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CHAPTER 2 ACADEMIC UNITS OVERVIEW OF ACADEMIC UNITS his chapter summarizes programmatic and financial activity for each academic unit. The revenue expectation in 2019/20 for these academic units comprises nearly 75% of the university total revenue. TOverall, the academic units project an operating surplus of $64.3 million. After transfers to facilities and endowment, the unit budgets overall will achieve a $55.2 million surplus. CONSOLIDATED BUDGET FOR OPERATIONS, 2019/20: ACADEMIC UNITS [IN MILLIONS OF DOLLARS] TOTAL REVENUES RESULT OF TRANSFERS CHANGE IN AND OPERATING TOTAL CURRENT (TO)/FROM EXPENDABLE TRANSFERS EXPENSES OPERATIONS ASSETS FUND BALANCE Academic Units: Graduate School of Business 292.1 299.3 (7.1) 0.3 (6.8) School of Earth, Energy & Environmental Sciences 74.6 77.1 (2.5) (0.8) (3.2) Graduate School of Education 73.5 77.0 (3.5) (1.1) (4.6) School of Engineering 456.4 428.2 28.2 (12.0) 16.2 School of Humanities and Sciences 537.9 517.6 20.3 (13.3) 7.0 School of Law 105.9 100.2 5.6 (6.5) (0.9) School of Medicine 2,692.7 2,660.2 32.5 19.4 51.9 Vice Provost and Dean of Research 258.0 248.6 9.4 3.0 12.4 Vice Provost for Undergraduate Education 62.0 65.6 (3.6) 0.0 (3.6) Vice Provost for Graduate Education 45.9 50.5 (4.6) (0.3) (4.9) Vice Provost for Teaching and Learning 41.3 43.1 (1.7) 1.2 (0.5) Vice President for the Arts 22.8 26.2 (3.4) 0.0 (3.4) Hoover Institution 67.1 71.8 (4.7) 1.0 (3.7) Stanford University Libraries 91.9 92.8 (0.9) 0.0 (0.9) SLAC 492.7 492.4 0.3 0.0 0.3 Total Academic Units 5,314.9 5,250.6 64.3 (9.1) 55.2 2019/20 Consolidated Expenses by Academic Unit Auxiliary $449.5 Million SLAC 9% H&S 10% Engineering 8% Administrative GSB 6% $1,318.4 Million Other1 5% Academic Units Dean of Research 5% $5,250.6 Million Medicine Law 2% 51 % Libraries 2% SE3 1% Education 1% 1 Other is Hoover, VP for Undergraduate Education, VP for Graduate Education, VP for Teaching and Learning, and VP for the Arts. Academic Units 23 GRADUATE SCHOOL OF BUSINESS 2019/20 Consolidated Revenues [IN MILLIONS OF DOLLARS] 2017/18 2018/19 2019/20 $292.1 Million ACTUALS PROJECTION BUDGET PLAN Total Revenues 268.6 283.0 292.1 Other 5% Schwab 4% General Expenses Funds Salaries and Benefits 154.4 163.5 173.2 24% Executive Non-Salary 109.0 122.0 126.1 Education 25% Total Expenses 263.3 285.5 299.3 Operating Results 5.2 (2.5) (7.1) Gifts 11% Transfers From (to) Endowment & Other Assets 0.2 (1.5) 0.3 Transfers From (to) Plant 0.0 0.0 0.0 Endowment Payout Surplus / (Deficit) 5.4 (3.9) (6.8) 31% Beginning Fund Balances 106.7 112.1 108.1 Ending Fund Balances 112.1 108.1 101.3 PROGRAMMATIC DIRECTIONS practitioner model. The GSB offers more than 160 elective courses in management education and maintains relatively The Stanford Graduate School of Business (GSB) deliv- small MBA cohorts. For the MBA class of 2020, the GSB ers transformational experiences to students in the areas received nearly 8,000 applications for about 420 spots. of business, management, and leadership education. The school’s mission is to create ideas that deepen and advance One of the GSB’s top priorities in 2019/20 will be to imple- the understanding of management and, with those ideas, ment the recommendations of two committees that have develop innovative, principled, and insightful leaders who examined (1) trends in the future of management education will change the world. The GSB offers three degree programs: and (2) the changing nature of faculty research. As first a two-year full-time MBA, a one-year Master of Science in steps in implementing the recommendations on the future Management (MSx), and a five-year PhD in seven distinct of management education, the GSB has restructured vari- fields of study. Five years ago, the school established a ous programs and appointed a new senior associate dean to research fellows program for pre-PhD students to broaden strengthen teaching support and work with faculty and the pipeline of women and underrepresented minorities students to more effectively integrate ethics and values into considering PhD programs. The GSB also delivers more than the management education curriculum. 