The Central Association of College and University Business Officers (CACUBO) annual meeting this year was well organized and collaborative as usual and gave attendees a lot of opportunities to learn from peers (and others serving the industry). Our audit, tax, and consulting teams were on site along with about 200 finance leaders from across the Midwest. This article will detail our main takeaways from the conference along with helpful insights for higher education institutions.
1. We Need to Build Better Budgets
There were a lot of sessions on budgeting, forecasting, and all the things you need to build a good budget and forecast. From sessions titled “Strategic College-Level Budgeting” to “Evolving Budget Models” and “Mixing Ingredients for Actionable Revenue Planning,” it’s clear that the industry could use some guidance on how to predict revenues and expenses. It’s also clear that higher ed leaders would benefit from better reporting, tracking, and internal controls to help them manage spending and communicate midyear budget pivots. Sarah Loghin, director at Forvis Mazars, has a well-received session on this—called “Building Better Budgets”—for those interested in learning more.
2. There’s Strong Interest in Dashboards
Schools around the country are leaning into tools like Power BI to track, document, and communicate all manner of important information. This year’s Best Practices winner was Missouri University of Science and Technology Chief Data Officer Andrew Sommer, who presented on “Assessing Program Health Using Modern Analytics and Power BI.” Forvis Mazars, along with Indiana Tech, presented “Best Practices in Strategic Academic Planning: Internal Collaboration and Institutional Vision,” which highlighted Indiana Tech’s process for using dashboards and energizing academic teams to make operational changes. Yet another session on “Mastering Financial Dashboards” drove home the point—finance teams are hungry for good, actionable data.
3. Artificial Intelligence (AI) Is Here
From a keynote speaker to an institution using AI to power its forward-looking strategy, it’s clear that AI is here to stay. Finance teams are hearing more and more from peers about what the technology can and cannot do, and they’re eager to figure out how generative AI can do things ranging from repetitive tasks to strategic marketing. One general session speaker shared much about what the technology already offers, and why it’s so important for institutions to understand its limitations and associated risks. Want to learn more about how to get your institution AI-ready? See how our team can help you strategically leverage AI.
4. More Mergers Are Happening, & People Want to Hear How They Work
There were several sessions on mergers and acquisitions (M&A) and strategic partnerships. One session discussed “post-merger integration” and acknowledged the complex road ahead for any institution considering a merger. Rachel Pauletti, director at Forvis Mazars, moderated a session with Lewis University Chief Financial Officer Melissa Carlson and Founder of Altus Advisory Partners Scott Lurding. Melissa, Scott, and Rachel discussed important considerations such as timing, identity, board buy-in, and strategy. Audience members were highly engaged and curious to learn more about Scott and Melissa’s experiences navigating these conversations internally and preparing for a long and complex process.
5. It’s Time to Listen
One theme was clear across the program: higher education leaders are eager to hear other perspectives. CACUBO has always been a warm and open event. However, the tone this year was clearly one of collaboration and learning. We heard a lot of praise for the presentations, especially those that told a clear success story, and a lot of willingness to ask questions. Each of the takeaways we highlighted above indicates there is optimism about higher education’s future, as long as we’re open to new information and new approaches.
If you have any questions or need assistance, our Higher Education Consulting team can help you achieve your school’s mission and goals, including M&A, academic program and portfolio reviews, and more. Contact a professional at Forvis Mazars today.