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III. STRATEGIC MANAGEMENT

Since the last maintenance of accreditation report was submitted in Fall 2007, two developments have significantly

impacted strategic thinking and implementation of both the College’s and the Accounting Program’s strategic

management plans. These two developments are the launch of the University of Southern Indiana’s first strategic plan

(which was first distributed in 2010) and the relocation of the College of Business (and therefore the Accounting

Program) to a newly constructed 122,500 square-foot facility with cutting-edge classroom technology. Other factors, such

as the slow pace of economic recovery and its impact on higher education funding decisions by the state, have also had

some influence on various aspects of our operations, but not to the extent that they were severely disrupted. Rather, the

accomplishments and impacts of our operations over the past five years reflect a high degree of resourcefulness by faculty

members to assure alignment with the values and priorities of our vision and mission.

University of Southern Indiana Vision and Mission Prior to 2009, the University of Southern Indiana (USI) did not have a Strategic Plan. USI began its Strategic Planning

Process in 2009, using the following strategic planning framework:

Figure 1: Strategic Planning Framework: University of Southern Indiana

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Vision Statement As stated on its website, the University of Southern Indiana’s vision is a simple but powerful one: Shaping the future

through learning and innovation.

Mission Statement The University of Southern Indiana’s mission statement is:

USI is an engaged learning community advancing education and knowledge, enhancing civic and cultural awareness, and

fostering partnerships through comprehensive outreach programs. We prepare individuals to live wisely in a diverse and

global community.

The University is a broad-based institution offering instruction, research, and service that support a comprehensive array

of baccalaureate, master, and doctoral degrees. As part of its recent strategic planning process, and in support of its vision

and mission, USI has developed the following six strategic goals:

Enhance Experiential Learning Opportunities

Increase the Graduation Rate

Preserve & Nurture the Campus Community

Provide Leadership to Indiana and the Region

Increase Diversity of Faculty, Staff, and Student Body

Become a 24/7 Campus

College of Business Mission USI’s College of Business began its Strategic Planning Process in 2004, using the following strategic planning

framework:

Figure 2: Strategic Planning Framework: USI College of Business

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Consistent with the University’s mission, the College’s mission emphasizes preparing students for lifelong learning and

governs the baccalaureate program and the Master’s of Business Administration program.

The College’s Strategic Planning Committee developed the following Vision and Mission Statements:

Vision Statement Our vision is to provide a premier learning experience in business that emphasizes an entrepreneurial mindset which

involves innovative thought and openness to new ideas.

Mission Statement Our mission is to place the student at the center of our college's educational activities, both inside and outside the

classroom. We are committed to offering a value-driven business education that provides personalized attention,

enhances lifelong learning, values creativity and innovation, ensures an interactive learning experience, and nurtures

social responsibility and integrity.

This, in part, will be accomplished by faculty who are actively engaged in research that will bring current and relevant

knowledge to the curriculum. Consistent with its emphasis on teaching, research will focus primarily on applied and

pedagogical issues. In addition, the college embraces service that is responsive to the evolving needs of its stakeholders.

Consistent with its vision and mission statements, the College of Business is committed to the following guiding

principles:

I. Student-Centered Learning A. Provide students with personalized attention inside and outside the classroom.

B. Build a cohesive learning community among students, faculty, alumni, and area businesses.

C. Develop a learning environment that values diversity.

II. Knowledge and Lifelong Learning A. Provide a curriculum that reflects current and relevant knowledge and practices in business.

B. Sustain a dynamic curriculum with ongoing revisions to support learning and scholarship.

C. Develop competencies that enhance lifelong learning.

D. Encourage the professional development of members of the community.

III. Creativity and Innovation A. Foster an environment that values creativity and innovation.

B. Foster an entrepreneurial mindset through calculated risk-taking.

C. Provide a curriculum that incorporates and utilizes current business technology.

IV. Engagement A. Ensure an interactive/experiential learning experience.

B. Be responsive to the needs of our communities.

C. Support an entrepreneurial spirit and initiatives in the business community.

D. Nurture an environment that values social responsibility and integrity.

Consistent with its SWOT analysis, vision and mission statements, and guiding principles, the College of Business has

developed the following strategic priorities:

