The article presents research results of theoretical and methodological basis of financial strategy formation and mechanisms for implementation of Russian industrial enterprises to ensure their strategic development. The necessity of developing the industrial enterprise's financial strategy based on comprehensive evaluation of its strategic potential. The authors propose a methodological approach to developing a financial strategy based on the analysis of the enterprise's strategic potential by calculating the integrated index (SPt), which allows not only to analyze and evaluate the influence of factors internal and external environment, financial position and internal capacity of the enterprise, its strategic capabilities and competitiveness, but also to determine the best type of financial strategy. The results of the analysis showed that depending on the value of this indicator identifies five basic levels of strategic potential development (absolute, high, stable, unstable and critical levels) and the most appropriate types of financial strategies: aggressive or accelerated growth, moderate growth, conservative or defensive, crisis or financial stabilization strategy, survival or elimination. Under the proposed methodological approach, the method of comprehensive evaluation of the industrial enterprise's strategic potential, outlining the priority areas for the implementation of the financial strategy.

Economic reforms and reforms in the educational sphere have contributed to the increase of the concern towards the efficiency of the activity of educational organizations and higher educational establishments, in particular. This deals with the increased competition in both international and national markets for educational services; the growth of informational openness of higher education establishments and the enhanced role of strategic planning. All these aspects are gradually leading to a new objective that faces higher education establishments, which is a necessity to demonstrate the efficiency of their education services and support it with definite indices. Under conditions of budgetary expenditures, the problem of financial sustainability and efficiency of higher education institutions is becoming urgent, being focused on searching for possibilities to develop education establishments. In this context, the most important issue deals with developing approaches for quantifying financial sustainability and identifying the directions and means of its rise. The article suggests the method for defining the financial sustainability of higher education institutions and discusses both the indices, applied for financial sustainability evaluation, and their threshold values.

Purpose Economic problems of the system of education were the object of interest of classics of economic science – A. Smith and A. Marshall – who viewed education as a source of public capital, and acquired skills and competences – as a part of national wealth. These ideas were further developed in the theory of human capital by T. Schultz, G.S. Becker, G. Psacharopoulos, P. Teixeira, and R. Solow. At that, specifics of modernization economic processes in the sphere of education, peculiarities of modern functional and financial state require conceptual consideration and provision of development of working mechanism of effectiveness of spending assets of endowment funds. The purpose of this paper is to determine the mechanism of effectiveness of spending assets of endowment funds on the basis of mathematical models. Design/methodology/approach The paper offers a mechanism of determination of effectiveness of spending of endowment funds. Findings Effectiveness of an endowment fund’s effectiveness depends on the results of fund-raising activities, supporting relations with donators, and financing of targeted programs and directions of activities. This information is key information during the determination of results of endowment fund’s activities for current and potential donators. That is why it should provide reports in the order of formation of endowment, received revenue from trust management, and direction of usage of revenues from endowment, for which a donator has given his assets, on a regular basis. Originality/value In the modern system of higher education, the issue of search for new sources of financing for the purpose of improvement of quality of education and educational process, growth of wages of academic staff, attraction of foreign lecturers and specialists with practical experience of work from various spheres of production, and increase of stipends of the best students remains actual. The paper offers a mechanism of determination of effectiveness of spending of endowment funds.

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