STRATEGIC MANAGEMENT OF REAL ESTATE PORTFOLIO OF HIGHER EDUCATION INSTITUTIONS
Abstract
The condition of public higher education institutions facilities are considered. The shortcomings of the methodology and practice of institutions funding, including maintenance and operation of real estate are analysed. The data regarding the high level of deterioration of facilities as a result of insufficient capital costs for their maintenance are demonstrated. The limited role of non-budget sources of institutions financing and the financial mechanism of private universities different from the state ones is analysed. It is shown that in terms of excess supply of educational services and the reduction of public funding in strategic perspective, there is a risk of destruction of public higher education institutions facilities and their failure to ensure the proper level of service provision. Considering the modern western methodology of strategic planning and financing of higher education facilities, the institutional, informational and methodological obstacles to its implementation in Ukraine are marked. The necessity of creation a regulatory framework of construction costs, maintenance and major repairs of buildings and structures of higher education is explained. On this information basis the methodology of surveys and planning of costs for construction and major repairs \is proposed as well as the farther development of information base data by adding cost data of executed repairs at different sites. As an example the planning capital repairs of property portfolio of one of the US universities is analysed. The final conclusions about the need for new methods and information to plan capital expenditures of higher education institutions is made.Keywords: higher education institutions, management, property, depreciation, financing, standards.
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