Annual Report 2018–2019 Table of Contents

Governance Structure 2

Advisory Board 3

Foreword By The Director 4

Management Report 5

Implementation of Re-Accreditation Requirements 5

Teaching, Research, Academic Services 6

Administration 14

Investments 16

Personnel 16

Outlook 17

Financial Report 18

Non-Profit Status 18

Shareholdings 18

Financial Development 18 Annual Report 2018–2019

Governance Structure

The following governing bodies were active in fiscal year 2018–2019: General Assembly (ex officio membership as officers of Webster University) Dr. Elizabeth J. Stroble, Chancellor Dr. Julian Z. Schuster, President Nancy Hellerud, J.D., Vice Provost Kenneth Creehan, MS, MBA, Interim Chief Financial Officer—until March 6, 2019 Richard Meyer, Interim Chief Financial Officer—from March 7, 2019 Supervisory Board of the Bildungsverein für die Freunde der Webster University (St. Louis, USA) acting as the University Council of Webster Vienna Private University (hereinafter: “University Council”) Dipl.-Ing. Berghold Bayer, Chairperson Dipl.-Ing. Fritz Ohler, Vice-chairperson Dr. Peter Maher—until March 7, 2019 John Pyle, Ed.D.—from March 8, 2019 Executive Board of the Bildungsverein für die Freunde der Webster University (St. Louis, USA) and of Webster Vienna Private University Dr. Johannes Pollak, Director (Chairperson) Dr. Samuel R. Schubert, Associate Director (Vice-chairperson/Secretary) Edna Schick-Bodrič, MA, Director of Operations—until March 7, 2019 (Secretary) Mag. Michael Postmann, Head of Finance and Administration (Treasurer)

The ordinary General Assembly was held on October 10, 2018, approving the activity report and financial statements for fiscal year 2017–2018. The extraordinary General Assembly convened seven times (June 21, July 18, 2018, March 7, April 4, April 26, May 9 and May 20, 2019), approving in particular an amendment to the Articles of Association, the sale of the student dormitory and the limited liability company (GmbH) which formerly operated the dormitory, and the performance agreement between the Executive Board and the University Council for fiscal year 2018–2019. The General Assembly elected the auditor for the fiscal year 2018–2019, following the proposal by the University Council. The General Assembly postponed the transfer of the university operations to the Webster BV Bildung GmbH again.

During the financial year 2018–2019, the University Council fulfilled its responsibilities under the law and the Articles of Association, holding four meetings (June 27, September 27, December 19, 2018 and April 25, 2019). In addition to quarterly reports on the university’s current business and financial position, the meetings dealt in particular with the activity report and financial statements for fiscal year 2017–2018, the budget, personnel and investment plans for fiscal year 2018–2019, the performance agreements between the Executive Board and the University Council for the fiscal years 2018–2019 and 2019–2020, respectively, and the proposal for a new degree program “Strategic Communication (BA)”. Representatives of the Works Council and the chairperson of the University Senate attended those meetings without voting rights.

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Advisory Board

The Advisory Board currently consists of 15 prominent leaders in Austria who advise the university’s directors on how to maximize the competitiveness of the institution. They play a vital role in ensuring that Webster Vienna Private University graduates are among the best prepared to succeed in the 21st century. Their dedicated engagement enhances the university’s visibility and reputation throughout the region and across a diverse set of business, cultural, and educational communities.

