Budget Presentation March 29, 2016 2 Budget Presentation - - PowerPoint PPT Presentation

March 29, 2016

Budget Presentation

2

Budget Presentation

Introduction

• Accomplishments
• Productivity/Metrics
• Use of Funds

FY16 Accomplishments & Productivity

• Major Objectives
• Permanent Funding
• Strategic Budget Carryover
• Enhancement Request
• Personnel Requests

FY17 Planning

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College Leadership Team Gerry McKean,

Interim Dean

Dan Goebel,

Associate Dean

Tim Longfellow,

Associate Dean

Debbie Seifert,

Interim Chair, Accounting

Gary Koppenhaver,

Chair, Finance, Insurance and Law

Alex Barelka,

Chair, Management and Quantitative Methods

Kim Judson,

Interim Chair, Marketing

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First Choice in Undergraduate Business Education

Imagine

AACSB Accredited Business & Accounting Program

First Choice in Undergraduate Business Education

Imagine

First Choice in Undergraduate Business Education

Imagine

FY16 Accomplishments and Productivity

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2012-2017, Mission, Vision, Core Values, Goals, Strategies and Tactics Vision: The first choice for business education in Illinois Mission: Through our shared commitment to excellence in teaching, research, and service, we prepare students to be skilled and ethical business professionals who will make significant positive contributions to organizations, to communities, and to our larger society.

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Our Goals are aligned with Educating Illinois

Goal One

Prepare students to become skilled business professionals who can contribute positively to organizations and society

Goal Two

Build a community of excellent scholars, teachers, and support staff

Goal Three

Promote and communicate our successes and our vision of excellence and national recognition

Goal Four

Create and strengthen partnerships with alumni and business

• rganizations

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Skilled Business Professionals

Goal One

Prepare students to become skilled business professionals who can contribute positively to

• rganizations

and society

Deep Content Knowledge

Communications Leadership Ethics Professionalism Critical Thinking

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COBEC

Goal One

Prepare students to become skilled business professionals who can contribute positively to

• rganizations

and society

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Goal One

Prepare students to become skilled business professionals who can contribute positively to

• rganizations

and society

• The Business Week program provides opportunities for students to

learn and apply business skills outside the classroom

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Goal One

Prepare students to become skilled business professionals who can contribute positively to

• rganizations

and society

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Goal One

Prepare students to become skilled business professionals who can contribute positively to

• rganizations

and society

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Goal One

Prepare students to become skilled business professionals who can contribute positively to

• rganizations

and society

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Goal One

Prepare students to become skilled business professionals who can contribute positively to

• rganizations

and society

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Goal One

Prepare students to become skilled business professionals who can contribute positively to

• rganizations

and society

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Employ an excellent faculty and staff who meet the needs of COB stakeholders Goal Two

Build a community of excellent scholars, teachers, and support staff

Professional Development Activity Dept Instruction Other Prof Dev Prof Seminar or Workshop Research Tech AoL Total ACC 1 1 12 6 4 1 25 FIL 2 3 28 8 4 5 50 MKT 3 4 12 5 3 2 29 MQM 1 1 Total: 6 8 52 19 11 9 105

Deep Content Knowledge

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Employ an excellent faculty and staff who meet the needs of COB stakeholders Goal Two

Build a community of excellent scholars, teachers, and support staff

Deep Content Knowledge

R e s e a r c h C a t e g o r i e s Dept Art Chp Pre Pro Grant Wrk Oth Total ACC 18 3 4 5 15 45 FIL 12 13 3 3 28 1 60 MKT 31 1 12 13 3 37 97 MQM 13 2 11 4 1 11 42 Total 74 3 39 20 11 81 16 244

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• Provide Professional Development Opportunities for the Faculty

Goal Two

Build a community

• f excellent

scholars, teachers, and support staff

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• Provide Professional Development Opportunities for the Faculty

Goal Two

Build a community

• f excellent

scholars, teachers, and support staff

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Goal Three

Promote and communicate

• ur successes

and our vision of excellence and national recognition

• Expanded BIS Innovation Lab

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Goal Three

Promote and communicate

• ur successes

and our vision of excellence and national recognition

• 25% of College of Business students use

3D Printing Technology in the classroom

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Goal Three

Promote and communicate

• ur successes

and our vision of excellence and national recognition

• Classroom project – systems that learn

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Goal Three

Promote and communicate

• ur successes

and our vision of excellence and national recognition

• The significance of disruptive technologies in business

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Select Accomplishments

• COB graduation survey to

track employment data and experiential activities for current graduates.

