The Faculty and Staff at Pennsylvania’s Neumann University experienced a bleak financial situation, with the university struggling to meet its $12 million deficit on a $83 million budget for the fiscal year 2023. However, they were later informed of cutting the deficit to just $1.9 million, indicating a swift solution. A key event was the fall 2023 faculty senate meeting, where the university’s CFO, Bruce Cairnduff, announced plans to drastically transform the institution. Through open communication, a three-year plan was developed, emphasizing cost-saving, productivity enhancement, and increased collaboration among all faculty and staff.
Cairnduff’s open-door policy and transparent discussions with each stakeholder ensured a culture of accountability and knowledge sharing about financial adjustments. The university tapped into all available resources to achieve these changes, rotating duties among-board members and ensuring transparency to each stakeholder.
The implementation of these reforms culminated in a year of financial sustainability, with the university transitioning to a balanced budget by FY 2024 and aiming for a smarter approach in the future. Its transition became a model for other institutions, encouraging greater transparency and student-centered decision-making. Under theetimes of the pivot, Neumann’s performance highlighted the potential for transformative change when social and institutional collaboration are strengthened.
