Pitt’s new chief financial officer, Dwayne Pinckney, is working meticulously to maintain the university’s budget. During the Q&A, Pinckney said what he finds most appealing about working in higher education is the enthusiasm he sees on campus.
“What excites me is that I’m at an institution that really cares about the core work of the institution, and that’s what I want to do,” Pinckney said. . “The role I play is an enabling role. We know that the work we do is not for us. We are not stars. Students and faculty make things happen, and we can support them.”
Pinckney said that while serving as CFO, one of his primary responsibilities was to oversee financial planning and analysis, also known as FPA.
“We are making sure that we are looking at the right data to make informed financial decisions so that we can be the best financial stewards for our universities,” Professor Pinckney said.
Pinckney also emphasized that part of his job is to help Pitt make the best decisions possible when investing his money.
“We try to use the best mechanism to get a good return that protects the university’s assets over the long term, and in other ways is the most cost-effective,” Pinckney said. said.
Pinckney will also be responsible for resource allocation and management, which determines where university resource funds are directed. Pinckney said about 65% of Pitt’s costs are related to compensation when making resource allocation decisions.
“We’re in the people business and the research business,” Pinckney said. “The financial costs and investments are primarily on that side of the equation to ensure that we have the best faculty that we hire at Pitt to support the efforts and success of our students. We have to buy. We have a lot of things we have to procure to buy computers, to buy services, to invest in human resources.”
In determining tuition rates for students, Pinckney, who has only been in office for six weeks, said the process involves multiple parties with an interest in Pitt’s success.
“[It is]premised on needs identified in a variety of ways, such as whether schools need to hire teachers, start new programs, participate in activities, etc. ,” Pinckney said. “We will look at all the resources needed to support these programs and then look at opportunities that need to be reallocated.”
If money is needed after that work, a tuition offer may be made. This is a meeting between Pitt’s leadership to discuss tuition increases or decreases.
“Typically, tuition is the last option, not the first option. Institutions are working very hard, and here at Pitt, always solving resource issues and using tuition as a last resort. I know that to be true,” Pinckney said.
The opportunity to work with Chancellor Gabel also drew Pinky to Pitt.
“She has a very collegiate and collaborative culture, and we affirm that here at Pitt,” Pinckney said. “To me, she is a strong, capable, and decisive leader. These are all characteristics that individuals and roles like me look for when considering opportunities.”
Pinckney emphasized that at this point in his career, it’s important to be in a place of great influence.
“What’s really important to me is that we’re in a place like this where it’s clear that this institution is having a significant impact, not just in Pittsburgh, not just in Pennsylvania, but across the country and actually around the world. That’s pretty special to be able to make an impact in such an influential place,” Pinckney said.
