April 1, 2014

Budget Presentation

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Budget Presentation

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• Introduction

• FY14 Accomplishments & Productivity• Accomplishments• Productivity• Use of Funds

• FY15 Planning• Major Objectives• Permanent Funding• Strategic Budget Carryover• Enhancement Request• Personnel Requests

College Leadership Team

Gerry McKean,  Interim Dean

Dan Goebel,  Associate Dean

SJ Chang,  Associate Dean

Jay Rich, Interim Chair, Accounting

Gary Koppenhaver, Chair, Finance, Insurance and Law

John Bantham,  Interim Chair, Management and Quantitative Methods

Tim Longfellow,  Chair, Marketing

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First Choice University & College of Business

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FY14 Accomplishments and Productivity

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Strategic GoalsGoal OnePrepare students to become skilled business professionals who can contribute positively to organizations and society

Goal TwoBuild a community of excellent scholars, teachers, and support staff

Goal ThreePromote and communicate our successes and our vision of excellence and national recognition

Goal FourCreate and strengthen partnerships with alumni and business organizations

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Select AccomplishmentsGoal OnePrepare students to become skilled business professionals who can contribute positively to organizations and society

• Automated Essay Scoring was introduced to all College of Business students enrolled in a core accounting class – over 40% improvement in writing skills – Chart below illustrates scoring rubric areas

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Select AccomplishmentsGoal OnePrepare students to become skilled business professionals who can contribute positively to organizations and society

• Business Week program provides opportunities for students to learn and apply business skills outside the classroom

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Select AccomplishmentsGoal OnePrepare students to become skilled business professionals who can contribute positively to organizations and society

• Student regional, national, and international  awards and activities

1. Student team representing Gamma Iota Sigma earned a 2nd place award for participation in a case study competition in risk  management at Virginia Commonwealth University (FIL)

2. SHRM student chapter awarded Superior Merit from National SHRM for 13th consecutive year (MQM)

3. The Center for Insurance and Financial Services funded eight international internships in London, Bermuda, Zurich, and South Africa

4. Provided financial support for student leadership activities at regional and national events

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Select AccomplishmentsGoal OnePrepare students to become skilled business professionals who can contribute positively to organizations and society

• Select program and curricular accomplishments

1. The Chicago MBA program was successfully launched in February 2013 

2. A new sequence in Advanced Marketing Analytics, a minor in Business Analytics, and an HR Metrics and Analytics course (Big Data) were initiated in 2013

3. A new international exchange partner (Hanze University) was added to list of international opportunities for College of Business Students

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Select Accomplishments

• Significant financial awards to attract and retain outstanding faculty through Faculty Scholar Awards

Goal TwoBuild a community of excellent scholars, teachers, and support staff

1. Caterpillar Faculty Scholar Award2. Steven Hagge Faculty Accounting Award3. Ernst & Young Faculty Accounting Award4. Dixie L. Mills Faculty Scholar in Finance5. FIL Department Chair Faculty Scholar

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Select Accomplishments

• Regional and national faculty recognition 

Goal TwoBuild a community of excellent scholars, teachers, and support staff

1. Yu‐Luen Ma was recognized as the 10th‐most prolific Insurance researcher in the U.S. in the last ten years (FIL)

2. Nat Pope was recognized as the 82nd‐most prolific Insurance researcher in the U.S. in the last ten years (FIL)

3. Yu‐Luen Ma is a co‐principal investigator on a successful Federal Highway Administration grant proposal, entitled “Pay‐as‐You‐Drive‐and‐You‐Save (PAYDAY) Insurance Actuarial Study” (FIL) 

4. Tamra Davis received the Outstanding Service Award from the International Society for Business Education (MKT)

5. Faculty led three significant leadership development programs: Growmark, Illinois Soybean Association, and Country  (MQM)

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Select Accomplishments

Developed graduation survey to track employment data and experiential activities for current graduates, 6 months out, 12 months, out, etc. 

Goal ThreePromote and communicate our successes and our vision of excellence and national recognition

But with student‐loan debt outstanding hitting a record $1.1 trillion, according to the Federal Reserve Bank of New York, the issue of quantifying graduate success has become increasingly important as colleges come under pressure to prove the education they provide is worth the investment.

Korn, Melissa. “Push to Prove Career Success Tests Colleges." Wall Street Journal 17 March. 2014: 1. Print

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Select Accomplishments

Developed graduation survey to track employment data and experiential activities for current graduates, 6 months out, 12 months, out, etc. 