Dr. Walter Schön, Chief Executive Officer, Schoen Aerospace Trading & Consulting HE Mohammad Sanusi Barkindo, Secretary General, Organization of the Petroleum Exporting Countries (OPEC) Mag. Michael Edelsbrunner, Country Executive, Citibank Europe plc, Austria Branch KR Dipl. Ing. Rudolf Hamp, Vice Chairman of the Supervisory Board, HTI High Tech Industries AG Mag. Liane Hirner (CPA), Member of the Managing Board, Vienna Insurance Group Ing. Rudolf Kemler, Senior Partner, Roland Berger GmbH Prof. (FH) Dr. Christian Kreuzer, Managing Director, EY Advisory Services and Managing Director, Austrian Controller Institute Norbert Lessing, General Manager, Hilton Austria Mag. Gernot Mittendorfer, MBA, Member of the Management Board, Erste Group Bank AG Philippe Roodhooft, Executive Vice President Middle East and Growth Projects, Borealis Prof. Dipl. Ing. Mag. Friedrich Rödler, Chairman of the Supervisory Board, Erste Group Bank AG Mag. Monika Stoisser-Goehring, Chief Financial Officer, AT&S Biljana Weber, Senior Director Business Applications, Microsoft ERP and CRM Mag. Dr. iur. Matthias Wechner, Member of the Executive Board - SORAVIA Equity, Chief Executive Officer - ADOMO Holding Dipl. Ing. Martin Winkler, Country Manager Austria, ORACLE

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Foreword by the Director

The university underwent an extensive transformation in recent years that succeeded because of the dedication and hard work of its staff and faculty. Webster Vienna Private University is a vibrant intellectual community where students, staff, and faculty regularly bring new ideas forward. Collectively, they work diligently to ensure a standard of service that is reflective of our values and guarantee a learning community that assists our students in achieving their goals. The evaluation and development of new courses and programs helps us to prepare our students to succeed in a rapidly-changing word. New skills need to be learned, mastered and improved and doing so in a community of scholars that spans the globe is a unique opportunity that we need to emphasize.

I want to thank the senior executives of Webster University in St. Louis, the members of the University Council, and all of our colleagues here in Vienna and across the entire Webster University network who have made this success possible, from whose ideas we all profited heavily, and whose commitment to Webster Vienna Private University is appreciated every day.

Vienna, October 20, 2019 Dr. Johannes Pollak Director Webster Vienna Private University

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Management Report

For the second year in a row, Webster Vienna Private University (WVPU) generated a surplus producing a positive total annual result. Under new management since July 2016 and in line with its Strategic Plan 2016–2022, the university underwent an extensive transformation over the past three years ushering in a renewed spirit of teaching and research excellence, high quality student services, and just plain hard work. The university attracted top-notch scholars to its faculty enhancing its reputation and made key hires in the areas of finance, marketing, and admissions, positioning the university for years of stable growth. This success was due to the unwavering efforts of its staff and faculty under the leadership of WVPU’s senior management team. With institutional re-accreditation looming on the horizon, the results could hardly have been better.

The university is well on its way to achieving most of the requirements for re-accreditation. The university’s finances are in good order. Enhanced coordination across Webster University’s network, particularly in Europe, has led to increased student mobility. Research output is strong and the university submitted for accreditation a new undergraduate program in Strategic Communication to be started in Fall 2020. In short, WVPU is meeting its targets and the university is performing better as a result. With the ever present pressure to increase student numbers in the highly competitive Austrian university landscape, the performance to date serves as a solid indicator for things to come. The following chapters concisely summarize the major developments of the 2018–2019 period.

Implementation of Re-accreditation Requirements

WVPU received full institutional accreditation for six years as an Austrian private university in December 2016 following the successful implementation of reforms imposed by the Agency for Quality Assurance and Accreditation (AQ Austria). Most important among these were to make the university and its programs academically and financially sound and sustainable both as a requirement of accreditation and an obligation to its students and parent university in St. Louis. The reform process that began in late 2016 serves as a reminder of our responsibility to our students to prepare them for post-university success, to our staff and faculty to build the most conducive environment to that end, and to secure our owner, Webster University, with a return on decades of investment as an enduring symbol of academic and organizational excellence.

The results of this process are palpable. At the close of the 2018–2019 fiscal period, we were poised to welcome a positive upswing in the incoming cohort of new students demonstrating that the university is becoming more competitive. Meanwhile, the number of theses at the undergraduate level increased not only among students who joined after the requirement was put in place, but particularly among those under the previous curriculum indicating that the research culture installed by management and new faculty hires are inspiring students to see the benefits of scholarly work. Publicly accessible curricular plans now extend two years into the future enabling students to better plan their studies. Coupled with a stronger investment in methods training, increased language support, and a refined menu of support services, including faculty led advising, WVPU’s students are some of the best cared for in Austria.

