Episode 308: Payment Plans at Long Island University

Dr. Susan Whealler Johnston passed away on August 12, 2022. We admire the leadership she gave to NACUBO and the entire higher education community. She was thoughtful, caring, and passionate. May we all remember her lifetime of contributions to the pursuit of reinforcing the value of higher education. We were honored to have her as a podcast guest and hope you enjoy listening to this episode of FOCUS in which Susan shares insights into how higher education is evolving. Recorded April 2022.

Dr. Susan Whealler Johnston, president and CEO of the National Association of College and University Business Officers (NACUBO), shares her thoughts on the role of the Chief Business Officer (CBO) as higher ed institutions look towards the future. Her recent initiative has led her on a series of campus visits to shadow CBOs and learn how the organization can better support them. These conversations are uncovering key insights for CBOs as they prepare to tackle new trends in higher ed.

CBOs Need to get Strategic

Conversations about the CBO’s future in higher education have been in the works for years. The role of an institution’s CBO is more than the one who ensures the balancing of budgets and handling campus finances. CBOs are often left out of early planning conversations, but their input is vital to a school’s mission and needs. Johnston believes that it's imperative that the CBO is a strategic thought partner with the president and their cabinet.

“[The] keyword that I hear, really, when I talk to the Chief Business Officers, and to the president, is the word strategic,” said Johnston.

The position is integral in strategic planning because they understand institution finances and what it takes to accomplish goals more than other campus officials.

As CBOs and other campus leaders prepare to take on this new strategic role and learn how to better serve students, Johnston advises them to ask themselves:

1. Who are institutions made to serve?
2. Are they overbuilt?
3. Is the population growing or declining?
4. What needs to be done after assessing the mission and market of the institution?

Crossroads of Change in Higher Education

Johnston also shared trends for the future of education that coincide with the role of the CBO. Institutions have created more access to online resources and taken down barriers in online learning. Campuses have heightened student experiences from in-depth degree and job counseling to orientations for previously online students.

Schools have seen declines in 18-22-year-old students and increases in adult learners, which institutions must learn to accommodate. Overall admissions have fallen, which poses the question to CBOs of how financially sustainable a large campus can be with smaller student numbers.

There are also new focuses on educational equity, diversity, and technology. As the demographics and needs of the student population changes, colleges and universities are exploring solutions to address new needs, such as access to technology, on-campus childcare, and creative ways to use buildings and space.

With new opportunities in institutions across the nation, Chief Business Officers can change from “Office of No,” to the “Office of How.”

Special Guest: Susan Whealler Johnston.