What's Next for Higher Ed: Navigating an Uncertain Future
While some universities are thriving, others are struggling. What is leading to credit differentiation and what is the impact of Environmental, Social and Governance Risk (ESG) factors?
Heading into 2023, the future remains opaque for the higher education sector. While a portion of the sector is thriving, a material share is struggling and may face more difficulties depending on enrollment trends for fall 2022 and broader macro-economic conditions. How are universities navigating this environment? What is leading some to succeed while others confront deteriorating credit fundamentals? How will Moody's Environmental, Social and Governance Risks (ESG) scores capture some of these risk and when will those scores be available for the higher education sector?
- Key enrollment and financial drivers for the higher education sector
- The role of state and federal policies and funding
- How are universities changing their financial forecasting and treasury management?
- What are the primary ESG risks confronting the sector and what are Moody's plans for rolling out ESG scores for higher education?
- Case studies of universities with improving and deteriorating credit fundamentals
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SpeakersDennis Gephardt VP-Sr Credit Officer Moody's Investors Service
Susan Fitzgerald Managing Director – Public Finance Moody's Investors Service
Christopher Collins VP-Senior Analyst Moody's Investors Service
Jared Brewster Vice President - Senior Analyst, US Public Finance Moody's Investors Service
Susan Shaffer Vice President - Senior Credit Officer, US Public Finance Moody's Investors Service
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Dennis Gephardt is a Vice President – Senior Credit Officer on Moody’s Higher Education and Not-for-Profit Team with over one dozen years of experience in the industry. He is the lead analyst for a diverse portfolio of colleges and universities as well as a variety of not-for-profit organizations. He serves on Moody’s liquidity and charter school task force groups. Dennis was the lead author for the several rating methodologies, including the one for Not-for-Profit Organizations (other than Healthcare and Higher Education). He has authored publications on various higher education topics including liquidity, the credit challenges of small colleges, and mergers within the sector.
Dennis graduated from the Fuqua School of Business at Duke University with an MBA. Dennis holds a BA and an MA in History from the New College of Florida and the College of William and Mary, respectively.
Susan Fitzgerald is a Managing Director in Moody’s Investors Service Public Finance Group, overseeing the healthcare, higher education, housing and municipal supported products ratings teams. Previously, she managed Moody’s global higher education and nonprofit team, covering over 700 colleges, universities, and nonprofit institutions worldwide. She has also been involved in various initiatives related to ESG analysis, charter schools, and public-private partnerships.
Susan’s other prior work experience includes managing the financial advisory practice at a boutique investment banking and advisory firm; serving as commercial credit analyst for a community bank; owning and operating an art gallery and a bed and breakfast; and as the assistant director of development, focused on foundation and corporate relations, for a graduate school.
Susan holds a Master’s degree in International Studies (European Studies and Economics) from The Johns Hopkins University, School of Advanced International Studies. Her A.B. degree in Diplomacy and World Affairs, with a minor in Economics, is from Occidental College, Los Angeles.
Chris is a Vice President/Senior Analyst on Moody’s Global Higher Education and Nonprofit Team. He serves as lead analyst for a diverse group of higher education and nonprofit credits across the U.S., ranging from large public university systems with academic medical centers to small private colleges. Chris has written publications on a range of topics and authored the Higher Education Methodology published in August 2021. He is a member of the public-private partnership and infrastructure task forces. Before joining Moody’s, he worked for the City of New York’s Mayor’s Office of Management and Budget on a task force overseeing the Department of Education’s budget. Prior to the City of New York, Chris was a social studies teacher in Massachusetts. Chris has a B.A. from the University of Massachusetts at Dartmouth and an M.P.P. from Brown University.
Jared Brewster is a Vice President/Senior Analyst for the Higher Education and Notfor-Profits Ratings Team covering higher education and not-for-profit institutions across the United States, with a focus on the Midwest. Prior to joining Moody’s, Jared worked as a Director of Research for a private foundation. Prior to working at the foundation, Jared was a Principal Analyst at the Congressional Budget Office where he was responsible for estimating and projecting debt and interest costs of the federal government. Jared holds an MPA from the University of Delaware and a BA in Political Science from Capital University.
Susan Shaffer is a VP-Senior Credit Officer on Moody’s Higher Education and Not-for Profit Team. She covers the ratings of a diverse portfolio of institutions, including Ivy League universities, large public university systems, and nationally prominent not-for profit organizations.
Prior to joining Moody’s, Susan served as Senior Vice President at New York State’s economic development agency, Empire State Development, where she oversaw economic incentive programs for New York State businesses and major educational and not-for profit institutions. Previously, she worked in admissions and marketing in the higher education sector at Tulane University and New York University as well as in recruitment at Ernst and Young Consulting. Susan holds a B.A. in Classics from Tulane University and an M.B.A. from New York University’s Stern School of Business.