Abstract
This chapter focuses on the importance of budgets in higher education and their role in advancing civic engagement on college campuses. In a period marked by calls for societal change following the 2020 presidential election, the murders of George Floyd and Breonna Taylor, and the ongoing COVID-19 pandemic, higher education may be the only institution left to respond to society's ills. Institutions must find ways to deliver high-quality education safely, while also encouraging active civic learning as a part of the experience. Higher education's investment in civic education will be a key component to any response to the challenges facing America. Institutions must prepare to respond in kind during a period marked by financial uncertainty.
TopBackground
Undoubtedly, the Coronavirus pandemic completely upended budgets and business practices for colleges and universities nationwide. Most campuses shifted to remote learning overnight in March of 2020 without much notice. Institutions also had to deal with the severe financial impact brought on by the impact of a global recession, declining revenues from local and state tax bases, and a decline in anticipated enrollment as students elected to take a gap year or skip college all together out of concern for the pandemic (Horton, 2020).
Throughout the summer and fall of 2020, then President Donald Trump and members of his administration were vocal in their support of colleges and universities reopening (Bauer-Wolf, 2020). Despite the United States having the highest number of cases and deaths worldwide from the Coronavirus, Trump frequently wrote posts on Twitter, including: “SCHOOLS MUST OPEN IN THE FALL” (Trump, 2020). The pressure to resume in-person instruction was immense, even coming from then Secretary of Education Betsy DeVos.
One of the most significant short-term issues for higher education leaders is an inability to forecast budgets for the 2021 academic year and beyond. Internal and external constituents have a laundry list of valid questions even a year out from the initial closing of campuses. One of the main findings of a 2021 Chronicle of Higher Education survey commissioned by Fidelity Investments found 55 percent of U.S. college and university faculty have considered either a career change or early retirement because of the pandemic (Fidelity Investments, 2021). In addition to faculty, dozens of college presidents have announced their retirements at the end of the 2021 academic year (Whitford, 2020).
Key Terms in this Chapter
Trust: The ability to believe the information provided by an individual or organization is reliable.
Stewardship: Managing resources with an appropriate amount of care and responsibility.
College Affordability: The ability to personally invest in educational resources and still have sufficient funds remaining to cover day-to-day personal expenses.
Diversity: Understanding the uniqueness of individuals and celebrating individual differences.
Strategic Investing: Investing in a way that removes the negative effects or risks associated with long-term financial forecasting.
Budget: An estimation of anticipated revenues and expenses over a defined period.
Stimulus: An injection of funds into an economy by the government to encourage spending and economic growth.
Transparency: Conducting business and financial transactions overtly to build trust with the public.
Student Loan Cancellation: A cancellation or discharge of existing student loan debt.