Financial Optimization Initiative

This spring, the Financial Optimization committee turned its focus to one of the school’s largest assets—space. In short, the committee is studying how better use of space might enable individual departments' goals while enhancing collaborative and potentially cost-saving practices at the school. The committee began identifying obstacles that inhibit the optimal use of space, and is delving into the financial implications of past practices. The committee will resume its work in September, as it is largely on hiatus for the summer as we await ongoing accounting and analysis.

Dear Colleagues,

As we approach the end of the semester, we write on behalf of the Financial Optimization committee to provide an update on the committee’s work to-date and path forward. The committee, which launched September 20th and will conclude its work in December 2024, is charged with: (1) reviewing RISD’s existing budget model; (2) identifying and quantifying complex and inefficient practices and structures; and (3) proposing pathways to greater revenue diversification, then making a set of recommendations that address these findings. The committee has met bi-weekly to develop a base-level understanding of the School’s finances and processes, and focused largely on the second item, which constitutes the committee’s central charge. (You can read more about the charge and membership of the committee here). We detail our approach to this second charge below.

Data collection. In order to most widely gather feedback, we circulated a form through which all faculty and staff could share their ideas and perspectives. We received 168 responses. In addition, we met individually with Division Deans and Department Heads to solicit their thoughts and observations and are planning additional individual and small group meetings with administrative leaders, staff and faculty. Presentations to the committee by senior staff have deepened the committee’s understanding of the School’s current and projected budget, as well as enrollment strategy, space usage and physical plant issues.

Preliminary analysis. We carefully reviewed all feedback received by the committee and categorized them into thematic areas. We then considered whether each item represented a “complex and inefficient practice or structure” and whether that practice or structure appears to result in sizable cost inefficiencies (defined as $500k+). The committee also preliminarily considered the ways in which shifts in operations might provide opportunities to decrease the time and effort of faculty, staff and students and improve students’ academic or wellness outcomes.

Next steps. The committee developed two paths for handling the main thematic items raised to-date:

Conduct preliminary analysis: Items that appear to reflect an inefficient practice or structure, resulting in potentially sizable cost inefficiencies, will undergo preliminary analysis. Over the next two months, with financial and other data that will be provided by RISD’s leadership team, the committee will conduct a high-level analysis of these topics. From this work, the committee will discern which items merit deeper exploration, including community discussions of the non-financial benefits and challenges of existing practices and structures. The items for preliminary analysis are:

Programmatic Areas

• Inefficient space and academic resource usage (which are impacted by a broad range of current practices including differences in course scheduling grids and duplication of academic equipment and shops)
• Consequences of, and challenges presented by, the current major declarations process

Operational Areas

• Obvious and indirect costs related to the size and turnover of staff
• Usage of external contractors, consultants and vendors
• Cost and frequency of space renovations

Refer for consideration and response: There are a number of thematic areas that did not meet the guidelines, but which the committee determined still merit consideration. These items will be referred to the RISD leadership team for consultation with academic leadership where applicable, then timely response to the committee. These items include:

Institutional Culture and Strategy

• Increase budget transparency through more information and presentations regarding the budget process, revenues and areas of spending
• Increase consistency in current spending policies and tighten oversight
• Better incentivize savings to curtail unnecessary end-of-year spending
• Enhance analysis and planning to improve decision-making institution-wide
• Develop a process for periodically reviewing programming and initiatives, exploring their efficacy and current need to assess whether we should keep, expand/shift or sunset each
• Explore coordination and collaboration across events for financial efficiency and to maximize audience and impact
   

Environmental Footprint and Efficiencies

• Increase the use of clean energy on campus
• Take additional action to decrease waste (paper, food) and increase re-use (furniture, materials)
   

While the committee will begin work in the above areas, we may shift to additional areas of inquiry as our work continues. We are grateful to those who have been part of this process to-date and hope to deepen engagement with all during the spring semester. If you have questions or thoughts to share, please do so via strategy@risd.edu.

