfillment of the 2020 strategic plan.

Chair of the Finance Committee William O. Nutting summed up the discussion after the meeting, saying, “West Virginia University’s positive performance, its ability to raise debt and its focus on enrollment and cutting red tape demonstrates that the University is stable financially and focusing on preparing the University for the future.”

-WVU-

bl/09/12/14

CONTACT: University Relations/News
304.293.6997

Follow @WVUToday on Twitter.