Meanwhile, the university’s successful application to introduce a new undergraduate program in Strategic Communication, scheduled to begin in fall 2020, will open up new opportunities for students to tackle the dilemmas of modern media and crisis messaging all too common in our modern world. Administratively, the university has made major strides implementing better human resource planning, restructuring our organization, and optimizing expenses. Indeed, the university is on track to accomplish most of its 2022 goals.

Actions and Milestones / Areas Total June 2018 June 2019 In Progress Complete In Progress Complete Degree programs and teaching 16 11 5 6 10 Research and development 19 11 6 8 11 Organization and administration 30 9 12 8 18 Human resources 17 10 7 6 11 Total * 82 41 30 28 50

* At present 2 actions were dropped and 2 have not been started.

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Teaching, Research, Academic Services 584 The indivisibility of teaching and research in its classrooms, STUDENTS ON a thriving culture of academic mentorship, and extensive support services for our students are the hallmarks of CAMPUS WVPU’s academic culture. It brings out the best in our students and prepares them for success in life.

The combined efforts of 27 employed faculty members and 77 adjunct lecturers across 5 departments and 12 accredited degree programs educated 584 students on campus spread across 256 courses in the 2018–2019 period. Another 99 students took 40 specialized courses including independent and directed studies under the direct 540 supervision of 29 faculty while 65 students (37 graduate and Students Seeking Austrian Degrees 28 undergraduate) produced theses under the mentorship of 13 faculty members.

Webster offers seven undergraduate and five graduate degree programs accredited in both the United States and 141 399 Austria, the latter extending validity to all member states Graduates Undergraduates of the European Union. An eighth undergraduate program, Strategic Communication, will begin in Fall 2020.

Accredited Degree Programs Available at WVPU 88 Study Abroad Students UNDERGRADUATE Business Administration (BSc) Management (BA) 14 74 Management with emphasis Graduates Undergraduates in International Business (BA) Management with emphasis in Marketing (BA) International Relations (BA) Media Communications (BA) Psychology (BA) Fall ‘20: Strategic Communication (BA) 256 Regularly Scheduled Courses

GRADUATE International Relations (MA) 65 Psychology with an emphasis on Theses Counseling Psychology (MA) Finance (MSc) Marketing (MSc) Master of Business Administration (MBA) 37 28 Graduates Undergraduates

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6 27 16 9 Student- Maximum Average Average Faculty Class Undergraduate Graduate Ratio Size Class Size Class Size

With maximum class sizes of 27, average class sizes of 16 for undergraduates and 9 for graduates, and a student to faculty ratio of 6, WVPU boasts one of the best environments for student success and makes it a highly attractive choice for current and prospective students alike.

Our students gain access to leading experts in their respective fields both from a scholarly and practical perspective. Outside lecturers from industry, research institutions and leading universities combine their efforts to produce a vibrant and intellectually challenging experience for our students and play a crucial role in bringing real-life expertise, practical skills, and a network of opportunities to our students. Thanks to a generous endowment by the Chopin family, the university is able to host courses and workshops by scholars from around the world. This year, the university welcomed two of the world’s leading academics, Iver B. Neumann and Marwan Kraidy, inspiring our students and serving as examples of the respect and regard WVPU’s academic culture.

Visiting Professors

Professor Iver B. Neumann (Director of Norwegian Professor Marwan Kraidy (the Anthony Shadid Chair Social Research, formerly the Montague Burton in Global Media, Politics and Culture and Founding Professor of International Relations at the London Director of the Center for Advanced Research School of Economics) presented his research in Global Communication at the University of on the “The Evolution of Diplomacy” at our IR Pennsylvania) and author of the The Naked Blogger Department’s Politics & IR Research Seminar Series, of Cairo: Creative Insurgency in the Arab World led a Method’s Café on “Analyzing Discourses and (Harvard University Press, 2017) delivered an early Practices", and delivered a high profile public lecture preview of his upcoming work on the Islamic State’s organized in conjunction with Vienna’s Diplomatic use of the spectacle and the symbolism of fire (aptly Academy on “The Steppe Tradition in IR: Russia, labelled ‘pyro-politics’) and the use of political humor Turkey and European State Building”. Professor to counter extremism. Neumann will return the next year to teach courses in the IR Department.

