Solving Solvency

The quick answer to whether the act was efficacious or not is that, according to my cursory analysis, it has universities have had lukewarm success in bringing about the benchmarks that the state desired.

Most notably, public universities have used their autonomy to increase tuition rates. Such hikes have mainly been used to satisfy benchmarks such as operational efficiencies, diversity of course offerings, and the promotion of student safety.

Academic standards, as measured by such metrics as PBK graduates per year, and retention rates have not changed since the legislation’s inception. Additional research would need to be done to determine whether the legislation can be blamed for such streamlining. Perhaps academic standards and retention rates would’ve dropped without the legislation’s passage.

Ultimately, W&M’s overall financial standing is poor. While its overall ranking is 31, its financial ranking is 114. Thus, finances are one of W&M’s weakest links. Ideas ranging from my public-private-public theory to less jarring ones like online courses and stronger relationships with corporate R&D could ameliorate the issue.

W&M just had a nearly 10% tuition hike. Such leaps can’t—and won’t—happen every year. And when it doesn’t, W&M will need to figure out another way to solve the issue of preserving its solvency.

References
Office of the Vice President for Management and Budget. University of Virginia. June 10, 2010.
Leslie, David and Berdahl, Robert. “The Politics of Restructuring Higher Education in Va: A Case Study.” The Review of Higher Education, Spring 2008, Volume 31.
Archibald, Robert and Feldman, David. “Why Do Higher-Education Costs Rise More Rapidly Than Prices in General?” Change, May/ June 2008.
State Council of Higher Education for Virginia (SCHEV). “Budget Choices, Policy Decisions: Challenges Facing Virginia’s Four-year Colleges and Universities in the Midst of a Budget Crisis.” June 2003.
Stimpert, J.L. “Turbulent Times: Four Issues Facing Liberal Arts Colleges.” Change. Vol. 36 No.4. July 2004.

State Council of Higher Education for Virginia (SCHEV). “2010 Institutional Performance Evaluation.” May 9, 2010.

Board of Vistors. “College of William and Mary Six Year Institutional Plan: 2009-2014.” The College of William and Mary. September 27, 2007.
Couturier, Lara K. “Checks and Balances at Work: the Restructuring of Virginia’s Public Higher Education System.” Highereducation.org. June 2006.
Reveley, Taylor. “Tuition and Fees.” Email. May 15, 2010.

The College of William and Mary Office of Finance. “2009 Benchmarking Strategy.” The College of William and Mary. June 17, 2010.
University Corporate Research Park. June 17, 2010.
Board of Visitors. “FY2011-2012 Executive Budget Summary.” The College of William and Mary. May 15, 2010.
“College of William and Mary State Support for Operations.” The College of William and Mary. 2008.
“FY 2008-2009 Tuition and Fee Summary.” The College of William and Mary.
“The Rise and Fall of Corporate R&D.” The Economist. March 1, 2007.
National Association of Colleges and Employers (NACE). “Starting Salary Offers to College Class of 2010 Decline.” April 15, 2010.
Spanier, Graham. “The Privatization of American Public Higher Education.” Spring 2004. President.psu.edu.
Karlsson, Charlie and Andersson, Martin. “Industry R&D and University R&D—How are They Related?”
Breneman, David and Kneedler, Lane. “Negotiating a New Relationship with the State: the Virginia Experience.” Teach.Virginia.edu.
Lee, Aaron. “UVA Endowment Suffers Massive Loss.” The Daily Progress. October 13, 2008.
State Council of Higher Education in Virginia. “Virginia Four-Year Public Institutions.” Virginia.gov.
Jackson, Nicholas and Zahradnik, Bob. “State Budget Deficits for Fiscal Year 2005.” Center on Budget and Policy Priorities. February 6, 2004.
University of Virginia. “Higher Education Restructuring.” July 1, 2010.
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McKinley, Jesse. “California Students Protest Education Cuts.” The New York Times. March 5, 2010.
Morey, Ann. “Globalization and the Emergence of For-Profit Higher Education.” November 30, 2004. Higher Education, Vol. 48, No. 1 (Jul., 2004), pp. 131-150
Lewis, Morgan. “Education College, Inc.” Smart Business Chicago. February 2004.
State Council of Higher Education in Virginia. “Cost of Attendance and Income.”
Jones, E. Samuel. “General Assembly Final Budget Actions.” The College of William and Mary.
Reveley, Taylor. “Reveley Remarks at SCHEV Board Meeting.” July 20, 2010. http://www.wm.edu/news/pressreleases/2010/reveley-remarks-schev-bov.php
Dougherty, Kevin. “Financing Higher Education in the United States: Structure, Trends, and Issues.” Columbia University.
“Six-year Institutional Plan 2009-2014.” The College of William and Mary. September 2007.http://www.wm.edu/about/administration/strategicplanning/documents/2009_2014institutionalplan.pdf

Comments

  1. andrewsquires says:

    paul, it has been interesting to read your work as this is something that definitely matters to us as college students now!