Dec. 3, 2019: Strategic Financial Planning

Dear Colleagues,

As we turn our attention to implementing the tactics needed to achieve the initiatives of The Plan for Bucknell 2025, we must work together to ensure the University community is well positioned to succeed in this critically important endeavor.

As detailed in both the strategic plan and the recent presentation by the Committee on Planning & Budget at faculty and staff forums, sustainability of University finances and prudent stewardship of funds are among our highest institutional priorities. We are tasked with adopting a financial plan that both supports our strategic plan priorities and increases our discount rate to at least 35 percent by 2025 (this change alone requires nearly $10M per year).

Reaching this goal will require both new resources and a thoughtful review of our current budget practices. Given the financial demands in implementing the strategic plan, the excellent work over the last two years by the Committee on Planning & Budget and the fiduciary oversight of the Board of Trustees, the time is right for such a review. This effort will build on, and be complementary to, the continuing work of the Committee on Planning & Budget, the administration, and the Board of Trustees.

Bucknell has hired Huron Consulting, a firm with significant experience in higher education and universities like ours, to assist with this review. Beginning in the spring semester, Huron will meet with campus leaders, gather data, and review administrative and academic resource allocations and underlying practices. In April 2020, they will deliver a report of topics for further discussion to the Board of Trustees and campus. Huron will not be charged with creating or implementing financial recommendations; rather, they will provide an analysis that will help our Bucknell administrative and academic colleagues make resource allocation decisions that best support our strategic plan.

Together, we are entrusted with ensuring Bucknell’s continued leadership in higher education, which depends on responsible management of institutional resources. As we embark on the implementation of our strategic plan, I look forward to collaborating on this valuable opportunity to make the most informed decisions possible. Please do not hesitate to direct questions about the resource allocation review to Dave Surgala, vice president of finance & administration, at dsurgala@bucknell.edu.

My best,

John