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The integration of research and teaching at WVPU also was observable in our faculty’s scholarly achievements. For the academic year 2018–2019, our faculty submitted 13 grant applications for more than €1.9 million, delivered 28 full papers at renowned academic conferences, and published 26 scholarly works including 14 peer-reviewed articles, 10 scholarly book chapters and 2 monographs. Since introducing a research support service in 2017, WVPU faculty have submitted 32 grant proposals for more than €4.5 million and generated 50 articles, 21 chapters, 4 monographs and delivered 41 conference papers.

27 38 28 Professors Scholarly Conference & Lecturers Publications Papers

What is more, our students learn from the best the industry has to offer. Our outside lecturers include leading entrepreneurs, CEOs and top managers across the industry. Whether from the finance, marketing, or manufacturing sectors, our expert colleagues keep our students up to date with latest in industry standards and practices. Among them are leading journalists, entrepreneurs, and executives such as Eric Frey (managing editor at the Austrian daily Der Standard in Vienna, Correspondent for The Financial Times, London), Harald Trautsch (Co-Founder & CEO, Dolphin Telematics Holding which he founded at age 21), and Andrea Gaal (former CEO and Global Head of Retail for Sony Mobile & Sony Ericsson in the DACH-Region, Central Europe and Canada, now the owner of the start-up DATAFLAG, a LegalTech and Artificial Intelligence company).

WVPU students visiting the Viennese Microsoft headquarters.

2018–2019 also witnessed an array of university activities, networking services, and public events resulting in our students being recruited to some of the most successful companies and institutions in the world. Our graduates went on to jobs or internships with Bloomberg in London, OPEC, the IAEA, and OSCE in Vienna, and the Erste Bank Group across Central and Eastern Europe. Many went on to study advanced degrees at institutions like Sorbonne in Paris and LSE in London.

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The Challenges Ahead Yet despite our notable successes, we face challenges with regard to our upcoming institutional re-accreditation and there is work to be done in two important areas. First, the university must demonstrate that approximately half of the core courses in each of its programs are taught by fulltime faculty and, second, that the university demonstrates an agility and autonomy sufficient to meet the educational needs of its students.

WVPU offers twelve unique degree programs (7 undergraduate and 5 graduate) in the areas of Business Administration, Finance, International Relations, Management, Marketing, Media Communications and Psychology. In the 2017–2018 fiscal period, fulltime faculty at WVPU taught half or more of all core courses in 5 of 12 accredited programs (Media Communications (BA), Finance (MSc), International Relations (BA and MA), and Psychology (MA)) and more than 40% in two more including the graduate programs in Business Administration (MBA) and Marketing (MSc). The remaining programs, all undergraduate in the Business and Management area, closed the year below the target percentage and, thus, will, require further investment in fulltime faculty over the next two years.

The second challenge is to conclusively demonstrate to its accreditors that the university is agile and autonomous to meet the educational needs of its students. This is measurable in our ability to design and introduce new programs, create new courses, and set/revise top-level policies such as the university’s standards for admission, dismissal, and reinstatement. Here, the concurrent submission of the planned bachelor’s degree in Strategic Communication in both Austria and the United States, stands as a confirmation of the complex and close cooperation between WVPU and its owner.

Here at WVPU being part of a global university network is central to our activities. Therefore, our faculty and staff work diligently to ensure coherence across the system, particularly in the areas of curricular development, financial planning, and the delivery of student services. In Austria, accreditation requires that a University Senate, consisting of faculty, staff, and students, play a decisive role in establishing, reviewing and confirming new programs and academic policies. Present in all University Council meetings and regularly in contact with the Office of the Director, the University Senate ensures that all stakeholders are engaged in the formation and implementation of WVPU policies and processes rooted in those of its parent and partner institutions around the world.