Goal Three

Promote and communicate

• ur successes

and our vision of excellence and national recognition

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Select Accomplishments

• COB graduation

survey to track employment.

Goal Three

Promote and communicate

• ur successes

and our vision of excellence and national recognition

Major Salary Accountancy (B.S.) $51,731 Accountancy (B.S./M.P.A.) $56,324 Accounting (M.S.A.) $51,346 Business Administration $41,324 Business Information Systems $50,000 Entrepreneurship and Small Business $40,577 Finance $47,500 General Marketing $40,833 Human Resource Management $41,250 Insurance $50,000 Integrated Marketing Communications (IMC) $40,962 International Business $50,500 MBA $52,500 Organizational Leadership $45,357 Professional Sales $45,909

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Select Accomplishments

• COB graduation

survey to track internships.

Goal Three

Promote and communicate

• ur successes

and our vision of excellence and national recognition

Major % Internship Accountancy (B.S.) 47.89% Accountancy (B.S./M.P.A.) 66.67% Accounting (M.S.A.) 84.62% Business Administration 52.54% Business Information Systems 28.57% Business Teacher Education 0.00% Entrepreneurship and Small Business 60.00% Finance 63.92% General Marketing 71.70% Human Resource Management 70.83% Insurance 85.00% Integrated Marketing Communications (IMC) 79.07% International Business 83.33% MBA 12.50% Organizational Leadership 65.00% Professional Sales 82.14% Grand Total 63.65%

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Select Accomplishments

• COB graduation

survey to track study abroad.

Goal Three

Promote and communicate

• ur successes

and our vision of excellence and national recognition

Major Study Abroad Accountancy (B.S.) 4.3% Accountancy (B.S./M.P.A.) 0.0% Accounting (M.S.A.) 0.0% Business Administration 6.9% Business Information Systems 14.3% Business Teacher Education 0.0% Entrepreneurship and Small Business 3.3% Finance 8.5% General Marketing 5.6% Human Resource Management 14.3% Insurance 5.0% Integrated Marketing Communications (IMC) 11.6% International Business 66.7% MBA 26.7% Organizational Leadership 0.0% Professional Sales 0.0% Grand Total 8.4%

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Select Accomplishments

Goal Four

Create and strengthen partnerships with alumni and business

• rganizations
• Maintain existing and create new relationships with businesses and
• rganizations that partner with the COB and hire our graduates.

Early Career Achievement Awards

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Select Accomplishments

Goal Four

Create and strengthen partnerships with alumni and business

• rganizations
• Increase Private Financial Support

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Select Accomplishments

Goal Four

Create and strengthen partnerships with alumni and business

• rganizations
• Continue existing and seek out new programs

that strengthen partnerships

Seniors Freshmen Least risky long term? Combination of GOOG and MSFT 53% 69% Least risky long term? Combination of GOOG and LUV 32% 14% Largest return, greater than 10 years? Stocks 41% 29% Largest return, greater than 10 years? CDs 8% 22% Correct on all three questions on WSJ financial literacy test 43% 25% Correct on all seven financial literacy questions 16% 0% "Interested" or "strongly interested" in financial literacy workshop 38% 38%

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Measures of Productivity:

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Measures of Productivity: Enrollment

Trend FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 Fiscal Year Count Count Count Count Count Count University Total 22,388 22,416 21,947 21,400 21,714 Business 3,561 3,520 3,562 3,516 3,866 3,912 ACC 788 794 826 871 953 960 MBA 271 205 178 164 141 114 FIL 610 581 559 535 596 562 MQM 1,091 1,186 1,247 1,217 1,363 1,468 MKT 801 754 752 729 813 808 Fiscal Year Students

FTIC enrollment increased 39% from FY14 to FY15. The increase in FTIC enrollment in FY16 again matched the 39% increase from FY14.