A. Enhance Development And Integration of Effective Teaching

B. Develop Learning Outcomes Assessment Capabilities

C. Explore/Develop Distinct Niches for the College

D. Promote College Accomplishments

E. Enhance Student-Centered Learning

F. Cultivate an Efficient and Effective Organizational Support System

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A mapping of the College of Business’s strategic priorities with the goals in USI’s Strategic Plan is provided in Appendix

B (Table 1):

Accounting Program Vision and Mission The Accounting Program’s current Vision and Mission statements and Strategic Goals are consistent with both the

College and University missions. The Accounting Program’s Strategic Planning Committee developed the following

Vision and Mission Statements:

Vision Statement Our vision is to provide our students an exceptional learning experience in accounting and to become the preferred

source of professionally trained accountants for employers in our region.

Mission Statement The Accounting Program’s highest priority is to provide excellence in teaching and to prepare undergraduate students to

be productive members of their profession and society. We believe research contributions in the field of accounting and

service to the university, the accounting profession, and the community are fundamental to our mission. Consistent with

the college, our research will focus primarily on applied and pedagogical issues, and we advocate service that is

responsive to the evolving needs of our stakeholders.

Both the Vision and Mission are driven by an overriding commitment to quality accounting education and include

teaching as our highest priority. Research and service are viewed as being fundamental to our teaching priority.

The Accounting Program’s commitment is to quality accounting education. Its mission statement is consistent with that

of the University and the College of Business. The Accounting Program shares with the University of Southern Indiana

and the College of Business a fundamental mission to be of service to Indiana and to increase post-secondary educational

participation of young people and adults in our region. We strive to enable our graduates to take entry-level positions in

the profession of accounting, to prepare students for advanced studies in accounting or business, and to provide the

foundation for their future growth and development in the accounting profession.

The Accounting Program, as guided by the University's mission, has excellence in teaching as its highest priority and

principal activity. While emphasis is placed on quality instruction in both the undergraduate and graduate programs, the

Program's primary focus is to prepare undergraduate students to be productive members of their profession and society.

To this end, students are guided through the programs by the faculty both inside and outside the classroom. Because

significant proportions of the student body are comprised of either part-time or nontraditional students, programs and

services are designed to recognize the unique needs of these students. The Program recognizes that effective instruction

under these circumstances often necessitates additional preparation and involvement by its faculty.

While teaching is the primary goal of the Program, the Program also recognizes the important contribution of scholarly

activities to achieving its mission. We view research contributions in the field of accounting as being fundamental to the

mission of the Program. The complementary nature of teaching and research is evident in the provision of a sound

foundation for all educational activities. The Program expects that its faculty will engage in a progressive program of

scholarly activities throughout their careers because those activities underlie successful contributions both in the

classroom and in the community. The Program's primary scholarly interest is in published applied research. Secondary

priority is given to research activities directed toward instructional development. However, the Program will also

recognize basic research.

We also acknowledge that service to the University, to the accounting profession, and to the community is fundamental to

our mission. The Program recognizes that it has an important role in the University's efforts to support businesses in

southwestern Indiana, and it also recognizes that it has an important role in providing support to the accounting

profession. In addition to providing the region with qualified graduates, the Program, through direct faculty involvement

in and support for continuing education programs, is an active source of otherwise unavailable resources and expertise.

For example, faculty members have participated in instructional support to the community through such past activities as

teaching an “Accounting Fundamentals” course at a company within our region and providing staff training program at

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local CPA firms. The Program values community service by the faculty along with service to business, academic, and

professional organizations.

The Accounting Program’s Strategic Planning Process The current strategic planning process began during the Fall 2011 Semester, using the following strategic planning

framework:

Figure 3: Strategic Planning Framework: USI Accounting Program

Strategic Planning Framework:

USI Accounting Program

The Accounting Program’s current strategic plan is the culmination of many years of thoughtful reflection and several

revisions. The current strategic planning cycle began during the Fall 2011 Semester as a project of the Accounting

Program’s Strategic Planning Committee. In keeping with the Accounting Program’s policy to revisit our vision and

mission, program goals, strategic priorities, and assessments on a periodic basis, the following process was developed to

conduct such a review.

