Financial Objectives and Challenges: Insights from IMSA’s Financial Officer

In a recent interview with IMSA’s Financial Officer, Stephen D. Stewart, exciting new financial initiatives and goals were revealed that will shape the future of IMSA. Mr. Stewart discussed the financial objectives of IMSA, the challenges in managing the school’s finances, and shared details about the upcoming Vision 2033 project.

He stated IMSA’s main financial goal was, “to raise enough revenue to meet the student needs of IMSA in funding learning, innovation, residential life, and activities…(as well as) to maintain excellence in our second priority of advancing STEM throughout the state of Illinois.” This includes programs such as Vision 2033, improving the campus facilities, and possibly the addition of a 1508, a “super-dorm”. Many ideas are still under process, however, and it could be a while before these projects begin.

According to Mr. Stewart, one of the challenges is, “the inability of IMSA to raise revenue via real estate taxes.” Another challenge he mentioned is planning for the future as “the majority of IMSA funding comes directly from the State of Illinois, and it is appropriated annually, (which) makes it difficult for multi-year planning as we never know our funding level year to year.”

When it comes to prioritizing funding for different programs and initiatives, IMSA follows a systematic approach. Mr. Stewart stated, “Funding requests are submitted annually during the budgeting process and analyzed and prioritized based upon fund availability. We also prioritize funding initiatives and programs which support our goals and help us solve problems.”

Mr. Stewart also shared an exciting new initiative called ​Vision 2033. “This major initiative includes 5 distinct areas: ​artificial intelligence, reinventing residential life, new student diploma options, partnerships with universities and industry leaders across the state, and planting innovation hubs across the state and online.” While current students may not feel the impact, this initiative will benefit the school in years to come. 

In terms of collaboration, Mr. Stewart highlighted his involvement in the Institutional Leadership Team (ILT) and the Cabinet, where he mentioned, “both of these groups meet regularly to collaborate on issues at IMSA.”

With a clear financial goal, despite challenges, IMSA aims to raise revenue to meet student needs and advance STEM education in Illinois. Their funding prioritization process and ongoing initiatives like Vision 2033 demonstrate their commitment to innovation and collaboration. As IMSA continues to strive for financial stability, students can look forward to a bright future filled with opportunities for learning and growth.