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Strategic planning and financial planning are highly interrelated and interdependent disciplines. Institutional financial literacy creates the perfect environment and means of communication in which an integrated strategic financial planning process can thrive.

Promoting financial literacy serves two important purposes. First, it makes everyone aware of the institution’s current financial health. Second, it makes everyone aware of what will be required to ensure the institution’s financial health over the long term.

This past year in higher education has been fraught with challenges, both new and chronic. A focus on objective assessment, planning, and preparation will be vitally necessary to survive the ever-changing weather of higher education.

Higher education is facing a crisis of confidence in the value of a college degree, with risk implications for enrollments, tuition pricing, and capital spending. Avoiding these risks begins with finding and quantifying the appropriate “corridor of control” for your institution.

Financial reserves are essential to the sustainability of any college or university. Integrating reserve goals to strategic planning through development of a strategic financial plan helps ensure that sufficient reserves will be available to meet the institution’s needs.

Anyone unfamiliar with the financial structure of not-for-profit colleges and universities may question why these organizations often carry significant financial reserves on their...