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Students The university attracted 150 new students into one of our 12 accredited degree programs (107 undergrads and 43 graduates) in 2018–2019 and produced a graduating class of 100, each of whom earned degrees accredited in both the United States and across the European Union. For the second year in a row, WVPU’S commencement ceremony was held in Vienna’s Imperial Hofburg Palace providing students and their families with a magnificent celebration of their achievements.

Central to the success of the university is its ability to retain its youngest students. WVPU performed well in this area with 82% of freshmen who entered in 2017 returning for classes in 2018, a figure that surpassed 80% for the first time since 2014 and we endeavor to improve further.

WVPU’s student body is both diverse and dynamic. Among the 584 students who enrolled in classes on campus in 2018–2019, 518 or 85% were residential students of which 381 or 74% were undergraduates and 137 or 26% were enrolled in one of five graduate degree programs. A little more than half of all WVPU degree seeking students (57%) were enrolled in one of four undergraduate or three graduate programs in the areas of Business and Management. Another 22% were seeking degrees in International Relations.

1,209 Graduated More than Since 2009 100 3,000 Graduating WVPU Alumni Class of 2019

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Undergraduate Programs/Students Degree Program Head Count Business Administration (BSc) 72 Management (BA) 30 Management with emphasis in International Business (BA) 68 Management with emphasis in Marketing (BA) 49 International Relations (BA) 70 Media Communications (BA) 37 Psychology (BA) 45 Undecided 10 WVPU Undergraduates Enrolled on Campus 381 WVPU Undergraduates Studying Abroad -18 Webster Study Abroad Undergraduates at WVPU 74 Total Undergraduates Enrolled at WVPU 437 Graduate Programs/Students Business Administration (MBA) 31 Finance (MSc) 15 Marketing (MSc) 26 International Relations (MSc) 43 Psychology with an emphasis in Counseling Psychology (MA) 22 WVPU Graduates Enrolled on Campus 137 WVPU Graduates Studying Abroad -4 Webster Study Abroad Graduates at WVPU 14 Total Graduates Enrolled at WVPU 147 Totals Programs/Students Total WVPU Students (Seeking Austrian Degrees) 540 Total WVPU Students enrolled on campus 518 Total Students enrolled on campus 584

In addition to our residential student body, the university also welcomed 88 students from other locations marking its highest intake of study abroad students in the last 15 years while 22 WVPU degree seeking students spent time abroad at one of Webster University’s other campuses, a global exchange symbolizing the important role of WVPU in the mobility of Webster University’s students. Altogether, those students earned a total of 11,908 US credits in 2018–2019.

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Residential

80 Undergraduates (Vienna) 73%

70

Distribution of all Credit Hours by Student Cycle and Status

60

Student Type US Credit Hours Share Residential Graduates 1,569 13%

50 Residential Graduates Online 112 1% Study Abroad Graduates 117 1% Residential Undergraduates (Vienna) 8,677 73%

40 Study Abroad Undergraduates 828 7% Residential Undergraduates Online 605 5% Total 11,908 100%

30

20 Residential Graduates 13% Study Abroad Residential Undergraduates Undergraduates 10 7% Online Residential Study 5% Graduates Abroad Online Graduates 1% 1%

0

WVPU offers one of the most diverse student bodies that can be found at any university. The 2018–2019 student body brought together students from 78 countries around the world, speaking 51 mother tongues. Women constituted 54% of our student body. 78 46% STUDENT 21% 15% MALE SHARE NATIONALITIES EUROPEAN AUSTRIA OF STUDENT UNION BODY REPRESENTED WITHOUT AUSTRIA 28% 15% EUROPE 54% AMERICA WITHOUT EU FEMALE SHARE OF STUDENT BODY

