101 smart revenue generators

University Business, Dec, 2006

41. Bring in outside business. Maryville University in St. Louis takes advantage of evening and weekend downtime, when students aren't on campus, to rent out campus facilities such as computer labs to outside companies. This makes efficient use of the space while earning money for the university.

42. Think Hollywood. Mount St. Mary's College (Calif.) rents its two campus properties-one set in the hills overlooking the ocean and the other in a historic downtown district-to film crews. The school hired an agency to book campus facilities for television shows and movies. Projects are considered on an individual basis for content, as well as the impact to students, classes, and parking, before approval is given. The college has been featured on such television shows as The OC and Gilmore Gifts and movies such as Princess Diaries and Spanglish.

43. Lease roof space for cellular tower antenna. Just a few institutions doing this-to the tune of $2,000 to $3,000 a month with long-term deals-are Virginia Commonwealth University; the University of California, Davis; the University of Colorado at Boulder; Duke University (N.C.); and the University of Pittsburgh. Keep in mind that contract amounts are highly dependent on the size of the area served and how much cell volume the antenna will produce. Also, use caution, as it's considered a specialty lease compared to basic office and retail leases-and the site-acquisition people are, of course, seeking the best deal for their companies.

CONSTRUCTION/FACILITIES

44. Consider installing luxury stadium boxes. This works best with powerhouse sports program schools, of course. The University of Michigan is planning to add 83 luxury suites to its historic Michigan Stadium, which first opened in Ann Arbor in 1927. While some fans and members of the university's Board of Regents have opposed the luxury boxes, saying that the bowl stadium should maintain its regular seating only, many others note that the boxes will create prime revenue opportunities. Revenue from the luxury boxes is expected to help pay for the overall costs of the stadium's $226 million renovation, scheduled for completion by August 2010.

45. Make the next stadium a multiuse facility. These new structures, in place at California State University, Dominguez Hills; Nova Southeastern University (Fla.); and other campuses, incorporate football fields, baseball diamonds, and track and field areas, as well as offer space for trade shows and parking. The new facilities create strong links to the community and can generate profits. Cal State's 125-acre multiuse facility provides about $200,000 in annual revenue from sports events ticket revenue and parking fees.

46. Get into the hotel biz. The University of Delaware partnered with a Pennsylvania business group to fund a new campus hotel to complement the university's conference center. UD agreed to put up 75 percent of the funding, or $9 million, to build the hotel, but it also gets 75 percent of the proceeds. Further, it draws travelers to campus who otherwise would have to stay at another hotel two miles off campus.