Ensuring Excellence and Affordability
Every constituent group talked about the rising cost of higher education and expressed concerns that Taylor remain affordable for the kinds of families we have historically served. Affordability is a key driver for enrollment growth, and Taylor supporters have generously given to endowed scholarships and current-use scholarship funds for decades. In light of the increasing competitiveness of our market, Taylor must make significant gains in growing our endowment and launching new scholarships that can be deployed immediately.
In addition, the physical campus of the University plays such a central role in the Taylor experience that we require an inspiring environment for learning and living. The renewal of spaces within existing campus buildings, addressing deferred maintenance issues through recently secured financing, and the construction of select facilities that will support Taylor’s growth and development in the near future are key to ensuring the excellence we associate with Taylor.
Finally, we seek seed funding to launch new initiatives for Taylor’s next season, with a particular focus on ventures that will become revenue-generating within 2-5 years’ time. In light of these priorities, we seek the following strategic objectives.
Primary Components of Priority Pillar 5: Ensuring Excellence and Affordability
Significantly Raise Resources for Taylor’s Future, Seeking to Make a Taylor Education More Affordable
Taylor’s education is excellent, but it also requires a sacrificial investment. There is no denying that the traditional higher education financial model is under great pressure, and we risk pricing out families that used to be our core constituency. Growing our endowment is one of the key tools at our disposal as we seek to future-proof our operations to stay true to our Christian mission. In addition to long-term efforts to grow resources that can help subsidize Taylor’s undergraduate education, there are financial aid adjustments that can help keep us within striking distance of key competitors while offsetting declining net tuition revenues by recruiting larger classes. We also aspire to secure significant additional philanthropic dollars to make all of this possible.
Leverage Strategic Opportunities to Generate Greater Margin to Invest in Our Campus and People
Every million of auxiliary revenue dollars we grow equates to the interest to operations earned annually from $20 million of endowment. Finding ways to unlock latent resources and grow revenues will be key strategies to help support the cost of a Taylor education.
Build Upon Taylor’s Teaching Excellence
Taylor’s classroom experience is one of the areas where our faculty shine brightest. We seek to find ways to leverage existing resources, such as the Bedi Center for Teaching and Learning Excellence (BCTLE), to improve upon this strength. We also seek to make data-informed decisions about class offerings to decrease the overall cost of delivering a Taylor education and to maximize faculty time and effort for greatest impact on our students.
Demonstrate and Increase the Value of a Taylor Education
In an increasingly competitive marketplace, Taylor must do more to highlight the value of a Taylor education and to show parents and students alike the difference their Taylor degree will make for future job prospects and lifelong contributions.