The financial landscape for American universities in 2024 was nothing short of dire. Institutions that once seemed untouchable now face staggering deficits. Penn State University needs to cut $94 million by 2026. The University of Arizona has a $240 million shortfall, and Rutgers, the state university of New Jersey, faces a deficit exceeding $100 million. Meanwhile, in Boise, Idaho, one financial officer has moved her institution in the opposite direction.
Alicia Estey, Boise State University’s chief financial and operating officer, received an Idaho Business Review Excellence in Finance award for eliminating a $15 million structural deficit while managing Boise State’s $743 million budget. The annual statewide recognition celebrates outstanding performance in leadership, mentorship, and community service across banking, corporate investment, education, and professional sectors.
This recognition is well earned, as Estey’s achievements extend far beyond the award. Her leadership encompasses a vast and complex financial ecosystem, showcasing her ability to conquer challenges many institutions struggle to overcome. The scope of Estey’s financial oversight impresses: 37 campus financial and operations units, more than $200 million in major capital projects, and the successful elimination of a significant structural deficit. Considering the Federal Reserve’s recent warning about “unprecedented fiscal challenges” in higher education, these accomplishments gain additional weight.
Diverse Expertise Drives Pandemic Success
Estey’s ability to turn fiscal responsibility into a foundation for growth and innovation aligns with the president of Boise State’s vision of combining financial efficiency with academic and community excellence.
“Boise State is one of the most efficient and effective universities in the country,” stated BSU President Marlene Tromp. “We provide an outstanding educational experience for our students while remaining fiscally responsible. We also have made investments that advance research, community partnerships, and more.”
When COVID-19 shuttered campuses nationwide in 2020, Alicia Estey’s unconventional background proved invaluable. Her unique skill set became a cornerstone of the university’s ability to adapt and thrive in this uncertain time. Her master’s in public health, coupled with her law degree and bachelor’s in business administration, equipped her to tackle health and financial challenges. She established a testing lab, clinic, residential infirmary and contact tracing program that kept Boise State operational.
“Unlike many other institutions, Boise State resumed face-to-face classes in fall 2020 and safely remained open throughout the pandemic,” Estey told the Idaho Business Review. This achievement stands out against Federal Reserve data showing widespread institutional distress during this period.
The successful pandemic response protected more than just classes — it safeguarded the educational experience of over 26,000 students at one of the region’s most dynamic institutions. Boise State University offers approximately 200 majors and encourages personalized learning despite its large scale. The university emphasizes innovation and research, providing opportunities for students to engage in projects that positively impact society.
Boise State University combines a vibrant campus life with the resources of a metropolitan doctoral research institution. Notably, it’s home to the world-famous blue turf sports field, adding a unique aspect to its athletic programs. Initiatives like Idaho Launch offer substantial financial support, covering 80% of tuition and fees for select in-demand career programs, making higher education more accessible.
Alicia Estey: Leading Against the Tide
Estey’s diverse career trajectory has equipped her with a unique financial and operational management perspective. Her path to university leadership began in the corporate sector, where she worked in tax at J.R. Simplot Company. She joined Boise State in 2006 as special assistant to Stacy Pearson, then-Vice President for Finance and Administration. She progressed through roles including policy analyst, regulatory compliance officer, and director of tax.
“Throughout her career, Alicia has demonstrated unparalleled commitment and expertise in financial management, compliance, and operations,” stated Lauren Griswold, Boise State’s chief communications and marketing officer. “Her profound understanding of the complexities of public higher education institutions and strategic acumen has been pivotal in steering Boise State to stronger fiscal health.”
The timing of Alicia Estey’s recognition parallels troubling trends in higher education. Recent data shows at least 20 college closures in 2024, with nine more announced for 2025. The Federal Reserve Bank of Pennsylvania working paper highlights a double threat: deep-rooted problems in higher education combined with post-pandemic economic pressures. The Fed’s paper projects up to 80 additional closures between 2025 and 2029.
The wave of closures underscores the financial fragility of many institutions and highlights the broader economic ripple effects. Candi Clouse, vice president at software model Implan, told cnbc.com that each shuttered institution impacts an average of 265 jobs and $14 million in labor income. “It can be huge for these small cities when they are reliant on an institution that has likely been there for generations,” Clouse said.
While the closures illustrate the devastating impact on communities reliant on higher education, Estey exemplifies how university leaders can drive positive change far beyond campus borders. Her commitment to education and community service extends internationally, reflecting a vision prioritizing local and global progress. She has served on the board of the Idaho Association for the Education of Young Children, was elected as a trustee for the Boise School District, and co-leads the university’s Gorongosa Pre-K Project in Mozambique.
Under Alicia Estey’s financial stewardship, Boise State demonstrates how universities can maintain fiscal health while advancing their educational mission — a model gaining relevance as more institutions face similar challenges in the years ahead.
“Alicia’s clear-eyed leadership and deep and broad knowledge have helped make Boise State the incredible place it is today, and I congratulate her on being recognized for her great work,” added Dr. Marlene Tromp.
Founder Dinis Guarda
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