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Measures of Productivity: Credit Hours

Trend FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Fiscal Year Total Credit Hours Total Credit Hours Total Credit Hours Total Credit Hours Total Credit Hours University Total 528,045 531,788 517,512 506,003 515,941 Business 61,838 62,011 61,187 61,891 65,543 Accounting 17,626 17,963 18,569 18,373 18,928 Dean of Business

• Finance, Insurance and Law

14,977 14,834 14,201 15,229 16,347 Management and Quantitative Methods 18,132 18,572 17,905 18,097 19,086 Marketing 10,984 10,522 10,455 9,964 11,182 Fiscal Year Credit Hours

Credit Hours in the College of Business followed the growth in majors and increased 6% from FY14 to FY15.

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Measures of Productivity: Credit Hours/TT

Trend FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Fiscal Year CH/TT N CH/TT N CH/TT N CH/TT N CH/TT N University Total 382 376 374 376 366 Business 499 454 433 485 491 Credit Hours per TT Trend FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Fiscal Year Count Count Count Count Count Business 77 80 78 78 80 Total TT Faculty

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Measures of Productivity: Credit Hours NTT

Trend FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Fiscal Year Credit Credit Credit Credit Credit University Total 200,838 203,759 200,103 187,234 208,218 Business 23,318 25,673 27,279 23,785 26,239 Total NTT Credit Hours

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Measures of Productivity: Class Size

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Use of Additional Funds to Enhance Accomplishments and Productivity

Instructional Capacity (total NTT):

IC $479,670 Added by COB 41,265 Perm NTT 657,991 Total NTT $1,137,661

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Use of Additional Funds to Enhance Accomplishments and Productivity

Summer 2016 Funding:

Received from Provost Total Committted to Summer Funds Provided by COB $421,258 $685,612 $264,354

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Use of Additional Funds to Enhance Accomplishments and Productivity

Foundation Funds:

Foundation funds were used to supplement general revenue funds for many initiatives in the College of Business, academic departments, and centers and institutes. The funds were used to support student leadership, scholarships, faculty and student development, faculty research, faculty travel, alumni related activities and events, advisory councils, technology, and to acquire research databases. Total FY16 Foundation Funds used to support and enhance area goals $1,814,694

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Use of Additional Funds to Enhance Accomplishments and Productivity

Variance Dollars:

Total FY16 Variance Dollars used to support and enhance area goals $306,257 The College will spend over $147,767 on summer faculty research support, internship coordinator stipends, and College Centers/Institutes Director support. In addition, the College spent $117,225 for research databases and specialized software in FY16. The College will also spend $41,265 of variance dollars to hire NTT faculty. All variance dollars are used to support College priorities.

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Use of Additional Funds to Enhance Accomplishments and Productivity

Technology Tuition Dollars:

Received from Tech Tuition Purpose/Activity Total Committted to Activity Funds Provided by COB $124,892 Enhance lab tech $159,764 $34,872

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FY17 Planning

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#1 FY 17 Major Objectives

• Finalize efforts for the fall 2016 AACSB Continuous Improvement

Review visit. AACSB provides internationally recognized, specialized accreditation for business and accounting programs at the bachelor's, master's, and doctoral level. The AACSB Accreditation Standards challenge post-secondary educators to pursue excellence and continuous improvement throughout their business programs. AACSB Accreditation is known, worldwide, as the longest standing, most recognized form of specialized/professional accreditation an institution and its business programs can earn.

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#2 FY 17 Major Objectives

• Implement the Redbird Career Portfolio (career and professionalism

program) for all COB freshman. COB sophomores, juniors, and seniors will be phased in starting in fall 2017.

