Smart financial management means more students served Community College Finance provides an introduction to best practices for community college leaders and their boards, with guidance on the complex regulations, processes, and considerations surrounding the financial management of these unique institutions. As community colleges continue to increase in importance, this book provides non-technical yet extensive information to guide current and future leaders toward the establishment of effective processes to secure and maintain the funding that is so crucial to the education and future of millions of students nationwide. Readers will gain insight into the background and foundation of community college finance and learn the essentials of practice in today's economic and political climate. The discussion covers student financial aid, tuition, budgeting, and more, and explores the future of federal policy and what it means for the institutions that play such a critical role in the nation's educational system. Over eight million students attend more than a thousand community colleges in the United States today, and those colleges are now facing the retirement of their founding generation of leadership. Meanwhile, the balance between traditional funding sources is shifting as new models and approaches are being implemented, and comprehensive, guiding resources are lacking. This book fills that need with expert insight reflecting current realities and a true understanding of the challenges community colleges face. Readers will: Delve into factors affecting funding and the cost of attendance Develop a budgeting style and process that serves the institution Learn to manage fiscal crises effectively without reducing standards Consider the future of federal policy and how it will affect budgeting At a time when a difficult economy raises questions about the value of higher education, the value that community colleges offer becomes ever more clear. Community College Finance provides the guidance leaders need to help their institutions flourish.

Smart financial management means more students servedCommunity College Finance provides an introduction to best practices for community college leaders and their boards, with guidance on the complex regulations, processes, and considerations surrounding the financial management of these unique institutions. As community colleges continue to increase in importance, this book provides non-technical yet extensive information to guide current and future leaders toward the establishment of effective processes to secure and maintain the funding that is so crucial to the education and future of millions of students nationwide. Readers will gain insight into the background and foundation of community college finance and learn the essentials of practice in today's economic and political climate. The discussion covers student financial aid, tuition, budgeting, and more, and explores the future of federal policy and what it means for the institutions that play such a critical role in the nation's educational system.Over eight million students attend more than a thousand community colleges in the United States today, and those colleges are now facing the retirement of their founding generation of leadership. Meanwhile, the balance between traditional funding sources is shifting as new models and approaches are being implemented, and comprehensive, guiding resources are lacking. This book fills that need with expert insight reflecting current realities and a true understanding of the challenges community colleges face. Readers will:* Delve into factors affecting funding and the cost of attendance* Develop a budgeting style and process that serves the institution* Learn to manage fiscal crises effectively without reducing standards* Consider the future of federal policy and how it will affect budgetingAt a time when a difficult economy raises questions about the value of higher education, the value that community colleges offer becomes ever more clear. Community College Finance provides the guidance leaders need to help their institutions flourish.

List of Figures and Tables ixAcknowledgments xiiiPreface xvAbout the Authors xxiSources of Revenue1. Factors Influencing Community College Finance 32. The Shifting Balance of Revenue 233. Institutional Support 414. Tuition and Fees and the Cost of Attendance 595. Student Financial Aid 776. Infrastructure and Funding Issues 93Expending Fiscal Resources7. Institutional Expenditures 1138. Aligning Mission and Money 1319. Costs, Efficiency, and Productivity 14910. College as an Investment 165Leadership Resources11. Funding Formulas 18512. Setting Prices 19913. Managing a Fiscal Crisis 21714. Tenets of Advocacy 22915. Future Forces in Community College Finance 243Appendix: Principles of Taxation 255References 269Index 291