Anthony Rini, the incoming chief financial officer of the University of Connecticut, watched Monday night's NCAA championship game between the school's men's basketball team and the University of Michigan with his 12-year-old son and a crowd of fans, hoping for a victory.

According toreports, the Huskies lost 69-63 to Michigan in what became the most-watched men's final of the "March Madness" tournament since 2019. But Rini was proud of the team's achievements, believing that even without a championship, the team's run would boost the school's brand and enrollment.

"There's no shame in losing to Michigan," Rini told CFO Dive in an interview this week, noting the close score. "I believe that even without winning the championship, it will have an impact on next year's enrollment, because I think people were watching TV last night and the night before... I think it will give UConn greater visibility nationally. A kid in the Midwest might scratch his head and say, 'Let's look at UConn.'"

Some schools see increases in applications and donations after winning sporting events. This is known as the "Flutie effect," named afterBoston College quarterback Doug Flutie, whose Hail Mary pass won a game in 1984 and boosted the college's national profile.

Rini will assume the role ofUConn's next chief financial officer on April 27. Previously, he worked for 14 years atNortheastern University in Boston, holding various roles, most recently as chief operating officer.

In a wide-ranging interview earlier this week, Rini spoke with CFO Dive about what sports mean to him, his views on higher education, and how he plans to approach his new role. This Q&A has been edited for brevity and clarity.

CFO Dive: What attracted you to the University of Connecticut?

Anthony Rini: My mother attended Hunter College-CUNY for 10 years, starting in 1963 and ending in 1973, having three children in between. For me, I don't strictly consider myself a first-generation college student because my mother went to college, but I was indeed the first in my family to go to college and leave home. My parents were working-class, and they said as long as it's a public school in New York, you can go anywhere. That was the constraint, so I went to SUNY Albany...

I was very impressed by President Radenka Maric's leadership. Her motto is 'Students First.' That resonates with me. Also, there was something in the job description that really drew me in—a phrase you would never see in a CFO job description. It said they wanted a collaborative leader who recognizes that the CFO's role is to support and enable academic goals and the education and research mission. That struck me because much of my career in higher education has been on the academic side... So I've always had an academic mindset. I understand that higher education is more than just basic profit and loss accounting. That attracted me because they were looking for a strategist, not a traditionalist.

Anthony Rini
Anthony Rini
Image courtesy of Anthony Rini
 

CFO Dive: When UConn's president announced your appointment, she said you would work collaboratively to explore funding sources. Overall, the higher education business model has been hit by funding cuts. How do you anticipate navigating this and finding new business models?

Anthony Rini: The state of Connecticut has been very generous to UConn. But overall, public support for public education is declining. This means tuition revenue fills part of the gap, and private philanthropy and industry partnerships also provide support. The reality is that the tuition price point is the price point. UConn has a set of peer institutions... So you have to remain competitive in the market. You can't just raise tuition to cover budget gaps because you have to stay competitive; you want the best students, and you're competing with your peers.

Another part is discounting. Not everyone pays full tuition, so you have to manage discounts and also keep an eye on what peers are doing with discounts. So what we're really thinking about is this 'pie,' and how to make the pie bigger—that is, how to increase revenue?

CFO Dive: As CFO, how do you view school athletics?

Anthony Rini: Obviously, Division I athletics are expensive, but when you talk to admissions officers, having a Division I athletics program is a real draw for enrollment, whether it's for student-athletes who wouldn't come otherwise, or for students who are simply energized by sports. I think overall, athletics play a key role in enrollment and retention, so I see it as an important piece of the puzzle and a differentiator for UConn. Alumni loyalty to a school like UConn is largely driven by sports. So for a CFO, I think it's about looking at the whole puzzle, examining each piece, understanding how important athletics are to enrollment and retention, and how important they are to elevating UConn on the national and even international stage.

CFO Dive: What are your priorities for your first year at UConn?

Anthony Rini: The exciting part will be meeting people and moving to UConn. I think working closely with leadership, deans, provosts, faculty, and the president around enrollment strategy, ensuring we are financially sound, ensuring we are preparing graduates for the future of work... these are all pieces of the puzzle.

CFO Dive: Given all the challenges, are you optimistic about the future of higher education?

Anthony Rini: I am very optimistic. The American public has lost trust in higher education. People want to understand their return on investment—if they send their child to school, the child will get a job, and that job will be meaningful. When you think about the cost of tuition at public versus private institutions, I think public institutions truly demonstrate their return on investment and truly show their impact on the communities they serve. I am very optimistic that all higher education institutions will become leaner and smarter, and that will turn public trust around.