McCourt will assume her new position March 21, according to an IU press release.
McCourt first joined IU in 2005 as University treasurer. In January 2013, she served as an IU vice president and chief financial officer before being named senior vice president in April 2014.
“The talent and commitment to which I have been exposed across our campuses is remarkable,” McCourt said in the release. “I have been honored to be a part of the Indiana University team. The work has been challenging and fun as we have navigated through the pressures of higher education’s ‘new normal.’ I will deeply miss the daily interaction with my outstanding peers.”
The Indianapolis Business Journal named McCourt 2014 CFO of the Year among nonprofit organizations. According to the release, she has long been a strong voice for educational affordability and operational excellence at IU.
McCourt guided IU through the 2008 financial crisis and the following recession, after which IU earned and retained its AAA credit rating from Moody’s Investors Service.
McCourt’s initiatives optimized the financial performances of the University’s $2 billion investment and $1 billion debt portfolios, according to the release.
Working to strengthen IU’s long-range financial planning to fund operating expenses, McCourt managed IU’s $3 billion budget.
Having played a role in IU students’ 16-percent decline in student borrowing within the past three years, IU President Michael McRobbie said in the release McCourt has “been a consistent champion for student affordability, fiscal restraint and operational efficiency.”
“The fruits of her labor can be clearly seen in the University’s strong financial position and our standing as one of the best education values in the country,” McRobbie said in the release. “We are going to miss her intellect, her deep understanding of higher education finance and her passion for students, fellow employees and IU.”
McCourt also helped create the Healthy IU employee wellness program and has continued to be an advocate for the program.
“MaryFrances has been a superb steward of the University’s resources and has worked extremely well with the Board of Trustees to advance IU’s mission as one of the nation’s leading public universities,” board Chairman Randall Tobias said in the release.
“The University and the state owe MaryFrances a deep debt of gratitude for her outstanding service, and we wish her nothing but the best at Penn and in the future.”
The University of Pennsylvania, consistently ranked among the top 10 universities in the country, had a total budget of $7.1 billion in the 2015 fiscal year, according to the release.
Details of McCourt’s successor will be released in the future. McCourt will continue with some transitional work following the beginning of her tenure at Penn to help finalize the 2016-17 budget.
Carley Lanich