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Year 1 Year 2 Year 3 Year 4 Category Activities Activities Activities Activities

Career Strategy:

• Mentored by a Senior
• Career Exploration

(interview a professional and establish a mentor/mentee relationship)

• Attend a Career Fair
• Work/Life Balance

Seminar

• Using the Career Center
• Effective Resume Writing - Internship (3 pts.)
• Navigating the Job Offer

Minefield

• Job Search Tools &

Techniques

Skill Enhancement:

• Study Skills Assessment
• Financial Literacy
• Written Communications

Activity

• Financial Planning for the

Young Professional

• Time Management
• Active Involvement in an

RSO

• Starting the Job Search

Conversation/Elevator Pitch

• Presentation Skills
• Mock Interview

Professionalism:

• Managing your Personal

Ethics & Reputation (manage your online Image, email & phone etiquette, etc.)

• Effective Networking

Strategies

• Find and Interact with a

Professional Mentor

• Navigating Office Politics
• Dining Etiquette & Dress

for Success

• Mentor a COB Freshman
• Senior Survey

Electives: 1 Required from: 1 Required from: 2 Required from: 2 Required from:

• Resume Writing Basics
• CSR Activity
• MQM 200 (2 pts.)
• Leadership Activity
• Written Communications

Basics

• Dress for Success
• Using Excel Effectively
• Using Excel Effectively
• Diversity/Cross-Cultural

Event

• Diversity/Cross-Cultural

Event

• RSO Leadership Position
• RSO Leadership Position
• Explore an RSO
• Global/International

Activity

• CSR Activity
• CSR Activity
• Case/Sales Competition
• Case/Sales Competition
• Diversity/Cross-Cultural

Event

• Diversity/Cross-Cultural

Event

• Global/International

Activity

• Global/International

Activity

• Transition Seminar
• Effective use of LinkedIn

Total Points/Yr. 8 points 8 points 8 points 8 points

Year 1 Year 2 Year 3 Year 4 Category Activities Activities Activities Activities

Career Strategy:

• Mentored by a Senior
• Career Exploration

(interview a professional and establish a mentor/mentee relationship)

• Attend a Career Fair
• Work/Life Balance

Seminar

• Using the Career Center
• Effective Resume Writing - Internship (3 pts.)
• Navigating the Job Offer

Minefield

• Job Search Tools &

Techniques

Skill Enhancement:

• Study Skills Assessment
• Financial Literacy
• Written Communications

Activity

• Financial Planning for the

Young Professional

• Time Management
• Active Involvement in an

RSO

• Starting the Job Search

Conversation/Elevator Pitch

• Presentation Skills
• Mock Interview

Professionalism:

• Managing your Personal

Ethics & Reputation (manage your online Image, email & phone etiquette, etc.)

• Effective Networking

Strategies

• Find and Interact with a

Professional Mentor

• Navigating Office Politics
• Dining Etiquette & Dress

for Success

• Mentor a COB Freshman
• Senior Survey

Electives: 1 Required from: 1 Required from: 2 Required from: 2 Required from:

• Resume Writing Basics
• CSR Activity
• MQM 200 (2 pts.)
• Leadership Activity
• Written Communications

Basics

• Dress for Success
• Using Excel Effectively
• Using Excel Effectively
• Diversity/Cross-Cultural

Event

• Diversity/Cross-Cultural

Event

• RSO Leadership Position
• RSO Leadership Position
• Explore an RSO
• Global/International

Activity

• CSR Activity
• CSR Activity
• Case/Sales Competition
• Case/Sales Competition
• Diversity/Cross-Cultural

Event

• Diversity/Cross-Cultural

Event

• Global/International

Activity

• Global/International

Activity

• Transition Seminar
• Effective use of LinkedIn

Total Points/Yr. 8 points 8 points 8 points 8 points

FY 17 Major Objectives

• Implement the Redbird Career Portfolio - Mentoring

Description: A successful transition from high school student to university student is important to student retention, and ultimately, to achieving a college degree. To facilitate that transition students will identify a current College of Business (COB) senior student to act as his/her mentor. Requirement: To receive credit for this activity the mentee will provide a reflection on the mentoring experience twice per semester and upload that reflection to Reggienet. Items to include in the reflection are how has what the student learned from his/her mentor been put into action, what has the student learned that will be most helpful in the future, what does the mentee like about the program, how can it be improved, etc. Reflections will be due on October 1, December 1, February 15 and April 15. Review Process: Senior student mentor will review the reflection and communicate to the RCP Staff Coordinator that the reflection was completed and is acceptable. RCP Staff Coordinator and GA will give credit to students in Reggienet for completing the requirements. 50