Goal ThreePromote and communicate our successes and our vision of excellence and national recognition

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Select Accomplishments

• Graduation Survey Results – Dec. 2013

1. Internships: 54% (some individual programs in business had internship rates as high as 75%)

2. Employed at graduation: 52% (some individual programs in business had employment rates as high as 90%)

3. Starting Salary:  mean=$47,311, median=47,500

4. Participated in study abroad: 8%

5. Participated in leadership activities and opportunities: 31%

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Select AccomplishmentsGoal ThreePromote and communicate our successes and our vision of excellence and national recognition

• College of Business’ George R. and Martha Means Center for Entrepreneurial Studies Startup Showcase

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Select AccomplishmentsGoal ThreePromote and communicate our successes and our vision of excellence and national recognition

• Graduating businesses in the College of Business Packback Books co‐founders 

Kasey Gandham ’13 and Mike Shannon ’12 walked 

away from Shark Tank with a new investor: Mark Cuban. The famous billionaire and NBA owner agreed to invest $250,000 in Packback for a 20 percent stake in the 

company.

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Select AccomplishmentsGoal FourCreate and strengthen partnerships with alumni and business organizations

• Maintain existing and create new relationships with businesses and organizations that partner with the COB and hire our graduates. 

Department of Marketing Advisory Board

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Select AccomplishmentsGoal FourCreate and strengthen partnerships with alumni and business organizations

1. Held annual golf outings to strengthen alumni and business partnerships (ACC, Center for Insurance and Financial Services, PSI)

2. Invited firm speakers presented to classes in all College of Business programs

3. Held department awards ceremonies in all College of Business programs

4. Completed client projects for many partner firms5. Held local, regional, and national College and Department alumni 

events

• Maintain existing and create new relationships 

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Select AccomplishmentsGoal FourCreate and strengthen partnerships with alumni and business organizations

1. Eight new endowed scholarships2. Seven restricted scholarships3. Four endowed faculty funds4. One naming opportunity pending (Academic Advising Center)5. Eight estate gift commitments totaling: $6,232,000

• Increased private financial support

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Measures of Productivity:

Measures of Productivity:Undergraduate Enrollment

Accounting 2009 2010 2011 2012 2013Accountancy 450 452 433 459 493BS/MPA 217 195 207 215 213BIS 53 50 49 50 57

Finance, Insurance and LawFinance 518 476 452 410 404Insurance 66 66 86 92 74

Management & Quantitative MethodsBUA 732 692 704 760 724IB 137 110 111 108 123Management 300 308 372 382 368

MarketingBTE 88 74 67 51 34Marketing 676 671 639 645 627

Total 3,237 3,094 3,120 3,172 3,117

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Measures of Productivity:Graduate Enrollment

2009 2010 2011 2012 2013MBA 158 177 157 126 107Accounting

ACC 26 34 28 32 31BS/MPA 46 26 45 28 35

Acc Total 72 60 73 60 66COB Total 230 237 230 186 173

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Measures of Productivity:Undergraduate Degrees

2009 2010 2011 2012 2013

ACC 131 171 142 170 152 FIL 183 220 191 210 191 MQM 257 264 234 217 271 MKT 203 247 230 240 211

College Total 774 902 797 837 825

University Total 4,117 4,424 4,282 4,452 4,438

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Measures of Productivity:Graduate Degrees

2009 2010 2011 2012 2013

AccountingMSA 25      16      20      28      15     BS/MPA 18      45      26      42      25     

BusinessMBA 84      54      94      64      77     

College Total 127      115      140      134      117     

University Total 713      712      829      857      722     

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Measures of Productivity:Class Size: Undergraduate

2009 2010 2011 2012 2013

Small Classes (<20) 17 37 31 33 35

% of University  2.2% 4.5% 3.8% 3.9% 4.0%

Medium Classes (20‐99) 211 196 200 196 184

% of University 13.1% 12.3% 12.3% 12.7% 12.4%

Large Classes (>99) 13 11 12 15 16

% of University 12.6% 10.8% 11.9% 14.2% 14.8%

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Measures of Productivity:FTE by College & Tenure Status

Fall 2012 Fall 2013TT NTT Total FTE TT NTT Total FTE

CollegeCAST 104 47 150.5 105 48 152.8CAS 327 110 437.1 341 105 446.2COB 79 27 105.6 81 23 104.1COE 82 55 137.3 82 55 136.5CFA 92 21 113.4 96 22 118.1MCN 15 25 39.5 17 26 43.4Total FTE 699 284 983.4 722 280 1001.1

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Use of Additional Funds to Enhance Accomplishments and

ProductivityProvost Enhancement Funds:

Received From Provost Purpose/Activity

Total Committted to Activity

Funds Provided by COB

$86,310

Class coverage for two late TT resignations $88,880 $2,570

$20,000Research database support $129,000 $109,000

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Use of Additional Funds to Enhance Accomplishments and

Productivity

Instructional Capacity (total NTT):

Received from Provost Purpose/Activity

Total Committted to Activity

Funds Provided by COB

$467,441 NTT faculty $1,090,546 $623,105Note ‐ includes PE

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Use of Additional Funds to Enhance Accomplishments and

Productivity

Summer Session Funding:

Received from Provost Purpose/Activity

Total Committted to Activity

Funds Provided by COB

$421,258 Summer FY14 $645,000 $223,742

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Use of Additional Funds to Enhance Accomplishments and

Productivity

Foundation Funds:

Foundation funds were used to supplement general revenue funds for many initiatives in the College of Business, academic departments, and centers and institutes. The funds were used to support student leadership, scholarships, faculty development, faculty research, faculty travel, alumni related activities and events, advisory councils, and to acquire research databases.

