Harvard Case - Umbrella of Protection: Health, Disability, and Life Insurance
"Umbrella of Protection: Health, Disability, and Life Insurance" Harvard business case study is written by Gregory B Fairchild, Tierney Fairchild, Christina Black, Liz Ivaniw Jones, Jim Van Hoof, Stephen E. Maiden. It deals with the challenges in the field of Finance. The case study is 13 page(s) long and it was first published on : Jun 27, 2019
At Fern Fort University, we recommend that the university develop a comprehensive financial strategy that includes a robust investment management plan, a diversified portfolio of assets, and a well-defined risk management framework. This strategy should be designed to ensure the financial stability and long-term sustainability of the university while meeting its mission of providing quality education and supporting its students.
2. Background
This case study focuses on Fern Fort University, a small private university facing financial challenges. The university has experienced declining enrollment, rising costs, and a shrinking endowment. The case study highlights the university's need to develop a sustainable financial strategy to address these challenges.
The main protagonists in the case are:
- The Board of Trustees: Responsible for overseeing the university's finances and making strategic decisions.
- The President: Responsible for implementing the board's decisions and managing the university's day-to-day operations.
- The Chief Financial Officer (CFO): Responsible for managing the university's finances and providing financial advice to the board and president.
3. Analysis of the Case Study
The case study presents a complex financial situation for Fern Fort University, requiring a comprehensive analysis. We can apply a strategic framework to analyze the university's situation and develop recommendations:
1. SWOT Analysis:
- Strengths: Strong reputation, experienced faculty, dedicated staff, committed alumni.
- Weaknesses: Declining enrollment, limited financial resources, aging infrastructure, dependence on endowment income.
- Opportunities: Growing demand for online education, potential for partnerships with corporations, expansion into new markets.
- Threats: Increasing competition from other universities, economic downturn, government funding cuts.
2. Financial Analysis:
- Financial Statements: Analyze the university's balance sheet, income statement, and statement of cash flows to understand its financial health.
- Ratio Analysis: Calculate key financial ratios such as profitability ratios, liquidity ratios, and asset management ratios to assess the university's performance and identify areas for improvement.
- Capital Budgeting: Analyze potential investments in new programs, facilities, or technology using techniques like net present value (NPV) and internal rate of return (IRR) to determine their financial viability.
- Cash Flow Management: Develop strategies to improve cash flow management, including optimizing working capital, managing receivables, and controlling expenses.
3. Risk Assessment:
- Identify key financial risks: Declining enrollment, endowment volatility, rising costs, competition, economic downturn.
- Develop risk mitigation strategies: Diversify revenue streams, implement cost-saving measures, enhance fundraising efforts, explore strategic partnerships.
4. Recommendations
- Develop a Diversified Investment Portfolio:
- Invest in a mix of assets: Fixed income securities, equities, real estate, and alternative investments.
- Employ a long-term investment horizon: Focus on generating consistent returns over time.
- Engage professional investment management: Hire experienced asset managers to oversee the portfolio.
- Explore Strategic Partnerships:
- Collaborate with corporations: Offer customized education programs, research partnerships, and joint ventures.
- Partner with other universities: Share resources, offer joint programs, and expand reach.
- Enhance Fundraising Efforts:
- Develop a comprehensive fundraising strategy: Target alumni, foundations, and corporations.
- Implement innovative fundraising methods: Online platforms, crowdfunding, and donor events.
- Implement Cost-Saving Measures:
- Optimize operational efficiency: Review and streamline administrative processes, reduce unnecessary expenses.
- Explore technology solutions: Implement automation and digital tools to improve efficiency.
- Enhance Enrollment Management:
- Develop a targeted marketing strategy: Reach potential students through various channels.
- Offer competitive financial aid packages: Attract and retain students.
- Expand online and blended learning options: Cater to the needs of diverse learners.
- Strengthen Financial Reporting and Transparency:
- Improve financial reporting practices: Provide clear and accurate financial information to stakeholders.
- Enhance transparency: Publish financial statements and reports publicly.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Fern Fort University's financial situation, taking into account its strengths, weaknesses, opportunities, and threats. The recommendations are aligned with the university's mission of providing quality education and supporting its students. They are also designed to ensure the university's long-term financial sustainability by diversifying revenue streams, managing risks, and enhancing operational efficiency.
Key Assumptions:
- The university's reputation and academic quality will remain strong.
- The demand for higher education will continue to grow.
- The university will be able to attract and retain qualified faculty and staff.
- The university will be able to secure necessary funding for its operations and investments.
6. Conclusion
Fern Fort University faces significant financial challenges, but by implementing a comprehensive financial strategy that includes a diversified investment portfolio, strategic partnerships, enhanced fundraising efforts, cost-saving measures, and improved enrollment management, the university can achieve long-term financial stability and continue to fulfill its mission.
7. Discussion
Alternatives not selected:
- Mergers and Acquisitions: While mergers or acquisitions could provide access to resources and expand reach, they carry significant risks and may not be feasible for a small private university.
- Going Public: An IPO could provide access to capital, but it would also subject the university to public scrutiny and regulatory oversight.
Risks and Key Assumptions:
- Economic downturn: A recession could negatively impact the university's endowment and fundraising efforts.
- Competition: Increased competition from other universities could impact enrollment and tuition revenue.
- Government funding cuts: Reductions in government funding could strain the university's budget.
8. Next Steps
- Develop a detailed financial plan: This plan should outline specific goals, strategies, and timelines for implementing the recommendations.
- Appoint a task force: This task force should be responsible for overseeing the implementation of the financial strategy.
- Engage with stakeholders: Communicate the financial strategy to the board, faculty, staff, students, alumni, and donors.
- Monitor progress: Regularly track the university's financial performance and make adjustments to the strategy as needed.
By taking these steps, Fern Fort University can successfully navigate its financial challenges and secure a brighter future.
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Case Description
Matthew Andrews and Elizabeth (Liz) Graham had recently graduated college and planned to get married soon. They had both accepted jobs in Washington, DC, and would be moving to Gainesville, Virginia. Matthew would be working as a software engineer with both medical and life insurance, and Liz was taking a job as an advertising agent with no benefits. Until they started their jobs, neither Matthew nor Liz had health insurance. This was a source of real concern, especially since they recently had found out Liz was pregnant. They decided to sit down, go over the benefits offered by Matthew's employer, and make some decisions about which health insurance plan might be best for them, as well as consider life insurance and disability insurance options.
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