FY 17 Major Objectives

• Implement the Redbird Career Portfolio - Mentoring

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Year 1 Year 2 Year 3 Year 4 Category Activities Activities Activities Activities

Career Strategy:

• Mentored by a Senior
• Career Exploration

(interview a professional and establish a mentor/mentee relationship)

• Attend a Career Fair
• Work/Life Balance

Seminar

• Using the Career Center
• Effective Resume Writing - Internship (3 pts.)
• Navigating the Job Offer

Minefield

• Job Search Tools &

Techniques

Skill Enhancement:

• Study Skills Assessment
• Financial Literacy
• Written Communications

Activity

• Financial Planning for the

Young Professional

• Time Management
• Active Involvement in an

RSO

• Starting the Job Search

Conversation/Elevator Pitch

• Presentation Skills
• Mock Interview

Professionalism:

• Managing your Personal

Ethics & Reputation (manage your online Image, email & phone etiquette, etc.)

• Effective Networking

Strategies

• Find and Interact with a

Professional Mentor

• Navigating Office Politics
• Dining Etiquette & Dress

for Success

• Mentor a COB Freshman
• Senior Survey

Electives: 1 Required from: 1 Required from: 2 Required from: 2 Required from:

• Resume Writing Basics
• CSR Activity
• MQM 200 (2 pts.)
• Leadership Activity
• Written Communications

Basics

• Dress for Success
• Using Excel Effectively
• Using Excel Effectively
• Diversity/Cross-Cultural

Event

• Diversity/Cross-Cultural

Event

• RSO Leadership Position
• RSO Leadership Position
• Explore an RSO
• Global/International

Activity

• CSR Activity
• CSR Activity
• Case/Sales Competition
• Case/Sales Competition
• Diversity/Cross-Cultural

Event

• Diversity/Cross-Cultural

Event

• Global/International

Activity

• Global/International

Activity

• Transition Seminar
• Effective use of LinkedIn

Total Points/Yr. 8 points 8 points 8 points 8 points

FY 17 Major Objectives

Category – Study Skill Enhancement: Description: Knowing one’s strengths and weaknesses when it comes to learning success is vital for students as they progress through their academic

• career. To provide information about their individual attitudes, behaviors and

dispositions toward learning, students will complete the College Learning Effectiveness Inventory. Requirement: After completing the online College Learning Effectiveness Inventory students will provide a reflection on their results – noting their strengths and weaknesses and what behaviors they can implement to take advantage of strengths while minimizing the impact of their weaknesses Review Process: Completion of the assignment for each student will be passed along to the RCP Staff Coordinator and GA who will give credit to students for completing the requirement.

• Implement the Redbird Career Portfolio – Study Skills

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FY 17 Major Objectives

• Implement the Redbird Career Portfolio – Study Skills

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FY 17 Major Objectives

• Implement the Redbird Career Portfolio – Study Skills

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#3 FY 17 Major Objectives

• Increase the number of Academic Advisors in the College of Business

100 200 300 400 500 600 700 Business Advisor Caseload

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#4 FY 17 Major Objectives

• Increase classroom space & collaboration space

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#5 FY 17 Major Objectives

• Strengthen enrollment in the MBA/CMBA programs

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FY 17 Permanent Funding Requests

College of Business Academic Advisor The College of Business continues to experience strong demand for its

• programs. Enrollment in the College has increased over 11% in the

last two years. There is every expectation that the College’s programs will remain in high demand for many years to come. Each advisor currently serves between 450 and 700 students. Typical advising loads

• utside the College of Business are between 150-400 students per
• advisor. Advising loads are making it increasing difficult to serve the

College’s current students with service levels consistent with our slogan: a small college atmosphere with large university opportunities.