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Students by

Residential Graduate Undergraduate Cycle Status Department Department 10% 15% 16% 26% 12% 53% 31% 59% 19% 74% 85%

Undergraduate Residential International Relations International Relations Graduate Study Abroad Psychology Media Communications Business and Management Psychology Business and Management

11.2 8.4 22.8 11.2 US credit US credit US credit US credit hours per hours per hours per hours per study abroad study abroad residential residential undergraduate graduate undergraduate graduate student student student student

20.9 11.2 US credit hours per US credit hours per undergraduate student graduate student

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Administration

Guided by the principle of subsidiarity, WVPU’s organizational structure is logically tiered placing the General Assembly at the top, under which serves the Supervisory Board acting as the University Council, which in turn oversees the university’s management in the form of the Executive Board. Beneath the Executive Board, responsibilities are apportioned according to function with academics (faculty) on one side and administration, including all supporting units and business components on the other. Each academic department or administrative unit has a clear supervisor accountable to university management in the form of the Office of the Director, consisting of the Director and Associate Director, as illustrated in the organizational chart of the management structure.

General Assembly

Supervisory Board Acting as the University Council

Office of the Director Advisory Board Senate Director and Associate Director

Head of Finance and Head of Associate Director WV Executive Administration Human Resources Education

Finance & Academic Departments Administration

Business and Management Department Finance Office Human Resources Marketing & Office Quant Center Student Recruitment Office Academic Services Office

International Relations Department Admissions Office

Student Media Communications Department Resource Center

Facility Psychology Department Management Career Services and Placement Center Center for Liberal Arts Library

IT Language Center

With the clear goal to deliver the best educational services to our students, WVPU’s management continued to transform its administration across the 2018–2019 reporting period. There were many developments in 2018–2019, most notable among them were the introduction of dedicated registration weeks, increased focus on marketing and student recruitment, student support services, administrative efficiency, and the first stages of developing an executive education program targeting the Austrian market. In short, 2018–2019 witnessed a continuation of efforts to optimize university processes, enhance quality management, and meet the demands of a competitive and evolving educational market.

Registration Weeks The university introduced Registration Weeks held in the sixth week of every semester affording students a dedicated window of opportunity to meet with their faculty advisers, departmental coordinators, and supporting academic services. In conjunction with the faculty advising model introduced in the previous year, students can now plan and pre-register for courses months in advance of each semester freeing them to focus on their studies and providing the university with crucial data about course demand.

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Marketing and Student Recruitment WVPU implemented significant changes in our marketing strategy in 2018–2019, including two key new hires. The newly installed leadership immediately embarked on an extensive market analysis, consolidated strategies and operations of admissions, recruiting, and marketing and harmonized the university’s approach to attracting and recruiting new students, expediting the enrollment of newly admitted students, and optimizing university resources spent on marketing. Accordingly, the university shifted its traditional marketing and recruitment strategies to focus more on social media and local and regional outreach, substantially enhancing the customer service provided to our new students as they move through the recruitment-admission-enrollment cycle. As a result, both new student intakes as well as student satisfaction are up.

Student Support Services The university’s registrar services were integrated into its Academic Services Office, which enhancing the student experience by adding to its support of faculty and curricular planning, the production and dissemination of official student documentation. The university’s Student Resource Center (SRC), which serves student community building and study abroad students works closely with admissions, the student government, WVPU’s Language Center and counseling services to guarantee that students always have access to the support they need to succeed in their studies. Newly installed recreational and study spaces strategically positioned adjacent to academic departments, the university promotes departmental as well as university-wide communities.

Organized exclusively by our students, WVPU hosted the Webster Model United Nations Conference (WebMUN) in October 2018, bringing together students from all over the world. This year’s theme: “The complexity of globalization and issues with human rights”.

