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HomeMy WebLinkAboutTSHA Strategic Plan STRATEGIC PLAN: Texas Student Housing Authority November 2006 STRATEGIC INITIATIVE Action Steps Timefrarne Responsibility Budget TSHA Pro rams/Scholarshi s Expansion of scholarships for students Board provides direction to staff regarding urren Ctly in Boardlstaff TBDv-- Based on in need (currently, 43% of scholarships percentage of scholarships to be distributed work board direction are distributed to students in needy to students in need. • Staff implements board direction. Expansion of scholarship values Board provides direction regarding Feb 2007 for Board/staff Full —5% increase = (currently„ 15% of scholarships are full scholarship values. 2008 budget $12,000; — could be increased 5%; incremental Staff implements board direction. cycle Incremental - $500 scholarships could be raised from increase = $75,000 $2500 to $3000) Expansion of scholarship institutions Explore the efficacy of offering scholarships Ongoing Staff/board Depends on at colleges where TSH does not have whether TSHA facilities. Possible options: 1) TSHA to buy purchases property or lease condominiums. 2) Make deals with other property managers. • Present findings to the board for discussion. • Implement board-approved direction, as appropriate. Determine whether scholarships for • Present this suggestion to the board for Dec 2009 Board/staff Depends on board Westlake Academy graduates should discussion. decision regarding be full or incremental a Implement board-approved direction, as expansion of appropriate. scholarship values 11/3/2006 STRATEGIC INITIATIVE Action Steps Timeframe Responsibility Budget Development and implementation of Explore two strategies (not either/or): Begin Jan Board/staff $1000 for 501(c)3 expansion strategy - 501(c)3 for large institutions 2007 -The "Midwestern" model for smaller Other TBD institutions 6 mo for • Make recommendations to the board. 501(c)3 • If directed by the board, create a 501(c)3. • Identify an equity partner(s). 1 year for • Determine target institutions and/or acquisition acquisitions. (July 2008) • Implement. Documentation of policies for Write up the policy regarding elimination of Done Staff ----- scholarship administration one of three empirical criteria, and integrate it into appropriate TSHA documents. Development and implementation of Create a detailed functional specification. In work Staff Not to exceed automated tools for more efficient Identify a resource to develop the automated $2000 scholarship selection tool. • Set up appropriate milestones, testing points, and sign-off points.. • Test the software thoroughly. • Thoroughly review the documentation provided by the developer. ■ Implement the automated tool. Development and implementation of Identify 2 —4 possible strategies- An option March -April Staff --_-- processes to improve scholarship might be to target more students "not at the 2008 acceptance ratio very top." • Test strategies. • Implement most effective strategy(s). • Track and report to board annually, Development and implementation of Continue to implement both formal and Ongoing Staff strategies for addressing UNT's policy informal strategies. that prevents freshmen from living off Develop and implement new strategies as campus appropriate. Report to board regularly. 111312006 STRATEGIC INITIATIVE Action Steps Timeframe Responsibility Budget Development and implementation of • Continue to implement both formal and Ongoing Staff ----- strategies for addressing TSU's policy informal strategies. that prevents freshmen and Develop and implement new strategies as sophomores from living off campus appropriate — focusing on sophomores as the top priority. Report to board regularly. Development of practical contingency Continue working with decision-makers and Driven by Staff Budget impact to plans pending the outcome of the influencers toward resolution. court Cambridge; must be appeal to the Brazos County Taxing When appropriate, implement a settlement. timetable approved by board Authority Report to board regularly. Address threat of potential incompetent Monthly, monitor all revenue, expenses, and Ongoing Staff ----- and/or unscrupulous property manager cash flow. • Monitor performance under formal management agreements. Report issues to board. Address threat of potential student Ensure adequate property insurance and Ongoing Staff Premium increases injury on TSHA property D&O insurance. as needed • Report any concerns to board. Financial/Asset_Management _ Development and implementation of Continue to work on resolution with the Ongoing Staff/board Asset management practical strategies to restructure debt following priorities: fees and/or debt payments to bond-holders Austin Ballpark in accordance with TSHA's financial San Marcos If any property resources Denton defaults, the cash Cambridge flow to TSHA Town Lake decreases up to • Report to board regularly, $100,000 11/3/2006 STRATEGIC INITIATIVE _ i-- - Action Steps Timeframe Responsibility 'Budget Development and implementation of: Draft strategies and recommended policies. Mid-2007 Staff/board TBD based on • Investment strategies for TSHA Any one of the following individuals may sign board direction cash TSHA checks: Chairman, President, • Cash reserve policies Treasurer, Secretary. Checks over$5000 • Strategies and policies related require two signatures, to surplus beyond the cash Present them to the board for discussion and reserve approval. • Document the approved strategies and policies, and integrate them into existing TSHA materials, as appropriate. Address threat of potential theft Develop draft policies and procedures. Ongoing Board/staff----- • Present policies and procedures to TSHA treasurer and board for discussion and approval. • Implement policies and procedures (monthly meeting with treasurer, who receives the bank reconciliation report), Chief Executive Compensation strategy for the - Draft a procedure for determining staff Jan 2007 Board TBD president compensation, including criteria and resources. Compensation should be performance-based. • Present document to board for discussion and approval. • Implement the compensation procedure. Development of a succession plan 0 Develop a checklist for actions to be taken July 2007 Staff/board Cost of overlap should key personnel leave TSHA (includes staffing overlap staffing for transition; up-to-date policies and procedures for all key processes; consideration of option that key staff serve as consultants). • Present this checklist to the board for discussion and approval. • Review the checklist annually, and update as needed. 1 11312©06 . 4 STRATEGIC INITIATIVE Action Steps Timeframe Responsibility Budget Board Recruitment p#an/board size a Initiate a conversation with the board Jan 15 Board ---- regarding board size, quorum (currently— majority), and board recruiting strategies. Based on the outcome of the discussion, implement new policies and strategies. • Update TSHA's documentation, as appropriate. Formal job description/board service Draft board member - e ber fob description, Mid 2007 Staff requirements including specific requirements related to meeting attendance, scholarship application review, committee activities, property visits, and other responsibilities. • Present draft job description to board for discussion and approval. • Implement and enforce job description. Formal orientation/training Develop a handbook for each board Mid-2007/ Staff ----- member. Among topics to be included are: ongoing - TSHA history - Funding mechanisms - Scholarship award process - How scholarships work - Life cycle and long-term financial outlook for each property • Using the handbook, conduct one-on-one and group training/re-training for board members at appropriate intervals. 11/3/2006 S STRATEGIC INITIATIVE Action Steps Tlmeframe !Responsibility Budget Board engagement strategies Develop strategies for instilling board Spring 2007 Board/staff Possible travel engagement, such as group orientation, brief budget sharing at board meetings, group review of scholarship applications, field trips to TSHA facilities, etc • Present the list of strategies to the board for discussion. • Implement selected strategies. Internal Communications Improvements in staff communications • Implement the following: Nov 2006 Staff to board Monthly updates on financial and operational performance Advance mailing (one week) of board materials prior to board meetings Current information about scholarships and recipients at board meetings External Communications Address threat of potential negative Continue implementing formal and informal Ongoing Board/staff ----- publicity for the Town of Westlake public relations strategies. (when technical defaults occur). • Develop and implement new strategies as appropriate. Governance Documents Bylaws revisiontenforcement—Term a Raise issues related to term limits, Jan 15, 2007 Board ___-- limits, attendance, removal, quorum attendance, removal, and quorum to the board. • If the board votes to implement term limits, change the bylaws and other TSHA documents as appropriate. • Enforce attendance and removal policies 11/3/2006