The experiences of Wellesley College (Massachusetts) with developing a long-range plan for institutional survival in the 1990s illustrate the value of two strategies: devising a planning process that reflects the institutional culture, and spending time early in the process to gain broad agreement on basic financial principles and planning…

Faced with deteriorating physical plants, a need for new facilities, and a shortage of financial aid funds, colleges and universities have become players in a debt-financing game, which can hasten the organization's demise. The board must ensure that today's securities do not become tomorrow's junk bonds. (Author/MSE)