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…

College/university trustees must constantly remind themselves that each resource decision, either near or long term, is connected directly to institutional mission. Annual measures cover too short a time period, and a balanced budget is irrelevant if institutional leaders do not understand mission and future needs. Changing demographics, public…