The Accounting Program did not have a vision statement prior to 2011, and its mission statement had not been modified

in over five years. Based on input from our various constituencies, we determined that our mission statement was

probably too long and needed to be modified:

Mission Statement prior to 2011 The Accounting and Professional Services program's commitment is to quality accounting education.

We share with the University of Southern Indiana and the College of Business a fundamental mission to be of service to

Indiana and to increase post-secondary educational participation of young people and adults in our region. We strive to

enable our graduates to take positions in the profession of accounting, to prepare students for advanced studies in

accounting or business, and to provide the foundation for their future growth and development in the accounting

profession.

Our highest priority is to have excellence in teaching. While emphasizing effective instruction in both the undergraduate

and graduate programs, the program’s primary focus is to prepare undergraduate students to be productive members of

their profession and society.

We view research contributions in the field of accounting as being fundamental to the mission of the program. We also

acknowledge that service to the university, to the accounting profession, and to the community is fundamental to our

mission.

By fulfilling our mission, we seek to become the preferred source of professionally trained accountants for employers in

Southwestern Indiana.

As part of the Accounting Program’s strategic planning process, the Strategic Planning Committee included a review of

the following areas:

I. Analysis of the External Environment

A. General environment

Vision & Mission

Statements

Program

Goals

SWOT

Analysis

Strategic Priorities

Assessments

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1. Diversity

2. Accounting profession

3. Economic trends

B. Technology development

1. Online education

2. Software development

C. Local environment (University)

1. Funding issues

2. Faculty shortage

3. Resource issues

D. Competition

1. Online education

2. Area universities

II. Analysis of Internal Resources, Capabilities and Programs

A. Primary resources

1. State funds

2. Student tuition and fees

B. Strongest capabilities and competencies

1. Accounting accreditation

2. Strong faculty

C. Resource deficits

1. State Funding

2. Alumni Funding

D. Quality of current programs

1. Accreditation

2. Strong reputation with employers

E. Faculty needs

1. Research release time

2. Graduate assistants

3. Competitive compensation

4. Travel support

The first step in the strategic planning process was to conduct an assessment of the strengths, weaknesses, opportunities,

and threats (SWOT) that could affect USI’s Accounting Programs. After analyzing the Accounting Program’s internal and

external environments (above), the Strategic Planning Committee developed the following SWOT Analysis:

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Figure 4: USI Accounting Program SWOT Analysis

Opportunities

1. New markets (e.g., distance education

courses, etc.)

2. New programs (e.g., investment

accounting, forensics, business

valuation, sustainability, etc.)

3. Fund-raising (e.g., accounting

firms, special events, etc.)

4. Recruitment (High School Days,

Accounting Extravaganza, etc.)

Threats

1. Economic conditions

2. Accounting faculty shortage

(i.e., Ph.D.’s)

3. Other university programs

4. State funding issue

5. Changing industry expectations

Strengths

1. Program reputation

2. Job placement upon graduation

3. Student engagement

4. Faculty accessibility

5. Accounting Circle support

6. Student professionalism, pride,

and confidence

7. Student case competitions

8. Student organizations (e.g., APS Club,

BAP chapter, Toastmasters, etc.)

9. Various Specializations (i.e.,

accounting tracks)

Weaknesses

1. Faculty composition (i.e.,

succession planning)

2. Slow growth of financial resources

for accounting faculty

Every attempt was made to incorporate within the document both student input and the concerns of the business

community, while maintaining an academic orientation. Furthermore, the strategic plan was conceived in the light of

resource constraints.

Summary of Strategic Plan The program is based on a quality accounting curriculum, personal interactions between our faculty and students, and

opportunities for our students to learn experientially through professional interaction with business leaders in the

community (e.g., Accountants in the Classroom), internships (through USI’s Career Services), and other course-based

experiential opportunities (plant tours, service-learning opportunities such as ACCT 390, etc.). The competitors within

our geographic region include Indiana State University, Indiana University-Southeast, Murray State University, Northern

Kentucky University, Western Kentucky University, Eastern Kentucky University, and Western Illinois University.

