Transcript McIntire School of Commerce Update Fall 2004
McIntire School of Commerce Update
Fall 2004
Faculty Update
• Goal: Research and teaching excellence – Four new tenured/tenure track faculty in Finance (2), Strategic Management (1), and Accounting (1) – Nine new full- and part-time general faculty teaching QA, strategy, accounting, ethics, finance, and organizational behavior – Expanded summer grant program to support program innovation and research • $402,000 (2002) to $518,000 (2004) – Substantial increase in academic and professional publications
• Teaching Excellence – Rising teaching evaluations – Program innovation 4.55
4.50
4.45
• Scholar-Practitioner Outreach – Annual symposium – Corporate branding initiative – Data management case research – Social network conference – Marketing Science grant for research and cases on executive wisdom 4.40
4.35
4.30
4.25
4.20
4.15
S99 F99 S00 F00 S01 F01 S02 F02 S03 F03 S04
2004 Undergraduate Admissions
• 404 applications from UVA students; 17% of second-year class; 16% decline over large ‘03 pool. • 75% acceptance rate; 3.4 average GPA; 1340 avg. SAT • External transfers: 16% acceptance rate; 3.8 average GPA; 1220 avg. SAT • Diverse class: 45% female, 20% Asian, 5% African-American; 6% Hispanic
EBI - AACSB Survey
Results based on five years
• Commerce School ranked first among major universities • Breadth of curriculum increased by 11% • Required courses: faculty, grading, and effort increased by 11% • Commerce Career Services Office is top ranked • Learning outcomes: Ranked first among major universities in: – Critical Thinking and Problem Solving – Effective Communication and Teamwork – Effective Management and Leadership Skills
McIntire Exit Survey
Results based on eight years
• Writing skills increased by 17% • Public speaking skills increased by 5% • Exposure to cultural differences increased by 11% • Exposure to gender issues increased by 3% • Exposure to racial issues increased by 8%
Curriculum & Program Innovation
•
Making Business Work
(COMM 180) is now a prerequisite and offered to 375 students this Fall • A nonprofit module was offered in ICE last Spring and enhanced for this coming Spring • The Finance Area revised its third and fourth year offerings, and the IT Area is ready to make a curriculum recommendation to the faculty • Leadership and entrepreneurship programs are under development
•International experiences include a variety of study-abroad options and international study t rips, including expanding the third-year option to Paris and Madrid •A minor in International Management in cooperation with the College is under development •Non-degree programs expanding with MBI II
Graduate Programs
• M.S. in Accounting - E&Y – E&Y Program has a strong and diverse enrollment with approximately 150 students each summer • M.S. in Accounting - Tax Consulting – 16 students from 11 different schools (with 4 from McIntire) • New track for M.S. in Accounting (Financial Reporting and Assurance) in final development phase • M.S. in the Management of Information Technology – 80-90 students with average 12 years work experience
2004 – 2005 New Program Initiatives
• Ivy Society • Comm Agents • Alumni Portal • $3 Billion Campaign Planning • Board Focus on Fundraising and Participation – MYAC – Nola Miller – Advisory Board – Katie Whittier – Cornerstone Board – Judy Cash – Foundation Board – Diana Mahle
M.S. in Commerce
• 5 th year program designed to meet the needs of students graduating from the arts and sciences, engineering, etc.
• Structure includes core modeled on ICE with concentrations in general management and financial services • Approved by McIntire faculty and under review by University administration • Program launch to be determined
Class of 2004 Placement Results
McIntire Interviews /UVA Interviews Average # of Interviews/Student Average # of Offers/Student Accepted Position, Attending Grad School, or Out of the Market Accepted Position Attending Grad School Not Seeking Job Average Annual Base Salary Average Signing Bonus Average Estimated Annual Bonus 2004 3216 /7693 11 3 93% 2003 3100 /7085 10 2 91% 2002 2992 /7993 9 3 90% 82% 7% 4% $47,328 $5,016 $12,223 79% 7% 5% $44,207 $4,772 $9,876 76% 9% 4% $45,112 $5,368 $12,400
ANALYSIS BY BUSINESS FUNCTION: 2000-2004
Year 00 Accounting % Median Salary $ 9.7
40,000 Consulting % 30.9
Median Salary $ 48,000 Info. Technology % 13.4
Median Salary $ 48,000 % Finance Median Salary $ 35.1
45,000 8.8
% Marketing Median Salary $ 37,500 % Other Median Salary $ 2.1
42,500 01 13.3
42,000 29.5
50,000 8.1
50,000 41.4
55,000 6.7
40,000 1 34,000 02 20.5
43,000 16.5
46,500 4 51,000 39.8
54,000 10.2
39,000 6.8
33,500 03 21.7
43,000 18.2
45,000 5.6
49,000 34.8
50,000 12.6
38,000 5.6
35,000 04 17.5
44,000 23 47,250 2.5
45,000 39.5
55,000 10.5
42,000 5.5
37,000
Development Update
• 2003-2004 Results – Unrestricted Annual Gifts: $2.2 million – Overall results (total cash gifts, plus planned gifts): $5.2 million • Annual unrestricted fundraising results: Annual Fund Other Annual Unrestricted Gifts Corporate Partners Back to the Lawn Annual Gifts Total
Goal
1,200,000 200,000 300,000
Actual
1,199,603 135,216 306,128 500,000 561,141
$2,200,000 $2,202,088
2004 – 2005 Annual Goals
Annual Unrestricted Cash – Annual Fund – Back to the Lawn Fund – Corporate Partners – Miscellaneous Future Expectancies
$2.3 m $2.0 m
$1.4 m $400 k $315 k $200 k Increase alumni participation to at least 25%
Summary Operating Budget
FY ending June 30, 2004
McIntire Revenues FY 03-04
State and University Funds Graduate Programs Transfers From Foundation 2,637,867 Endowment, Gifts & Other Income 1,817,623 2,382,376 1,635,257 $ 17,156,102 $ 16,686,998
McIntire Expenses FY 03-04
Salaries $ 12,552,850 $ 12,778,282 OTPS
Budget
$ 7,034,595 5,666,017
Actual
$ 7,178,390 5,490,975 4,158,836 3,698,481 $ 16,711,686 $ 16,476,763
Net Surplus (Deficit)
$ 444,416 $ 210,235
McIntire Endowments
Investment Schedule at 6/30/04
Investment Assets Total Holdings University Holdings UVA Fund Non-Fdn Total McIntire Foundation Consolidated Total 31,751,970 3,627,656 35,379,626 21,967,397 57,347,023
Back to the Lawn: Review & Approvals
• 100% plans due from architects on 11/15/04 • Sub bidding 10/1-11/15 in 3 phases. GMP due 12/31/04.
• Landscaping - exterior and courtyard schematics completed • Varsity Hall relocation to Randall Hall site scheduled for Feb. 2005
Construction
• Construction budget revised from $36M to $38M based on 95% plans • Convert CM Agency to At Risk w/ GMP • Major issues: – Varsity Hall (moving by 2/05) – Complete funding • Construction start 2/05 • Final completion date and occupancy currently under review
Financing
• Project budget: Current cash: Cash surplus (deficit): $ 56.0M
Construction budget: Less UVa contribution: • Total commitments req’d to start: Current commitments: $ 53.375M
( $6.9M) $ 46.5M
$ 38.6M
Commitment surplus (deficit): ($7.9M) • Total cash req’d to start: $ 23.25M
$ 18.05M
($ 5.0M)