Strategic Priority 4
Long-Term Fiscal Health & Sustainability
Strategic Priority Four, Long-Term Fiscal Health and Sustainability, centers on increasing and diversifying revenue, enhancing our infrastructure, increasing philanthropic giving, and providing budgetary support for the strategic plan, all supporting student success.
Measures of Success for Long-Term Fiscal Health and Sustainability focus on composite financial index ratios, R&D expenditures, annual research awards, alumni giving rates, funding raising, investment, and endowment values.
Goal 4.1
Implement a planning and budgeting process that identifies, secures, and allocates existing and new E&G, C&G, and Auxiliary funding.
- Action 4.1.1.1 Periodically review existing budgeting process & research other relevant budgeting models.
- Action 4.1.1.2 Clearly articulate priorities to align budget allocations.
- Action 4.1.2.1 Explore other potential auxiliary revenue streams.
- Action 4.1.2.2 Increase capacity for sponsored research.
- Action 4.1.2.3 Increase capacity for philanthropic sources.
- Action 4.1.3.1 Partner with the BOG and other universities on additional advocacy efforts.
- Action 4.1.3.2 Expand the university’s legislative action workgroup to assist in building support for FAMU’s legislative agenda.
- Action 4.1.3.3 Increase the total value of new research related awards received.
- Action 4.1.4.1 Enhance clear, and consistently communicate policies, practices, and procedures to support researchers.
- Action 4.1.4.2 Enhance the existing learning, training, and mentoring opportunities to support researchers.
- Action 4.1.4.3 Enhance accountability with adhering to all sponsored research policies and procedures.
Goal 4.2
Implement infrastructure enhancements in academics, research, administration, technology, and facilities to increase student success outcomes for FTIC, FCS AA transfer, and graduate students that lead to increased performance in state and national metrics.
- Action 4.2.1.1 Partner with other universities to develop a collective advocacy approach.
- Action 4.2.2.1 Continuously stay abreast of the best cutting-edge advances in facilities and services.
- Action 4.2.2.2 Identify funding sources for upgrading facilities and services.
- Action 4.2.3.1 Identify funding sources to continuously upgrade and refresh technology on a rolling three-year basis.
Goal 4.3
Support and sustain a robust university advancement enterprise that consistently generates transformative alumni, friend, and corporate giving.
- Action 4.3.1.1 Increase annual alumni giving to at least 15%.
- Action 4.3.1.2 Increase annual fundraising in excess of $15M with at least two- thirds from corporate giving.
- Action 4.3.2.1 Work with investment manager to maximize market returns.
- Action 4.3.2.2 Raise more endowed funds.
- Action 4.3.3.1 University Advancement will enhance collaborate efforts with deans and non-academic unit heads.
- Action 4.3.3.2 University Advancement will enhance collaborate efforts with Office of Communications to elevate FAMU’s Branding and the communication of FAMU’s value proposition.
