The University Planning Team and the University Budget Committee are preparing to find the sources for funding the proposals of the strategic plan. The strategic plan will define the institution’s future, financially and academically.

According to Edward Kvet, provost and vice president of academic affairs, the projects of the strategic plan are going to be funded from three main sources — tuition and room and board, the university’s endowment, and fundraising.

The strategic plan proposes initiatives such as freshman seminars, the creation of an academic success center, a full program for engaging students at higher academic risk, service learning, a Jesuit orientation and athletics enhancement, among others.

According to Kvet, UPT hasn’t decided on a starting date for any proposals.
Kvet said it is hard to estimate the percentage they will take from each source to fund the proposals on the strategic plan.

It is stipulated that one-third to one-half from fundraising will be used for these proposals, Kvet said. In addition, one-half to two-thirds may come out from the regular budget, he said.

Kvet said other sources of money are coming from existing programs such as the nursing and the criminal justice programs.

“We are also looking to increase the amount of revenue through additional professional programs at the graduate level,” he said. Kvet mentioned forensic accounting in the business school and criminal justice as part of these programs.

According to Kvet, summer school can also contribute to the revenue.

“Students taking additional coursework from the convenience of being able to take (them) online will help us generate additional revenue as well,” he said.

Approximately 33 percent of funds will come from donors, he said.

According to Kvet, as the strategic plan start to be implemented, they will generate money.

“We believe First year experience will be a key to improving our retention which increases revenue,” he said.

Kvet said some of these initiatives will generate more money to Loyola than others. “Those that are focused on retention will assist with increased revenue,” he said.

There may even be more proposals than the ones Loyola can fund, he said.

According to Kvet, UBC doesn’t know whether some of the initiatives proposed by in the strategic plan will be funded or not. He said UBC needs to find out which initiative is a priority for Loyola.

Andrea Castillo can be reached at [email protected].