Consolidation of Administration Central to the success of its operations, the university placed special focus on consolidating its administration and finances. Thus, WVPU consolidated its senior management team to create leaner structures, greater efficiency and cost savings. The Head of Finance and Administration, formerly the Head of Finance and Controlling, now oversees most non- academic administration including the newly constituted student recruitment and marketing team, the library, facilities and IT. This in turn aided in the rollout of a new ERP system and associated financial policies in close cooperation with Webster University’s central finance office that has greatly enhanced the university’s billing services and allowing to offer an expanded range of payment plans for students and their supporting families. The change also ushered in a new era of financial modelling, planning and reporting, easing the annual budgeting process and lightening the load for the university’s faculty staff.

WVPU also grew leaner with the sale of its residential property and optimization of its senior management team. The sale of the university’s dorm freed the university from as much as half a million Euro in losses per annum while its former Director of Operations moved on to become the Director of Privacy and Information Security Operations for International Campuses as part of Webster University’s ongoing efforts to address the EU’s General Data Protection Regulation (GDPR). The handover of the property, now a hotel, allows the university’s student support services to focus on core issues of student well-being, providing objective advice and vetted opportunities through our website for students seeking apartments and dormitories in and around Vienna. Unaffected by the sale, all incoming study abroad students continue to reside with the respected Milestone student residences.

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Webster Vienna Executive Education (WV ExEd) A key aspect of WVPU’s Strategic Plan 2016–2022, WVPU took a major step forward in establishing a series of non-degree executive training programs for the general public in Austria. The Webster Vienna Executive Education (WVExEd) programs, initiated in early 2019 and slated to roll out in 2020, will primarily focus on fields within or related to data science paving the way to attract new students for traditional degree programs. Expertise and upskilling in the area of data science is a pressing market demand in Austria and the broader European region. In introducing this new class of programs, WVPU aims to help Austria and Europe fill some of the more than 350,000 related jobs identified by the European Commission for what it aptly labelled the digital internal market. It also serves as vital alternative revenue stream for the university, one which will further strengthen our core business and free up resources for the university’s continual development.

Investments

In the fiscal year 2018–19 WVPU invested €33 thousand in a bookkeeping software, €33 thousand in IT equipment (mainly servers and other hardware) and €18 thousand in office furniture and other fixtures. Meanwhile, the management refrained from necessary investment in the campus’ neighboring building (Praterstrasse 21) pending a decision by the General Assembly about its future utilization.

Personnel

WVPU is squarely focused on providing our students with a world class education supported by a highly professional roster of faculty and staff. At the close of the 2018–2019 period, WVPU employed 65 individuals (FTE 57.4) plus four employees on maternity leave and two on educational leave. This compares to 67 individuals (FTE 56.1) plus four on maternity leave at the close of the previous year. With an eye on building its team for future growth, the university hired 21 new employees in the Fiscal Year from June 1, 2018 to May 31, 2019 adding eight faculty, including scientific staff (6 females and 2 males) and thirteen administrative staff (7 females, 6 males). In keeping to our commitment to deliver the state-of-the-art in our classrooms, we also contracted 77 qualified experts from across the public and private sectors to teach courses throughout the year. As with any thriving environment, we also had to bid farewell to 13 of our employees who took on opportunities elsewhere, among which included six administrative (4 females and 2 males) and seven faculty (3 females and 4 males), three of whom left with the close of the fiscal year.

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Comparison of employment (fiscal years 2017–2018 and 2018–2019)

Headcount (as of 31 May)

Faculty Additions

Faculty & Sci Staff Departures

Staff Additions

Staff Departures

On Leave (as of 31 May)

-20 -10 0 10 20 30 40 50 60 70 80

FY 2017–2018 FY 2018–2019

Outlook

Its course steadied, the future looks bright for Webster Vienna Private University. New student intakes are up. The university has improved its financial stewardship and upgraded the quality of student services ranging from community building efforts of our staff to academic advising by our faculty. Research output is strong and our students increasingly receive high praise from outside experts with regard to their training, skills, and engagement. WVPU’s reputation as a high class educational institution in Austria and the broader Central European region is on the rise positioning the university to successfully achieve institutional reaccreditation in 2022.

