vcu-2019-six-year-plan-presentation

Affordable Access for AllExpand financial aid the neediest students based on need and merit Assist VCU students and their families in “getting to zero balance” Speed time-to-degree t

Presentation to Op Six

August 13, 2019

2020-2026 Six-year Academic, Financial & Enrollment Plan

Quest 2025:

Together we

transform

VCU is committed to the success and progress of all Virginians

Affordable access

• Financial aid

• Financial services

• Affordable course content

Research, innovation & investment

• Faculty & Staff Salaries

• Online

• Massey Cancer Center

Commonwealth impact

• REAL

• daVinci Center

• IPPA/Internships (STEM)

• Humanities & Sciences Internships

Six-year Plan

strategies

address Quest

and Virginia Plan

goals

Optimize student success

• Student success programs

• Curricular innovation

• Reduce class size

• Build and sustain Diversity

Affordable Access for All

Expand financial aid

the neediest students

based on need and merit

Assist VCU students and their families in

“getting to zero balance”

Speed time-to-degree

to reduce total cost of attendance

Strategically expand financial aid

Additional Aid Required to Cover 100% of Unmet Need for UG Students

2018-2019

1 Represents all institutional aid under program 108 Excludes athletic scholarships.

FY2019 figures are not final and they are subject to change.

Source: IRDS, Ellucian SIS Financial Aid Data,; Financial Aid calculations to cover unmet need are as of July 2019.

Institutional Aid1 to In-state UG Students

FY14 vs FY19 and FY20 (proposed)

$5.6

$17.8

$20.6

$5.0

$10.0

$15.0

$20.0

$25.0

FY 2014 FY 2019 FY 2020

Institutional Aid

FY 2014 FY 2019 FY 2020

$32.9

$81.3

$0.0

$18.0

$36.0

$54.0

$72.0

$90.0

Federal Poverty Level

Pell Eligible

First-Time, Full-Time Freshman Graduation Rates by entering Fall term

Increasing Graduation Rates

57.0%

67.4%

30.2%

45.3% 44.5%

20%

30%

40%

50%

60%

70%

Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014

6-Year Graduation Rate 4-Year Graduation Rate

APLU Urban Cluster 6 yr rate = 44%

APLU Urban Cluster 4 yr rate = 21%

APLU rates are average based on IPEDS data

Optimize Student Success

Continue to grow

Student Success services

including advisement

and technology

Improve learning outcomes through

curriculum and course redesign

foundational classes

Build and sustain initiatives to enhance diversity and inclusion

Commonwealth Impact

Grow VCU’s

REAL initiative

Relevant,

Experiential,

and Applied

Learning

Enhance innovation and entrepreneurship programming for students through the daVinci

Center

STEM-based

REAL/

Internship Performance Pilot

Develop a robust

Humanities

& Sciences Internship program

REAL Relevant Experiential and Applied Learning Initiative

REAL provides an anchor for all experiential education

activities at VCU including research, study abroad, service learning, practicum and internships

Expanding REAL: proposed performance pilot for VCU

Focus on retaining talent in Virginia by increasing access

to internships and career skills development for underrepresented and low-income students

2017 presidential directive to engage

every VCU student in

meaningful hands-on

work that turns classroom knowledge

into real-life experiences,

action and service

What REAL means in practice

REAL means valuing and empowering students

from all backgrounds

• New or improved curricular elements to ensure

adherence to best practices

• New or improved tracking of experiential learning

across the institution

• Bringing an equity lens to experiential learning through information sharing and student exposure to tailored experiential learning opportunities

REAL does not: Increase student’s time to degree

Increase student’s debt load

Research, Innovation & Investment

Continue progress

toward competitive

salaries

FY21 and FY22

annual merit

increases of 3%

New programs with a holistic and

integrated approach

to online technology

Seeking NCI-designated Comprehensive Cancer

Center status for Massey

Cancer Center

Faculty Salaries

$145,939

$158,376

$101,537 $104,274

$87,017 $88,268

$132,400 $132,400

$89,900 $89,900

$73,700 $73,700

$33,000

$66,000

$99,000

$132,000

$165,000

Faculty Salary Pay Gap between VCU and Its Peers by Faculty Rank

Avg Salary Increase Needed (%) for VCU Faculty Avg Salary of VCU Faculty

10.2% 19.6%

12.9% 16.0%

18.1% 19.8%

Financial & Capital Plan

Karol Kain Gray, Meredith Weiss

2020 2021 2022 University Revenue

Projected Expenses

Projected Additional University Expenses (20,130) (26,668)

Net Total University Expenses (689,701) (709,332) (735,500) University Net Position (8,844) (9,615) (3,525)

Virginia Commonwealth University Preliminary 3 Year Financial Plan Scenario

VCU FY20-FY22

Financial Plan

• No increase General

Fund Support

• UG Tuition

0%, 7%, 4%

VCU FY20-FY22

Financial Plan

• Increased General

Fund Support

• UG Tuition

0%, 4%, 3%

University Revenue

Total University Revenue 680,857 691,161 719,867 Projected Expenses

Projected Additional University Expenses (20,130) (26,668)

Net Total University Expenses (689,701) (709,332) (735,500) University Net Position (8,844) (18,171) (15,632)

Virginia Commonwealth University Preliminary 3 Year Financial Plan Scenario

ARTS AND INNOVATION

ACADEMIC BUILDING

Interdisciplinary arts, business, medicine and

engineering space that will provide a launchpad

for critical digital and creativity economy

initiatives with partners across the state

INTERDISCIPLINARY ACADEMIC AND LABORATORY BUILDING

Mission-critical classroom and lab space to accommodate demand for instructional labs, learning and innovation spaces