The Accounting Program’s Strategic Goals Our strategic plan focuses on enhancing what we do well and prioritizing and addressing our most significant challenges

identified in our strategic planning process. Consistent with our vision and mission statements, and after reviewing the

Strategic Plans for USI and for the College of Business, the Accounting Program’s Strategic Planning Committee

developed the following goals:

I. Teaching

Provide competent instruction on relevant accounting issues.

Support students in experiential learning activities to foster their academic, career and personal

development.

Develop students’ skills in the areas of problem solving, analytical thinking, ethical decision making, and

oral and written communication.

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II. Research

Maintain a research program that will bring currency and relevancy to classroom instruction.

Engage in research projects that will foster collaboration within the business community.

Encourage our students to participate in scholarship and research activities.

III. Service

Encourage service to USI and to the College of Business

Promote service to the Accounting Program and to the Department of Accounting and Finance.

Support service to the profession and to the community.

Provide service learning activities and encourage students to become involved in community service.

The Accounting Program’s Strategic Priorities After reviewing the Accounting Program’s goals, as well as the Strategic Plans for USI and for the College of Business,

the Accounting Program’s Strategic Planning Committee developed the following strategic priorities:

I. Explore distinct niches in teaching (Curriculum Committee)

Determine possible niche(s) in teaching with reference to desired student competencies

Recognize existing strengths in student learning (based on assessment data)

Recommend curriculum improvements centered around student learning outcomes

II. Explore distinct niches in research (Accounting Faculty)

Identify possible niches in scholarship based on resources

Acknowledge existing strengths in scholarship and align with the desires of the business community

Assess the quality and quantity of scholarship relative to universities with similar resources and

constraints

III. Explore distinct niches in service (Accounting Faculty)

Identify service needs in the Accounting Program’s service region

Investigate strengths in the service activity of faculty and students

Based on the results, match the strengths of faculty and students with needs in the Accounting Program’s

service region

Explore increased student participation in internships and cooperative education

A mapping of the Accounting Program’s strategic priorities with the College of Business’s strategies is provided in

Appendix B (Table 2).

Continued Development of the Accounting Program’s Strategic Plan The strategic plan will be reviewed on a bi-annual basis and revisions will be made when deemed necessary.

Financial Strategies Financially, the Accounting Program is housed in the Accounting and Finance Department. Each of the departments

operates within the College of Business budget. Each department has budget allocations for selected line item expenses

(telephone, travel, fax, and copy charges), along with a small departmental miscellaneous fund. The Dean’s Office

administers foundation assistance for faculty travel. Primary external fundraising is carried out at the University level.

The University, in addition to the College of Business, provides funding to the Accounting Program in support of its

mission. Table 2 shows the current operating budget for the Accounting Program.

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Table 2: Current Operating Budget - Accounting Program

Accounting Program

Approved

Budget

2012-13

Budget

Change

Recommended

Budget

2013-14

Personal Services 1,108,850 39,534 1,148,384

Supplies & Expense 14,717 0 14,717

Repairs & Maintenance 0 0 0

Capital Outlay 0 0 0

Total $1,123,567 $39,534 $1,163,101

Additionally, the Accounting Program shares in the financial resources of the College of Business. Therefore, Table 3

shows the current operating budget for the College of Business.

Table 3: College of Business Current Operating Budget

College of Business

Operating Budget

2008-09

Operating Budget

2012-13

Budget Change

Personal Services 6,637,734 7,215,101 577,367

Supplies & Expense 197,623 232,698 35,075

Repairs & Maintenance 27,672 34,742 7,070

Capital Outlay 29,209 29,209 0

Total 6,892,238 7,511,750 619,512

Table 4 shows the financial support related to the strategic priorities and initiatives for the Accounting Program. As stated

previously, the Accounting Program shares in the resources of the College of Business. Therefore, Table 5 shows the

financial support related to the strategic priorities and initiatives for the College of Business.

