TEAM grew out of the understanding that in order to remain sustainable, Tufts needed to utilize its limited resources more effectively. Across the country, higher education faced unprecedented financial challenges, and Tufts was no exception. For instance:
As a result of TEAM, we project an annual savings of $15.1 million by FY18. After reinvesting $11.3 of these savings into foundational organizations and services, the annual net savings of TEAM will total $3.8 million.
Tufts chose to take a deliberate, thoughtful approach to reversing the trend of expenses exceeding revenues. Rather than imposing across-the-board cuts, TEAM identified the ways Tufts could contain costs and minimize red tape. Money saved within schools remained part of those schools’ budgets, where it can support the kind of innovative, strategic projects that typify Tufts’ tradition of excellence.
TEAM objectives included:
The TEAM Executive Committee of President Anthony P. Monaco, Provost David Harris, Executive Vice President Patricia Campbell and Vice President for Finance Thomas McGurty, made the major decisions regarding TEAM.