Business Letter: The New Financial Vision at Florida Int. University, Essay Example

Dear Colleagues,

As you might know, with the new economic crisis and under the pressure of the new financial constraints, our University faced a serious cost-saving challenge. As our economy is undergoing a serious shift, we, as a high-quality and professional educational facility, cannot stay aside from these changes and are expected to timely react to the emerging issues. In order for us to stay afloat and in order for our University to remain a competitive source of knowledge which we deliver to our students, I, as the Chief Financial Officer, has designed the five different stabilization plans aimed to reduce the costs and increase university revenues. As a result, I feel obliged to notify you about the coming changes.

To begin with, cost-saving stands out as the measure critical for the success of our educational facility. Cost-saving is the primary element of cost-effectiveness at all levels of our organizational performance. The five stabilization plans will work simultaneously to address different areas of our performance in education and will, hopefully, promote our organizational image in the educational market. The two stabilization plans will be implemented immediately. These were designed to address immediate university needs. The two stabilization plans will work to reschedule classes, to restructure information technology units at the university, to reconsider the traveling costs of tutors and students, and to recalculate the costs spent to maintain high quality service on campus. We will have to become more attentive to how much we spend on education, and everyone is expected to reconsider the list of the primary and secondary organizational and educational needs as related to their subjects or professional performance at the University.

To pursue the principles of cost-saving and cost-efficiency, and to build a new system of higher revenues, teachers, on the one hand, will have to review the plans and strategies they provided for the next semester and, on the other hand, will need to review the levels of enrollment for each particular course. Those with low enrollment will also require the major restructuring in a way that does not violate student educational rights. Teachers are expected to increase the level of instructional space utilization and to increase the overall enrollment in order to boost revenues at the university.

The three long-term plans will be implemented throughout the new fiscal year. Because revenues and cost-savings require time to implement, and because better revenues also imply the need for increased enrollment and gradual rescheduling of costs, you, as university employees and as the sources of knowledge will have to adjust to the new conditions of professional performance. I hope that you will understand the purpose of proposed changes and will work cooperatively to achieve the basic performance outcomes. To make the university financial prospective and to balance the costs with revenues, the three long-term plans will require that you (a) develop new (probably, nontraditional) educational programs to attract new students and to increase revenues and (b) market our university and its traditional and new programs to the residents beyond our community. New marketing campaigns will require additional investment but will reflect in better financial performance in the long run. I believe that our cooperative efforts and reasonable approach to costs will finally establish a new financial and performance atmosphere at the University. All these stabilization plans are primarily aimed to meet the major educational needs of students and to provide them with high quality education and knowledge. These plans will also provide the faculty staff with sufficient freedom of choice and action with regard to educational initiatives and enrollment. I anticipate that you will also be more attentive to the financial side of your educational strategies and that you will seek to consult our financial department before implementing your educational decisions.

With respect.

References

FIU. (2009). Florida International University. Retrieved October 3, 2009 from http://www.fiu.edu/