Looking forward, WVPU will launch a recruiting drive for its newest undergraduate degree program, Strategic Communication, and further develop its student community building activities with an eye on strengthening retention rates and improving long-term alumni relationships including tracking post university success stories. In the areas of teaching and research we will continue developing our already robust methods training programs, begin introducing data-science related courses in close cooperation with our parent university, and begin offering senior level executive educational services in Vienna and its surrounding area. Meanwhile, we will integrate the findings of an external review of our academic department’s research output and teaching loads as we work toward striking the optimal balance between research, teaching and service for the university’s faculty.

The 2019–2020 academic year at WVPU will witness strong institutional-wide focus in five areas including sustaining key metrics such as the numbers of new and returning students and credit hours, continuing the university’s financial stewardship, sustainably developing an executive education aimed at the local, upscale market, harmonizing key performance indicators in line with the Webster University Strategic Plan, and initiating efforts for the university’s upcoming institutional re-accreditation in January 2022.

Austrian reaccreditation will require continued, close cooperation between WVPU and its parent, Webster University in St. Louis, in matters of curricular, faculty, and student oversight, particularly with regard to the role of the University Senate, as well as in areas of admissions, financial management, and the transformation of university’s legal structure from a non- profit association to a non-profit limited liability company (GmbH), a necessity resulting from the university’s successful maturation from its foundation in 1981 as a study abroad location. WVPU’s senior management is working diligently with its parent university to resolve these open issues in a manner commensurate to the needs of our students and Webster University’s thriving global network of universities and campuses.

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Financial Report

WVPU’s fiscal year, which began on June 1, 2018 and ended on May 31, 2019 was a financial success with improved surpluses adding to the previous year’s positive results. WVPU’s quick turnaround in financial health (since 2016) is directly attributable to the close transatlantic cooperation between WVPU and its parent Webster University whose senior management in the form of the General Assembly provided crucial support to reorganize WVPU’s financial structures and operations. As a result, WVPU’s senior management has turned the university’s business around and build a sustainable operation for years to come.

Non-profit Status

Webster Vienna Private University (WVPU) operates as a not for profit association under the Austrian Code of Associations. Formally known as The Bildungsverein für die Freunde der Webster University (St. Louis, USA), the Association is the university’s primary legal entity with its registered home in Vienna.

Shareholdings

The Association holds a 100% share in the Webster BV Bildung GmbH, a not for profit limited liability company with its seat in Vienna. The Association also holds a 100% share in a commercial LLC, the WEBSTER Seminarbetriebs- und Handelsgesellschaft m.b.H., which managed the student dormitory until it was sold in June 2018. The university now provides students with more diverse, cost-effective, externally managed residence opportunities.

Financial Development

Continuing its positive development, WVPU’s financial figures for 2018–2019 show visible improvement over the previous year. The university generated an operating surplus of €496 thousand in 2018–2019 compared to the previous year’s surplus of €454 thousand. The university’s operating income for the year was just over €8.284 million. Its operating expenses were €7.788 million, the vast majority of which (84%) were dedicated to the high-class educational and social support services we provide to our students. Based on current and projected student figures and financial plans, WVPU will continue to generate positive results for years to come. The table below summarizes university operations and, for brevity, excludes, inter alia, interest income and expenses and currency exchange gains and losses.

Analytical profit and loss account for the fiscal year ended 31 May 2019 with prior year’s comparative figures

2018/19 2017/18 Change

TEUR % TEUR % TEUR %

Revenues 7,983 96.4 8,284 99.8 -301 -3.6

Other operating income 301 3.6 13 0.2 288 2297.0

Operating income 8,284 100 8,297 100 -12 -0.1

Personnel expenses 4,572 55.2 4,347 52.4 225 5.2

Regular depreciation of tangible assets 1,228 14.8 1,212 14.6 16 1.4

Other operating expenses 1,987 24.0 2,284 27.5 -296 -13.0

Operating expenses 7,788 94.0 7,842 94.5 -54 -0.7

Operating profit 496 6.0 454 5.5 42 8.5

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