22. The Provost as Financial Steward: A Conversation with Chuck Ambrose and Mike Nietzel

In this conversation with EdUp Provost host Dr. Gregor Thuswaldner, Dr. Chuck Ambrose and Dr. Mike Nietzel discuss their book 'Colleges on the Brink' and the concept of financial exigency in higher education. They explore the challenges institutions face in maintaining financial health, the importance of monitoring key metrics, and the balance between making tough financial decisions and preserving academic integrity. The discussion emphasizes the need for proactive financial management, engaging faculty in budget processes, and identifying new revenue streams to ensure institutional sustainability. They also share lessons learned from institutions that have successfully navigated financial exigency and provide book recommendations for further reading. Takeaways • Monitoring key financial metrics is essential for provosts. • Balancing financial decisions with academic integrity is challenging. • Engaging faculty in financial discussions is crucial. • Most institutions that declare exigency do not go out of business. • Provosts play a key role in resource allocation and decision-making.