The Primary Role of College Presidents: Fundraisers and Relationship Builders-in-Chief

In the rapidly evolving landscape of higher education, the importance of fundraising, cultivating relationships with existing donors, identifying new donors, and marketing the college’s strategic vision cannot be overstated. Colleges need more money than ever due to rising student expectations, inflation, the necessity of attracting quality staff, and fulfilling the ever-expanding regulatory environment imposed by federal and state governments and accreditation agencies. College presidents are expected to be at the forefront of these efforts, ensuring their institution’s financial stability and growth.

A college president must act as the face of the institution, ensuring its long-term sustainability through active engagement with stakeholders. Travel plays a crucial role in these efforts, allowing presidents to connect personally with donors, alumni, and potential partners. This hands-on approach is vital for building trust, securing funding, and enhancing the institution’s reputation.

Having managed large government public organizations for many years and now serving as a college senior executive and human resources professional, I can attest that college presidents must dedicate the bulk of their time to cultivating relationships and partnerships to raise capital and market the strategic vision of the school. In today’s competitive educational market, where colleges are closing across the country, the role of a college president is far more complex than managing campus operations. It involves acting as the face of the institution, building relationships, securing funding, and ensuring the college’s long-term sustainability.

If a college is financially distressed or struggling, the president should devote 75 to 80 percent of their time to these activities. Even in good times, a minimum of 50 to 60 percent of their efforts should be focused on fundraising and relationship-building. This strategic focus is essential for navigating both challenges and opportunities in the higher education landscape.

The Role of the College President as Chief Fundraiser and Marketer

The college president acts as the chief fundraiser and marketer for the institution, roles that are essential for securing its financial health and ensuring its future success. Travel allows presidents to personally connect with donors, alumni, and potential partners, which is crucial for establishing trust and demonstrating commitment.

Building relationships with donors and identifying new ones is vital to a college’s financial stability. Personal interactions, such as in-person meetings, fundraising events, and campus tours, help develop strong connections with current and potential donors. Expanding the donor base provides colleges with the financial resources needed to innovate and grow. This involves researching potential donors, understanding their philanthropic interests, and effectively communicating the college’s mission and goals. Personal interactions during travel can help presidents convey the unique value of their institution, creating opportunities for new partnerships and financial support.

Marketing the College and Engaging Alumni

College presidents also play a significant role in marketing the college to prospective students, faculty, and partners. Traveling to conferences, speaking engagements, and alumni events helps presidents showcase their institution’s strengths and accomplishments. Engaging with alumni, in particular, can lead to increased support, both financially and through mentorship and networking opportunities for current students.

Staying connected with alumni is crucial for building a robust network that actively contributes to the college’s success. These interactions can inspire alumni to give back to their alma mater and participate in its growth and development. Alumni are often the college’s greatest advocates, providing not only financial support but also acting as ambassadors who can attract prospective students and foster partnerships with businesses and industries.

In an era where many colleges face financial challenges, raising capital is more important than ever. Travel allows college presidents to meet with potential investors, philanthropic organizations, and government officials to secure funding for new initiatives, scholarships, and campus improvements. These efforts are essential for ensuring the college’s long-term sustainability and competitiveness in a crowded market.

The Consequences of Ineffective Leadership

The stark reality is that colleges without leaders who prioritize fundraising and relationship-building often struggle to survive. According to a report by The Hechinger Report, colleges are now closing at a pace of one per week. This alarming trend is largely due to the inability of college leaders to secure necessary funding and adapt to changing market demands.

Ineffective leadership can lead to a lack of financial resources, dwindling enrollment numbers, and decreased academic offerings. Without a president dedicated to cultivating relationships with donors and industry partners, colleges risk falling into financial disrepair, ultimately leading to closure. The closure of a college not only affects the institution itself but also has a profound impact on students, faculty, and the surrounding community. Students may be left without a clear path to complete their education, faculty may lose their jobs, and communities may lose a vital economic and cultural hub.

The Added Benefits of Travel

According to Jamie Dimon, CEO of JPMorgan Chase, leaders must travel to avoid failure and falling behind. He emphasized this in a recent LinkedIn This is Working series, stating that leaders need to be curious, ask many questions, and actively seek out new experiences. This fosters innovation and creativity by exposing leaders to diverse perspectives and unfamiliar environments.

Business travel provides exposure to new potential investors, donors, and partners, which can enhance a leader’s ability to drive strategic innovation and ensure the long-term stability of the institution. For college presidents, traveling is an opportunity to think beyond the campus, find new inspiration, and bring innovative people and ideas back to the institution.

Conclusion: The Strategic Value of Fundraising and Building Relationships

While business travel has its challenges, the strategic value of fundraising, relationship-building, and effective marketing cannot be overstated. For college presidents, dedicating their time and resources to these activities is crucial for ensuring their institution’s financial stability and long-term success.

Colleges count on their presidents to embrace these responsibilities because, after all, a president’s legacy won’t be marked by developing better meetings in the office but by how much the endowment grew and how well students prospered. By focusing on building strong relationships and effectively marketing their college, presidents can lead their institutions to new heights and ensure they remain competitive in a rapidly evolving landscape.