Sincerely,

Susan Doyle and Bethany Jankunis
Financial Optimization Co-Chairs

The Financial Optimization Initiative core committee held its first meeting on September 20, 2023. President Williams joined the beginning of the meeting to share a formal charge for the committee’s work. This charge included:

• assessing risks to, and sustainability of, RISD’s current business model and explore alternative models.
• examining current fund usage and identify ways of operating that appear to be inefficient or that may represent a sub-optimal use of limited funds.
• exploring pathways to greater revenue diversification through growth of existing programs or creation of potential new programs.
• creating a set of recommendations based on these workstreams.

The committee’s work is expected to continue for 1.5 years, beginning September 2023 and concluding with the submission of recommendations to the president in December 2024. In the next phase of the initiative, the administration will consider the committee’s recommendations, ultimately deciding on a set of initial recommendations for further exploration or focused implementation. Subsequently, we will develop workplans and timelines and implementation will occur, with regular reports back to the community.

President Williams asked the committee to think holistically, deeply and at a high level and to be creative and rigorous in its thinking. She reminded the group that complex issues like those they will explore are unlikely to be black and white, and she urged them to explore the gray. Finally, she asked that the committee view all aspects of its work through an equity lens.

The Financial Optimization committee will formally begin its work at its first meeting on September 20, 2023. Susan Doyle, professor in Illustration, and Bethany Jankunis, vice president of strategy and planning, will co-chair the committee.

Dear Faculty and Staff,

On May 9, President Williams announced two initiatives that will strengthen RISD for the future and set the stage for our next strategic planning process: the Holistic Student Wellness Initiative and the Financial Optimization Initiative.  I write today to provide an update on these initiatives and announce the members of the core committees, which will drive the work and lead our community’s engagement in these efforts.

As you will recall, to provide the widest pool of candidates and build the most robust and representative committees, we invited all faculty and staff to self-nominate, and we gathered nominations from Cabinet, Deans, and managers.  With the goal of building 20-person committees that are as representative as possible of our full community, we selected members for the core committees based on stakeholder group, division or unit, subject matter expertise, personal backgrounds and experience, and other factors.

The Holistic Student Wellness Initiative aims to provide a comprehensive examination of student wellness, including the degree to which the living, learning and working environments we provide for students are consistent with our stated values concerning their physical, emotional and mental well-being. In addition to two student leaders to be named this fall, members of this committee are:

• Patricia Barbeito - Professor, Literary Arts and Studies
• David Carreon Bradley - Vice President, Social Equity and Inclusion
• Janice DeFrances - Senior Lecturer, Teaching + Learning in Art + Design
• Ginnie Dunleavy - Executive Director, Auxiliary Services
• Spencer Evans - Assistant Professor, Experimental and Foundation Studies
• Holly Gaboriault – Assistant Professor-in-Residence, Illustration
• Touba Ghadessi - Provost
• Alison Huff - Academic Division Manager, Fine Arts
• Bethany Jankunis - Vice President of Strategy and Planning & Senior Advisor to the President
• Tony Johnson - Associate Dean, Student Social Equity and Inclusion
• Elyana Kadish - Health Educator, Student Affairs
• Maya Krinsky - Associate Director, Multilingual Learning and Inclusive Teaching
• Deborah Levans - Director, Counseling and Psychological Services
• Khipra Nichols - Associate Professor, Industrial Design
• Jennifer Prewitt-Freilino - Dean, Liberal Arts
• Sara Rothenberger - Associate Dean of Students, Student Affairs
• Joanne Stryker - Dean, Experimental and Foundation Studies
• Brian Ulrich - Department Head and Associate Professor, Photography

The Financial Optimization Initiative aims to strengthen our long-term financial sustainability, maximize the use of our limited funds and build new and expanded revenue streams that strengthen our financial base and support our mission. Members of this core committee are:

