Maximizing Higher Education End-of-Year Budgets
As commencement concludes and students return home for the summer, secretly, we are excited for the chance to dig into project work, neglected during the school year. Having served in HEd for six years, I loved working with students, but was also excited to get myself into larger scope projects when I wasn’t in 1-on-1’s with orgs.
A majority of college and university budgets reset on June 30/July 1, when the fiscal year switches over. Everyone can take a collective breath of fresh air when the budget lines get re-filled for the pending school year. However, I often found myself with some extra dollars between May and July that, if not spent, would get rolled back up in the department. Let’s be honest, there are smart ways to invest this money now, before it gets lost.
One of the best uses for end of year money, is to invest in the coming academic year, with the previous year’s budget. Why take a huge chunk out of next year’s budget, especially if the expense was unplanned? Plan for it now!
Often, our HEd contacts believe that “going mobile” or launching an app is extremely time consuming and expensive; however, with many advances to the Guidebook platform, we have become more nimble, with additional options and cost effective solutions.
For years, Guidebook has helped schools maximize their budget, while investing in new technology. It is one of the reasons we are the leading mobile platform for colleges and universities! Often, “budget” is given to us as the primary reason to not buy a mobile app, but there are ways to prevent “budget” from being the hindrance.
Here are a few options for you to consider, while making positive investments now, for the upcoming academic year:
Subscribe now, pay now
A keen way to use additional end of year dollars, while saving the financial burden on your upcoming budget, is to subscribe now and pay now. Take a close look at the remaining budget and decide that “this coming year we’re going mobile!” We have ways to streamline your launch process, prepare for fall or summer events, and ensure that you are able to spend the money out of your current year budget, before June 30.
Subscribe now, pay now and later
More likely, you have some dollars remaining this year, but not quite enough to make a mobile app purchase. You still have an option to invest the current balance to positively affect the future. Think of this as a down payment, to offset an upcoming expense. …this is actually one of the most popular ways to buy Guidebook during the summer months.
There are ways we can help you invest your current fiscal year budget now and only pay the remaining balance, when the budget resets in July. This accomplishes two things: 1) you best utilize remaining-year-budget and 2) you offset the cost on your new fiscal year budget. This option allows you to creatively problem solve, maximize both budgets, and offer cutting edge mobile technology to your campus programs.
Subscribe now, pay later
There are also situations where the entire, current budget has been completely spent. We understand! GuidebookEDU’s team is familiar with this situation, but we also know that publishing your app in advance helps with downloads and information distribution. With this option, there are creative ways we can work with you to subscribe now, build your app, and get it published, while delaying your payment into the new July fiscal year.
This is an exciting option, because it allows you to immediately prepare for summer and fall programs, by launching your campus mobile app with enough time for intentional communication with your audience. We can work with you on the budgeting timeline, but want your priority focus to be on the app launch.
What’s the first step?
No matter which option you choose, you will be saving yourself time, investing in the future, and providing a new channel of communication for your campus community.
To discuss the details for any of these three options with a dedicated GuidebookEDU team member, please contact us quickly! As the calendar approaches June 30 and spending blackout dates take effect, there are fewer days to take advantage of these creative solutions.
About the Author: Jim Gresham- Combining a decade of progressive professional experience in higher education event planning with actionable knowledge of how mobile platforms work in day-to-day instructive and co-curricular environments, Gresham utilizes tested methods to engage campus constituents. Gresham holds an undergraduate degree from a small men’s liberal arts college and MEd: Educational Leadership and Policy Studies from a tier one research institute. Most recently, Gresham received national accolades from the Council for Advancement and Support of Education (CASE) for his use of mobile applications and local awards for sustainable practices, while advising the largest student-led homecoming at North Carolina State University.