Horizons Spring/Summer 2021

suppliers of remote learning platforms will likely capture additional profit built into the total cost of student tuition. Because these suppliers are not constrained by working with any particular university, they can continue to advance their technology to a point that can make it difficult to replicate. In the next 10 years, it is reasonable to expect that artificial intelligence on these platforms will replace much of the work of graduate assistants who support large lecture classes. colleges and universities resulted in significant financial strain on those institutions. As a result, the US Government, by granting billions of dollars to those institutions and to the students attending, reaffirmed its recognition of the importance of higher education to helping the United States in its global position and to the quality of life of those in the U.S. Concurrent with the billions of dollars in aid, the Biden administration is currently pushing for free community college. Although it will not be easy to implement (funding models at each community college are varied in a way that would make a blanket approach to making community college free by the federal government challenging), the idea of free community college extends the guarantee of school from being a K-12 model to a K-14 model. Furthermore, the idea is one that recognizes that many students who enter universities are not academically prepared and leave prior to graduating with a degree, but have thousands of dollars of debt. Any learning loss experienced by high school students due to COVID-19 will exacerbate this college readiness problem. Lifelong Learning & Career Advising will Expand Revenue Sources for Colleges As the skills and perspectives needed for effective employment, management, and leadership evolve fast, people will need to keep up to stay relevant. Colleges and universities, under a lifetime learning model, can fill this gap. Under the current structure, students attending college mid-career, after they have received one degree, are nowhere near as common as the first time K-12 Will Become K-14 In general, the response to COVID-19 for

student, which implies that market is likely under served. Furthermore, colleges and universities can demonstrate their value through lifelong career advising to students after they have graduated. Residential Campuses Are Here to Stay The response to COVID-19 at most colleges included an expansion of remote learning, and many have realized that a lot of the transfer of knowledge can take place remotely. But as authors Modesta and Horn noted in their book, Choosing College: How to Make Better Learning Decisions Throughout Your Life , there is a significant segment of the population that is seeking a residential experience of college and that segment believes the greatest learning comes through a residential experience. While many of the growth opportunities for colleges might significantly involve an online approach, most schools will continue to be anchored by their residential campuses. Conclusion The recent changes to higher education have been fast and drastic. For those willing to put forth a significant investment in evaluating how to respond to the changes and opportunities provided by the current environment, there is great reason to be optimistic about the future of higher education.

COLLEGES & UNIVERSITIES SERVICES

The Colleges & Universities Services Group provides a full range of assurance, consulting services and tax to colleges and universities. Our specialized services and expertise are delivered with close personal attention to our clients.

Chester Moyer, CPA Partner-In-Charge Colleges & Universities Services 816.859.7945 chester.moyer@rubinbrown.com

Spring/Summer 2021

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