Chief Financial Officer, Essay Example

It is no secret that the current recession has caused a strain on every college and university in the country.  Barry University is no different.  In order for our university to be able to adjust to the current stresses of the economic situation, five financial plans are being put in place to appropriately accommodate a reduced budget and increase current revenues.

We will begin immediately by reducing the open hours of the dining halls.  They will be open from 7:30-9:30am, 11:00am-1:00pm, and 5:00-7:00pm.  Students, staff and faculty will be expected to adhere to the new hours of operation effective immediately.  This will help reduce costs and eliminate unnecessary spending on food production.

Upon close evaluation of current services, the security officers will no longer be employed by the university.  We will be outsourcing to Security Services, Inc. that will handle all hiring and human resources function.  This change will begin next week.  At this time, no personnel will be released; however, it remains the responsibility of SSI to evaluate current personnel and provide the best security services for our university.

Next year, we will change our policies in three specific areas.  First of all, we are going to begin hiring new educational staff without the current pension plan.  No tenured professors will be experiencing any restrictions on their current plan; this change is only in effect for all new hires.

The current university-owned book store will be closed down at the end of this year.  Our financial department will seek to offer external companies the rights to bid on this space to continue to provide students, staff and faculty with course supplies; however, all members of the university community should begin to plan for next academic year without the use of a university book store on campus.

Finally, the last change will come in staff reduction.  We will be eliminating the current staff workforce by 5%.  Employees will be evaluated over the next year, and mergers may occur between departments to ensure a more efficient business plan. Each of these plans will help increase total revenues by decreasing costs and continuing to provide each member of our community with the best educational opportunities possible.