60 Executive Education courses, including custom, open- In 2019/20, the GSB will be acting upon recommendations enrollment, and online programs that extend the impact of made by the committee reviewing the changing nature of its faculty in U.S. and global markets. Overall, the GSB seeks faculty research. In particular, the GSB will invest in resourc- to support, engage, and empower students as they endeavor es to support junior faculty research and strengthen finan- to change the world for the better. cial and infrastructure support to facilitate hiring predocs, Faculty Research and Teaching postdocs, and research assistants. This transition marks the The GSB is growing in many areas, expanding its tenure-line first time the GSB will integrate the work of postdocs into its faculty with seven new hires in 2018/19 and several more research environment. The change will strengthen support expected in 2019/20, across discipline areas. The school for faculty research on a range of cutting-edge topics that continues to selectively recruit outstanding new lecturers, impact society, including digital business, artificial intel- often in co-teaching roles, using its distinctive academic- ligence, automation, data governance, and ethics. 24 Academic Units The Student Experience Stanford China Economic Forum in Beijing. The forum con- The committee examining the future of management edu- vened 500 alumni and business and academic leaders from cation also made recommendations to improve the student Asia. The participation of faculty from each of Stanford’s experience. The 2019/20 year will bring renewed focus on schools, deans from the schools of Business, Engineering, MSx admissions to increase awareness of the program’s Medicine, and Law, and the university’s president also con- unique value and to continue to improve the integration and tributed to the success of this collaborative event. The GSB experience of MSx students at the GSB. Specifically, the GSB is planning a follow-up event in 2019/20 at Stanford. will consolidate operations and student services for MSx students with those supporting MBA students. CONSOLIDATED BUDGET OVERVIEW The GSB projects a 2019/20 consolidated budget with total In addition, the school’s redesigned financial aid system now revenues and operating transfers of $292.1 million, expenses places emphasis on excellence, access, and fairness, apply- of $299.3 million, and a resulting operating net deficit of $6.8 ing a 100% need-based approach to allocating fellowships million after $300,000 in transfers from endowment and and loans to students offered admission. The GSB deems other assets. Of this projected deficit, $4.0 million is part of this policy decision essential to enable students from a wide a plan to use reserve funding, with $3.0 million going toward range of backgrounds and circumstances to attend the GSB. a deferred maintenance plan and $1.0 million to support the Global Impact aforementioned program expanding junior faculty research. MBA students must satisfy a global study requirement The GSB projects that revenues and transfers for 2019/20 and have several options for doing so. They may choose to will increase by $9.1 million, or 3.2%, from the current projec- participate in or lead a global study trip, which is a nine-day tion for 2018/19. Endowment income is expected to increase group experience in country, preceded by three pretrip edu- by $2.5 million due to investment gains and newly endowed cation sessions (recent study trips included the first such gifts, though this rate of growth is slower than in previous trip to Cuba and travel to Ethiopia and Rwanda). They may years. Gift revenue is planned to grow by roughly $1.1 million. attend global study seminars, led by faculty and focused on The GSB’s Executive Education unit is also contributing to relevant business topics, or they may enroll in an exchange revenue growth, with projected revenue for 2019/20 growing program with Tsinghua University in Beijing or in a four-week by 6%, or $4.2 million. Moderate revenue growth is expected immersion project at a global company. for Seed and GSB residences. The Stanford Institute for Innovation in Developing Overall, the GSB projects a $13.8 million, or 4.8%, increase Economies (Seed) continues its mission to enable small- and in expenses in 2019/20 from the 2018/19 projection. medium-sized businesses in developing countries to grow, Compensation is projected to increase primarily due to merit expand, and foster economic growth. In 2019/20, Seed will increases as well as a plan for some growth in total faculty. offer its flagship transformation program in four locations: Non-compensation expenses are projected to increase above India, East Africa, Southern Africa, and West Africa. This pure inflationary growth rates. one-year leadership program provides management train- The GSB has been prudent in adding to its reserves as a ing, one-on-one support, and networking opportunities to hedge against market volatility and as part of a deferred empower business owners to grow their companies and lead maintenance plan.
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