The long range development planning (LRDP) process integrates a number of capital asset management issues. The LRDP diagram below identifies the various issues that are integrated into the process. The process starts with the foundational issues of the academic program and strategic direction of the College and a study of the impact of external factors (i.e. the nations economy, political climate, etc.) on the College.
The next step is a qualitative and quantitative analysis of the capital assets of the College and a review of the facilities and institutional policies guiding the management of those assets. A capital plan is then developed that integrates, in broad terms, the potential changes needed to the College’s capital assets including buildings, utilities, grounds, real estate, etc. The final step is the integration of this information with a financial plan.
The LRDP process is different from a master plan in several fundamental ways. First, it is a continuous process rather than a one-time activity. Rather than producing a document as the end result, the LRDP provides a means of continually re-evaluating the issues that affect the College’s capital assets. Second, master plans tend to look inward to define strategic goals for the capital assets. A LRDP looks at external influences, community relationships, real estate management and other external issues. Third, an LRDP includes a comprehensive financial plan that is integrated with funding, operational costs and endowment management.
Implementation of a LRDP process was approved by the Board of Trustees in 2004 with initial phases started, under the guidance of StudioInsite as the consultant, in the Spring of 2004. An Executive Steering Committee and a Working Committee have been created and have had an initial “kick-off” meeting. Click here to see the schedule of remaining activities.