Crosscutting Priority 2: Fiscal Excellence And Resource Stewardship
NJIT Makes Strategic Investments In Its Future.
This crosscutting priority is essential to the success of all other strategic priorities. By investing in our future, NJIT commits to stewarding, growing, investing, and diversifying university resources in a strategic and fiscally sustainable manner. The university will move away from its current, almost sole, reliance on tuition revenues which challenges our ability to offer a rewarding STEM-focused education to historically economically underserved students who would benefit from NJIT’s highly competitive return on investment. Recognizing that shrinking state support and increasing expenses further exacerbate the situation, we will implement strategic fiscal management aligned with our mission and vision, ensuring a vibrant and thriving campus community now and into the future.
Part of NJIT’s strategy to advance resource growth is the enhancement of the endowment, which is critical for providing sustained financial support for our expanded educational offerings. A more robust endowment will enable us to invest in innovative teaching methods, technologies, and program development. More generally, NJIT is committed to the principle of good stewardship through the responsible management and utilization of our resources including ensuring that every process is optimized for efficiency and every policy crafted for effectiveness. One strategy to achieve substantial growth of our institutional resources to support and enhance our mission is to expand STEM education for non-traditional learners. To achieve this, we will escalate the development of our STEM programs for non-traditional populations, leveraging our specialized applied learning methodology, strong industry partnerships, and faculty expertise. Our commitment to anytime/anywhere learning models will facilitate access and flexibility, catering to the evolving needs of our learners.
KEY METRICS
- Endowment size and growth rate
- Total philanthropic gifts received annually
- Net tuition revenue
- Auxiliary revenue
- State funding
