Can your institution withstand shocks to the system? Accreditors want you to prove it

eCampus News

Darren Catalano

May 2, 2023

The data needed to comply with accreditation standards is changing. For colleges and universities, the need for financial rigor and digital transformation couldn’t be more urgent

And before pointing blame at accreditors, accreditation leaders want the public to know that today’s accreditation process is often misunderstood and under-appreciated in terms of how it has stepped up its game to improve student outcomes, financial viability, transparency, monitoring, innovation, and data-informed decision-making.

However, despite accreditors’ improvements, critical gaps remain. As a result, startup accreditors are coming onto the scene in an attempt to fill the gaps and solve higher ed’s ROI dilemma. The Workforce Talent Educators Association (WTEA), for example, recently released new workforce success standards in response to a lack of accreditation requirements for evaluating workforce outcomes.

Increased discussion in Congress about accreditation reform may also require accreditors to pay more attention to student economic outcomes. The shift could influence how federal funding is allocated to higher education institutions in the future, should Congress decide to make funding determinations based on performance benchmarks.

At the state level, Governor Phil Murphy is backing legislation to make New Jersey’s public colleges and universities more transparent about their finances. The bills at hand would require schools to submit a yearly fiscal monitoring report to the Secretary of Higher Education and undergo a financial audit every three years. One of the bills even proposes to appoint a state monitor to manage an institution’s fiscal operations should the state’s audits deem fiscal instability.

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