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Investing in Our Future

Strategic Plan / Investing in Our Future
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STRATEGIC THEME

Investing in Our Future

Cultivating, managing and investing our resources and aligning them with our priorities will have lasting, positive impacts on our competitiveness and legacy.

BENCHMARKS/KEY PERFORMANCE INDICATORS

  • Annual operating savings of $3 to $4 million will be achieved by fiscal 2019 and another $5 to $6 million no later than fiscal 2022
  • University deficits will be significantly reduced in fiscals 2018 – 2021 and eliminated in fiscal 2022
  • Deferred maintenance needs will be reduced by 25% by fiscal 2022.
  • Comprehensive campaign proceeds will reach $50 to $75 million by June 2024. This includes increases in the Rider Fund, endowment, scholarship and capital giving as well as an increase in the number of unrestricted bequests
  • The Rider Fund will increase from $1.44 million in fiscal 2018 to $1.6 million in fiscal 2022
  • Alumni giving will increase 33% by the end of the Campaign, to 12% by 2024, up from 9% in 2017
  • Endowment scholarship support will increase 40% by 2024, increasing the number of endowed scholarships to 300, up from 214 in 2017.
  • Bequests will increase 43.5% by the end of the Campaign, to 330 by 2024, up from 230 in 2017
  • Gross Auxiliary annual revenue will increase 3% to 5% by fiscal 2022
  • Full-time undergraduate enrollment will increase 12% or 438 students (from 3,743 in fall 2016 to 4,181 in fall 2021)
  • Retention will increase to 85% by fall 2021, up from 78% in fall 2016
  • The 4-year graduation rate will increase to 65% for the fall 2017 entering cohort, up from 57% for the fall 2012 entering cohort
  • Reduced cyber security and other risks
  • Improved technology user satisfaction

Build tuition and other net revenue to meet capital and operating needs.

Action Plans

  1. With input from Rider’s enrollment partner, transition to lower per student costs to compete more effectively with cross-admit peer institutions and improve admissions yield and retention. Implement innovative pricing and other financial aid strategies to better attract and retain students, support affordability and generate greater net tuition revenue.
  2. Evaluate proposals to acquire Westminster Choir College and retain the programs in Princeton, acquire the programs for relocation to the successor institution, or acquire the campus real estate. The proposals will be evaluated relative to a set of Guiding Principles designed to ensure the long-term success of Westminster Choir College and of Rider University as a whole. Invest proceeds in strategic program development and facility improvements.
  3. Right size the University in terms of the number and mix of undergraduate and graduate programs and students.
  4. Monetize the Tri-generation plant through sale of the building and equipment to support capital needs. Enter into a ground lease and a power purchase agreement to purchase power at a competitive rate with operational costs that do not exceed the current budget.
  5. Secure a two-year $15 million line of credit.
  6. Seek over $40 million in bond financing to support renovations and expansion of academic buildings, residence halls and community common areas that focus on the areas with the greatest potential for enrollment growth.
  7. Increase the scope and profitability of the camps and conferences program. Expand the Study Tours Program and international auxiliary operations.
  8. Pursue partnerships with area community colleges for use of existing residential and other facilities.
  9. Continue to pursue options for the undeveloped 30 acre parcel of land located at the west end of the Lawrenceville campus that could include, but not be limited to, age restricted living, a co-generation plant, solar project or preservation funding.

Continue to reduce operating and other costs and seek energy and other efficiencies, contributing to a culture of lean thinking that also emphasizes quality.

Action Plans

  1. Centralize purchasing across the institution including technology equipment. Identify opportunities to purchase goods and services more economically through expanded competitive selection and implementation of best practice purchasing policies and procedures.
  2. Working with the AAUP, identify efficiencies and savings within the collective bargaining agreement.
  3. Renegotiate food service contracts and utility purchases.
  4. Further expand energy production/purchasing opportunities that are more cost efficient and that provide the foundation for future energy related needs including air conditioning, heating and emergency power.
  5. Engage faculty, staff and students in the effort to reduce costs and seek energy and other efficiencies. Consider establishing a task force to identify and track initiatives and communicate progress across the institution.
  6. Reduce Rider’s carbon footprint. Engage students, faculty and staff as good stewards of the environment. Increase recycling across the institution and find innovative ways of encouraging employee carpooling and staying on campus during their lunch hours. Pursue efficiencies with university sponsored travel where feasible.