• Alejandro Borsani - Associate Professor, Experimental and Foundational Studies
• Jennifer Bose - Deputy Director, Museum Finance and Operations
• David Carreon Bradley - Vice President, Social Equity and Inclusion
• John Caserta - Dean, Architecture and Design
• Sarah Cunningham - Vice Provost, Strategic Partnerships
• Bob DiMuccio - Board of Trustees
• Susan Doyle - Professor, Illustration
• Fabian Fondriest – Board of Trustees
• Richard Gann- Senior Critic, Illustration
• Touba Ghadessi - Provost
• Brooks Hagan - Dean, Fine Arts
• Brandon Ice - Director of Operations, Student Affairs
• Bethany Jankunis - Vice President of Strategy and Planning & Senior Advisor to the President
• Leora Maltz-Leca - Professor, Theory and History of Art and Design
• Jorge Mejia - Director, Auxiliary Business Affairs and Budget
• Rick Mickool - Chief Information Officer
• David Rosati - Senior Vice President, Finance and Administration
• Jack Silva - Vice President, Campus Services
• Nicholas Ventola - Technical Assistant III, Experimental and Foundation Studies
• JOFF - Associate Professor, Apparel Design

Thank you to these individuals for committing to lead this important work, which will begin formally this fall. It is clear that in order to be successful and maximize the impact of these efforts we must engage the insights, expertise, passion and creativity of our full community. We will create many ways to do so throughout this process and look forward to you joining us in this work.

Sincerely,  
Bethany Jankunis  
Vice President of Strategy and Planning & Senior Advisor to the President

Dear Faculty and Staff,

Today we kickoff planning for two initiatives that will strengthen RISD for the future and set the stage for our next strategic planning process.  

The Financial Optimization Initiative (formerly the Financial Sustainability Task Force) aims to strengthen our long-term financial sustainability, maximize the use of our limited funds and build new and expanded revenue streams that strengthen our financial base, and increase resources to support our core mission. The initial work will include: 

• a review of the institution’s business model, including its strengths and vulnerabilities, and recommendations for alternative future models.
• a deep analysis of RISD's historical spending, including identifying and quantifying longstanding, complex academic and administratively inefficient practices and structures, along with recommendations for alternative ways of operating in these areas. 
• identification and feasibility analyses of opportunities to increase revenue from non-traditional sources.

The Holistic Student Wellness Initiative aims to provide a comprehensive examination of student wellness, including the degree to which the living, learning and working environments we provide for students are consistent with our stated values concerning their physical, emotional and mental well-being. The initial work will include:

• developing an expansive definition of wellness and thriving across a student’s journey from applicant to alumni.
• using quantitative and qualitative data to measure and understand overall wellness among subsets of students. 
• assessing the degree to which current systems, practices and policies support or challenge student wellness and recommendations for change
• proposing new and expanded programs and other creative approaches that foster student wellness.  

These initiatives have been carefully shaped to integrate the thoughtful feedback and advice that I have received from members of our community about their hopes for future planning. The initiatives will:

• Dig into complex institutional challenges that have been repeatedly identified and long-recognized but not fully addressed. 
• Be deeply collaborative and engage all constituencies through each stage, allowing us to benefit from the great expertise, passion and creativity of our faculty, staff, students, alumni and board members.  
• Begin- not end- with a robust exploration of each topic and the development of findings and recommendations led by a core committee.  With continued community engagement, we then will prioritize from among the recommendations, develop operational plans and timelines, then implement them.
• Be transparent, including regularly sharing information and progress updates through a variety of vehicles, including email, in-person presentations and an interactive webpage.  

The work for each initiative will be led by a small, multi-stakeholder core committee of 15- 20 members charged with engaging and convening the community deeply in its work, then shaping findings and recommendations that are responsive to the initiative's charge. This work will begin fully in the fall and continue for approximately 1½ years. Core committees will include some members appointed directly because of their subject matter expertise or position and others appointed following self-nomination. Members of the Dean’s Council and Cabinet will provide input into the composition of each committee to ensure committees are comprised of a broad range of stakeholders, subject matter expertise, and experience.  Bethany Jankunis, vice president of strategy and planning and senior advisor to the president, will hold responsibility for launching and leading both initiatives.

If you would like to self-nominate for Core Committee membership, please complete this brief form for the Financial Optimization Initiative

or this form for the Holistic Student Wellness Initiative

by Tuesday, May 15.

I look forward to receiving your nomination and fully launching these important initiatives early this fall.

Sincerely,
Crystal (she/her)