Total FY14 Foundation Funds used to support and enhance area goals $1,147,366

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Use of Additional Funds to Enhance Accomplishments and

Productivity

Variance Dollars:

Total FY14 Variance Dollars used to support and enhance area goals $323,200

The College will spend over $194,000 on summer faculty research support, internship coordinator stipends, and College Centers/Institutes Director support. In addition, the College spent $129,200 for research databases and specialized software in 2014. All variance dollars are used to support these College priorities.

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Use of Additional Funds to Enhance Accomplishments and

Productivity

Technology Tuition  Dollars:

Received from Tech Tuition Purpose/Activity

Total Committted to Activity

Funds Provided by COB

$124,892 Enhance lab tech $130,672 $5,780

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FY15 Planning

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FY 15 Major Objectives Develop policies, procedures, and transition steps to

comply with the 2013 Association to Advance Collegiate Schools of Business (AACSB) standards

Develop systems to capture, organize, and report on internships, experiential activities, and job placement data to our stakeholders

Provide students the opportunity to develop a transcript of professionalism and career-centered activities

Enhance the communication skills of our students

Develop additional strategies to attract new students, retain exiting students, and address affordability for students in need of financial assistance

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FY 15 Major Objectives

Embrace and strengthen our outreach programs and connections with businesses and our stakeholders

Pursue additional faculty scholar and endowed faculty awards to help attract and retain top faculty

Provide opportunities for students to collaborate, learn from one another, and be innovative

Promote externally and internally the success of the College of Business and the College’s programs

Review curricular and delivery models for graduate programs in the College

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FY 15 Permanent Funding Requests

Director of Student Professionalism and Career Development (AP, 12 month, $50,000)

In addition to deep technical knowledge, business students need support in many non-technical areas to round out their educational experience and to compete for top positions. The Director of Student Professionalism and Career Development will provide focused internships, programs in business professionalism, business writing and oral communications resources, career counseling, and be the catalyst for college-wide case competitions.

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FY 15 Permanent Funding Requests

The College of Business has significantly increased its external and internal communications in the last 12 months. This trend will not only continue, but increase next year and beyond. In addition, University Marketing and Communications will discontinue shooting video for the colleges. The Assistant Director of Marketing will assist with preparation of key College of Business publications (e.g. News & Views), write frequent news and event articles, assist with key College of Business events (e.g. Early Career Achievement Awards, Business Week, Hall of Fame), shoot and edit video for the College, and assist in the preparation and dissemination of College print and video materials. These activities have the potential to greatly enhance College of Business name recognition, student recruitment, and alumni development.

Assistant Director of Marketing (AP, 12 month, $45,000)

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FY 15 Permanent Funding Requests

International programs and global opportunities for both students and faculty continue to grow and expand. The College of Business has one faculty member receiving a course release to manage this entire operation. A full time person director enable the College to expand opportunities for student (coming and going) and faculty (coming and going).

Director of International Programs (AP, 12 month, $65,000)

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FY 15 Strategic Budget Carryover

The College is requesting to utilize SBC for College and Department initiatives related to classroom screen replacements, moving expenses for new faculty, a student collaborative workspace, MBA Rebound startup, AACSB accreditation activities associated with new standards, faculty salaries for Summer II, office technology upgrade, FY15 portion of research databases and new faculty research stipends, faculty development, department brochures, FY15 faculty, chair, and dean searches, and Big Data startup.

FY15 Strategic Budget Carryover Requests $861,011 

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FY 15 Provost Enhancement Request

Enhancement TitleFY15 

Provost Contribution

FY15 COB Contribution

Total Enhancement 

CostSupport for Databases and Specialized Software used for research and classroom 

$40,000 $89,000 $129,000

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FY 15 Personnel Requests

Department Specialization Rank

ACCBusiness Information Systems/Programming

Assist/Assoc

ACC Financial Accounting Assist/AssocACC Financial/Managerial Accounting Assist/AssocACC Financial/Managerial Accounting Assist/Assoc

MKT Professional Sales Assist

MQM Strategy AssistMQM Strategy Assist

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Thank you!

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