Update and implement the campus facilities master plan in support of strategic priorities with the greatest potential for enrollment growth.

Action Plans

  1. Include a phased residence hall renovation plan.
  2. Include the creation of informal faculty-student meeting spaces throughout the campus as outlined in the Plan.
  3. Include a variety of academic facilities projects as outlined in the Plan including renovation and expansion of the Science and Technology Center as well as renovation of Sweigart Hall, including construction of the Business and Data Analytics Center, and the BLC and Yvonne Theaters.
  4. Include renovation and expansion of Alumni Gym as outlined in the Plan as well as improved stadium style seating at Cohen Field and renovation of the tennis courts and Coppola Pool.
  5. Pursue a front-campus mixed use residential/retail project at the front of the Lawrenceville campus.
  6. Identify and prioritize other academic and athletic capital projects and address deferred maintenance needs. Expand ADA accessibility. Upgrade classrooms/academic and library spaces in support of existing and new programs.
  7. Explore the realignment and/or consolidation of campus space to better support academic and student life programming, increase efficiencies, and generate revenue.
  8. Engage a cross-section of the University community in the master planning process. Regularly communicate facilities priorities and major projects in support of the master plans.

Strengthen institutional fundraising and advancement efforts.

Action Plans

  1. Embark on a multi-year Comprehensive Campaign, beginning with a feasibility study in fiscal 2018, to determine a range of goals and purposes in support of the Strategic Plan with a target completion date of June 2023 and proceeds in the range of $50 to $75 million.
  2. Secure naming gifts for the College of Business Administration and prominent buildings and spaces including the Student Recreation Center, North Hall, BLC Theater and West Village residence halls.
  3. Secure naming gifts in support of high-profile University programs including the Center for the Development of Leadership Skills and the Health Studies Institute.
  4. Raise funds in support of a variety of academic facilities projects including renovation and expansion of the Science and Technology Center as well as renovation of Sweigart Hall and the BLC and Yvonne Theaters.
  5. Raise funds in support of athletics facilities as identified in the campus master plan including renovation and expansion of Alumni Gym.
  6. Increase unrestricted giving to The Rider Fund to $1.6 million by the end of the Campaign, up from $1.44 million in fiscal 2018, through various annual initiatives including The Trustee and Women’s Giving Challenges, Raise Your Game, and the Class Pride campaigns.
  7. Establish a culture of philanthropy among alumni, increasing the alumni giving participation rate by 33% by the end of the Campaign (from 9% in 2017 to 12% by 2023).
  8. Increase endowment scholarship support by 40% by the end of the Campaign, growing the number of endowed scholarships to 300, up from 214 in 2017.
  9. Continue to confirm new bequest intentions, increasing the University’s expectancy file by 43.5% by the end of the Campaign (from 230 bequest intentions in 2017 to 330 by 2023).

Establish a new information technology master plan that supports the University’s strategic goals, adapts to evolving needs and reduces risk.

Action Plans

  1. Support expanded technology use and innovation across the University through regular technology training, information sessions and user-friendly web-based IT related information for students, faculty and staff. Communicate strategic priorities, projects and timelines more widely and frequently across the University.
  2. Strengthen IT helpdesk service to students, faculty and staff.
  3. Strengthen student service and customer satisfaction in collaboration with business units through the innovative use of technology.
  4. Mitigate cyber security and other risks by replacing legacy and custom developed data/reporting systems in business units across the institution with more secure proprietary systems and addressing other key recommendations of the fall 2015 cyber security audit.
  5. Strengthen analytical, reporting and other capabilities in business units through the use of technology to increase self-sufficiency, generate efficiencies and facilitate decision-making.
  6. Establish a centralized, reliable and secure data repository with standardized data definitions to be used across the institution.