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Takeaways from "College (Un)bound: The Future of Higher Education"

This summer our team has had heard from Jeff Selingo, author of the recently published “College (Un)Bound: The Future of Higher Education” and Editor-at-Large of Chronicle of Higher Education, on three occasions: Eduventures Annual Conference,  Salesforce Higher Ed Summit and CASE Summit Conference.

We walked away each time feeling that his message was timely and relevant for those in education. So much so, that we, along with LearnLaunch, are hosting Jeff to MassChallenge on July 30th.

College (Un)bound presents many sides of the discussion on the future of higher education.  Rather than a ‘doom or gloom’ view of where our traditional universities are heading, Jeff’s research focuses an interesting lens on the far-reaching power of data, technology, and analytics to make education more effective, more personalized, and more far-reaching.

In preparation for our event, we wanted to share a few of our major takeaways from College (Un)Bound with our community.  While many important points are raised, we focused particularly on three that resonated with us and our clients – empowerment of the family, data-driven decisions, and transforming understanding of learning.

Empowering the student and family

“We want students as informed about the institution as the institution is informed about students”

Throughout his book, Jeff touches on the impactful role of data in providing students and applicants with additional insights and tools.  Whereas schools traditionally gathered students’ data through application and transcripts, students and families were left in the dark regarding the performance or accountability of the institution.  Thanks to an influx in accessible data, now applicants can learn the graduation rate, job outcomes, and financial viability of any institution.  For example, the Department of Education now displays the graduation rates of colleges as students complete the online federal application for federal aid.  There is expected to be a new accountability amongst institutions for student outcomes, and for how institutions are effectively handling budgets and programming.

Data-Driven Decision-Making

“Few things on horizon that will have a more dramatic impact on the future of higher education than data analytics” – Siemans, analytics expert at Athabasca

Ask any family applying to college, and you will hear the same story.  The admissions process can be a black hole with students left spending thousands applying to often too many schools.  Yet, with the advent of programs such as Naviance and ConnectEdu, software is providing new clarity into the feasibility and fit of institutions.   While the art of choosing a school will always require some personal intuition, algorithms and analytics can point students in the right direction, and even support class selection or SAT prep earlier in high school.

Once students enroll at an institution, data can help them stay there, pursue majors aligned with their interests and strengths, and graduate on time. “Data sharing will become a reality for college students everywhere in the future,” explains Jeff’s in his book.  By better tracking and understanding where students excel and struggle, analytics will act as a virtual advisor, providing students with tailored course suggestions based on past performance and interests.   Tristan Denley, of Austin Peay State University, is looking to isolate “fingerprint courses” – those that indicate probable success in a major based on historical grade trends.  By pointing students in a direction that has worked for similar students in the past, data-driven insights can help more students graduate on time.

Changing the understanding of learning

“Only two in ten undergraduates attend a residential four-year college full-time, and not all of them graduate on time”

Often when the conversation turns to the changing landscape of higher education, people believe that that the traditional campus is under attack.  Yet, in many ways, this demonstrates an outdated vision of education, without consideration of the many community and online programs that enroll thousands of students.

MOOCs and hybrid online & offline courses are changing the culture at the core of higher education, and for many, expanding the access to world-class education.  This was a theme that ran throughout the recent CASE Summit in San Francisco.  In a panel led by Jeff, Coursera’s Daphne Koller explained that open courses are not replacing professors, but instead providing more far-reaching access to those unable to attend due to finances or availability.  Sal Khan, another presenter at CASE Summit, also speaks about this ‘flipping of the classroom” in which time-boxed lessons in the confines of a classroom desk no longer define learning.

For many, better technology and data will allow for a more personalized learning experience.  Students will have the opportunity to target and focus on lessons and topics with which they struggle.  Teachers will no longer stand in front of classrooms or at lecture halls, but instead will both know and respond to the progress of each individual student.  Learning will not be passive – but active, engaged, and multi-faceted.

We enjoyed Jeff’s book and cannot wait to host him later this month. Learn more below about our event in Boston, featuring Jeff along with John Gallaugher of Boston College, Aaron O’Hearn of Startup Institute and Sarah Hodges of Intelligent.ly!

Endowment Spending & Growth Calculator

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4. Continue to Steward Donors

Your relationship with the donors who give to your endowment doesn’t end when you secure their gifts. Because your endowment exists to make a difference in the long term, your supporters will want you to keep in touch about its progress. Ongoing stewardship means keeping donors updated about your endowment’s performance and impact. A report that strengthens your relationship with donors should cover:
  • The fund’s balance at the start and end of the year
  • Spending amounts and allocations
  • How the fund’s returns compare to your investment targets
  • A short narrative detailing the specific impacts the endowment achieved
Create a report for each endowment rather than sending an identical document to everyone. A donor who endowed a scholarship wants to hear about the students it supported, while a donor who endowed a building fund wants updates on construction projects.

5. Upgrade Your Endowment Management Tools

Your endowment management tools should make applying your spending policy across every fund easy. Investing in dedicated software is especially useful as your endowment grows. Handling unitization in spreadsheets might work for a few funds, but as you begin to manage dozens or hundreds of gifts, dedicated software can save your team time spent manually calculating gains and losses for each one.

Why Nonprofits Need Dedicated Endowment Management Software

Dedicated endowment software brings accuracy and consistency to every part of the management process, from tracking individual funds to improving security. See how these solutions compare to a spreadsheet-based approach: nfographic table outlining the information below.

How These Methods Compare:

In managing your endowment with traditional spreadsheets, you may see:
  • High administrative burden: Manual entry across disconnected systems
  • Limited security and audit footprints: Reduced version control and audit trail visibility
  • Difficulty with donor transparency: Spreadsheets provide only static data that is difficult to turn into custom results.
By using dedicated software, you are likely to find the following improvements:
  • Lower administrative burden: Automated fund tracking and calculated allocations
  • Enhanced security and audit footprint: Audit-ready reconciliation with clear tracking
  • Greater donor transparency: Connects with reporting platforms
Dedicated endowment management software keeps your organization compliant while freeing up the time your team once spent manually managing spreadsheets.

Secure Your Endowment with Balance by EverTrue

Effective endowment management begins with excellent accounting. Balance by EverTrue handles unitization, applies spending rules, and produces audit-ready reports, so your team can spend more time on the donor relationships that built the fund in the first place.
  • Turn your data into a clear picture of long-term impact. Combine accurate fund accounting with donor reporting that showcases impact.
  • Connect with the tools you already use. Pair Balance with Impact by EverTrue and ODDER by EverTrue to create and deliver compelling digital endowment reports that you can send to donors with ease.
  • Know where every fund stands in real time. Check market values, gift history, and available spending for any fund. Then, share view-only versions with your team, so everyone stays informed.
With Balance, your team can stop spending all your time on manual management and instead add balance to your endowment workflow.

Additional Resources

To learn more about managing your endowment and other ways that technology can help your organization, check out these additional resources: Less stress, higher endowment funds. Discover how Balance provides the organization, security, and accuracy your endowment needs. Request a demo.
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