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FY 17 Permanent Funding Requests

Director of Student Professionalism and Career Development In addition to deep technical knowledge, business students need support in many non-technical areas to round out their educational experience and to compete for top positions. The Director of Student Professionalism and Career Development will provide focused internships, programs in business professionalism, business writing and oral communications resources, career counseling, and be the catalyst for college- wide case competitions.

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FY 17 Permanent Funding Requests

The College of Business has significantly increased its external and internal communications in the last 12 months. This trend will not only continue, but increase next year and beyond. In addition, University Marketing and Communications will discontinue shooting video for the colleges. The Assistant Director of Marketing will assist with preparation of key College

• f Business publications (e.g. News & Views), write frequent

news and event articles, assist with key College of Business events (e.g. Early Career Achievement Awards, Business Week, Hall of Fame), shoot and edit video for the College, and assist in the preparation and dissemination of College print and video

• materials. These activities have the potential to greatly enhance

College of Business name recognition, student recruitment, and alumni development. Assistant Director of Marketing (AP, 12 month, $45,000)

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FY 17 Permanent Funding Requests

International programs and global opportunities for both students and faculty continue to grow and expand. The College of Business has one faculty member receiving a course release to manage its international program. An assistant would create additional opportunities for students (inbound and outbound) and faculty (inbound and outbound). Director of International Programs Assistant

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FY 17 Permanent Funding Requests

The BUA major is College-wide and draws required courses from all departments (two from ACC, one from FIL, one from MKT, two from MQM plus a 300-level elective and a 300-level International course which can come from any department). As such, leadership and assessment of this program has always been a problem because of the cross- departmental coordination required. The Coordinator of the Business Administration program would be responsible for assurance of learning, serve as a point of contact for career related student activities, and perform career counseling for BUA students. Coordinator of Business Administration

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FY 17 Permanent Funding Requests

Assistant Director for the MBA Program Given the competitive nature of the MBA market, as well as the College’s interest in growing the On-Campus MBA Program, the Chicago-MBA Program and the CMBA-Normal Program, a permanent staff person is requested or the MBA Office to be the primary recruiter for the Chicago MBA Program and help with the CMBA Program.

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FY 17 Strategic Budget Carryover

The College is requesting to utilize SBC for strategic College and Department initiatives related to learning spaces for student engagement and emerging pedagogies, student collaborative workspace, GA support, new faculty research stipends, existing faculty research support, operating expense support, recruiting and moving expenses for new faculty, AACSB accreditation activities associated with new standards, faculty salaries for Summer II. Furthermore, SBC requests will be used for databases, student recruitment and retention, faculty retention and development, International Business program support, and to manage NTT needs for increased enrollment in COB

• majors. Additionally, SBC will be used for an FY16 temporary budget

reduction and to backfill salary and operational expenses related to an anticipated FY17 budget reduction.

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FY 17 Provost Enhancement Request

Enhancement Title FY17 Provost Contribution FY17 COB Contribution Total Enhancement Cost Support for Databases and Specialized Software used for research and classroom $40,000 $99,884 $139,884 Startup research packages for FY17 hires $37,287 $37,286 $74,573

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FY 17 Personnel Requests

# Department Specialization Rationale 1 ACC Accounting Information Systems Growth & accreditation 2 ACC Business Information Systems Growth & new analytics offerings 3 FIL Insurance TT resignation (FY15) 4 FIL Finance NTT resignation & growth 5 MKT Sales Retirement & growth 6 MKT Advanced Marketing Analytics Resignation & growth 7 MKT General Marketing Retirement & growth

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FY 17 Personnel Requests

# Department Specialization Rationale 8 MKT Sales Retirement & growth 9 MQM Operations Management Retirement & growth 10 MQM Entrepreneurship Program growth 11 MQM Strategy Program growth 12 MQM Operations Management Program growth 13 MQM Strategy Program growth 14 MQM Operations Management Program growth

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Thank you!

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