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Table 4: Strategic Priorities and Initiatives - Accounting Program

Strategic Priorities and Initiatives Start Date First Year Cost

or Revenue

Continuing

Annual Cost or

Revenue

Source or

Disposition of

Funds

Service to students

Beta Alpha Psi (BAP) -

Chapter Dues

Fall 2012 --- $500 Private Gift

BAP Annual Conferences

- Student Registration and

Travel

Summer

2012

--- $1,400 State Funds

Private Gift

Toastmasters’ Dues

- Students

Fall 2012 --- $2,925 Private Gift

IMA Student Conferences

- Student Registration

and Travel

Fall 2012 --- $1,050 State Funds

Private Gift

Enhance Teaching Effectiveness

Travel - Faculty Recruiting Fall 2012 $5,711 $6,097 State Funds

Travel - Student

Competitions

Strengthen distance learning capability

Fall 2012

Fall 2013

$3,500

$2,500

$6,650

$1,700

State Funds

Private Gift

State Funds

Maintain currency and relevancy in the classroom

(Scholarly Activities)

CPE Requirements for

Professional Certification

Fall 2012 $800 $515 State Funds

Travel - Academic

Conferences

Fall 2012 $8,841 $8,836 State Funds

Databases - Research Fall 2012 $7,000 $10,610 State Funds

Submission Fees - Research

Fall 2012 $500 $630 State Funds

Service to multiple stakeholders

Scholarships - Accounting Spring

2013

--- $8,738 Private Gifts

Travel - Professional

Meetings

Fall 2012 $4,110 $2,043 State Funds

Enhance Outcomes Assessment

Assessment workshops/ conferences

Strengthen distance learning assessment capability

Fall 2013

Fall 2013

$3,000

$2,500

$1,750

$1,750

State Funds

Endowment

State Funds

Develop Distinct Niches in Teaching, Research, and

Service

Investment Accounting

Fall 2013

$90,000

$12,000

State Funds

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Table 5: Strategic Priorities and Initiatives - College of Business Current Operating Budget

Strategic Priorities and Initiatives Start Date

First Year

Cost or

Revenue

Continuing

Annual Cost

or Revenue

Source or

Disposition of

Funds

Enhance Teaching Effectiveness

Refine metrics related to

entrepreneurial mindset,

innovative thought;

Strengthen distance learning

capability

Spring 2013

Spring 2013

$30,000 $10,000

State Funds

Private Gifts

Enhance Outcomes Assessment

Assessment

workshops/conferences;

Strengthen distance learning

assessment capability

Fall 2013

Fall 2013

$9,500

$7,500

$5,000

$5,000

State Funds

Endowment

State Funds

Develop Distinct Niches in

Teaching, Research, and Service

Annual Speaker Series

Experimental Economics

Health Informatics

Investment Accounting

Client services management

Innovation Ecosystem

Spring 2013

Fall 2013

Fall 2014

Fall 2013

Spring 2015

Fall 2015

$80,000

$5,000

$110,000

$90,000

$22,500

$5,000

$45-75,000

$6,000

$10,000

$12,000

$7,500

$5,000

Private Gift

Endowment

State Funds

State Funds

State Funds

State Funds

Promote College Accomplishments

Branding capability

Spring 2014

$15,000

$10,000

Private Gifts

Enhance Student-Centered

Learning

John Maxwell Leadership

Program

Advising Center

Spring 2013

Spring 2013

$20,000

$40,000

$15,000

$40,000

Endowment

State Funds

Nurture Our Organizational

Support System

Staff training

Information flow

ERP

Spring 2013

Spring 2012

Fall 2014

$7,500

$5,000

$17,000

$7,500

$5,000

$11,000

Endowment

State Funds

State Funds

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Finally, the Accounting Program has direct oversight of four funds (either operating or foundation accounts) within its

auspices (Table 6):

Table 6: Accounting Program Funds

Accounting Program Funds

September 30, 2012

Account Name

Account Purpose Approximate Asset

Balance

Accounting Program

Discretionary Spending $4,900

BKD Accounting

Education Fund

Faculty and Student Support $53,400

Dan Wade

Accounting Fund

Student Scholarships $33,300

Roxy Baas

Accounting Fund

Student Scholarships $23,900

In addition, the Accounting Program has indirect oversight of numerous foundation funds used for student scholarships.

Accounting faculty members determine the recipients of these scholarships on an annual basis (i.e., during the spring

semester of each year).

New Programs Since the last accreditation review, no new programs have been added.