Strategic Goal 5: Sustainability
Charge
An essential principle of our Strategic Plan is to ensure Maine College of Art & Design’s long-term financial sustainability. As informed by investments required by the other strategic goals, data, and qualitative metrics, we will develop a financial framework and a series of revenue-focused strategic priorities in support of sustainable results to strengthen the College’s financial position for the long term.
Financial Sustainability
Maine College of Art & Design’s primary revenue driver is currently the undergraduate program. Introducing innovative academic programs, including online learning for students of all ages, will diversify revenue streams, strengthen our financial position, and minimize the risks associated with being heavily reliant on undergraduate tuition revenues.
A methodology for program evaluation, based on mission, brand value, financial impact, enrollment, and retention impact, will be developed and applied systematically. The performance of all degree and non-degree academic programs will be evaluated to inform decision-making. We will establish a path, timeline, and resources for Academic curricular direction, growth, and/or consolidation, based on trends in visual arts and design education and workforce opportunities.
Business Plan
The culmination of the program evaluation work will result in a profitability model and a multi-year business plan that reflects the Strategic Plan’s priorities, including new academic initiatives, capital developments, and operational support. Progress on the Strategic Plan will be benchmarked annually with metrics as determined by the business plan. The business plan will also reserve the appropriate level of capital necessary to reduce risk and allow for operational flexibility.
Attracting Prospective Students, Enrollment, and Retention
Maine College of Art & Design’s financial sustainability also depends on establishing and achieving optimal enrollment for its degree and non-degree programs.
Enrollment
We will establish a baseline forecast and develop a realistic three-year rolling average for each program.
Retention
We will continue to progress student retention and enrollment goals through consistent data collection based on both qualitative and quantitative measures.
Creative Direction & Marketing
In an ongoing way, we will evaluate our institutional brand identity to continually align with strengthening our student profile.
Physical Plant
In addition to new programming, Maine College of Art & Design’s physical plant will be developed to best support its students as well as its current and future academic programs. This will include a three-to-five-year capital investment plan. A facilities utilization plan will be undertaken to inform the development of a master campus plan. This plan will enhance Maine College of Art & Design’s position as an arts destination within the city of Portland and the region.
Philanthropy
Maine College of Art & Design’s financial health requires achieving a high level of philanthropy in all areas. We will conduct a needs analysis and then a case for institutional support that draws on Maine College of Art & Design’s fiscal needs and strategic priorities. Using the case for support, best practices will be implemented to support optimal annual and capital fundraising. The potential for a comprehensive capital campaign will be evaluated, including a feasibility study.
Outcomes
- Revenue diversification and decreased dependency on undergraduate tuition
- A financial framework to support strategic priorities and operating needs
- Optimized facilities and long-term capital investment planning
- Alignment regarding any future comprehensive capital campaign
- Coordinated best practices with regard to enrollment, brand identity, and fundraising