Sage Names New Chief Financial Officer

May 19, 2014 at 10:45 am

ALBANY & TROY, NY – The Sage Colleges is pleased to announce that Patrick Jacobson-Schulte has accepted the position of Chief Financial Officer of The Sage Colleges. Jacobson-Schulte will replace retiring CFO Peter Hughes, Ed.D., who has served as Sage’s vice president for finance and treasurer since 2009.

Jacobson-Schulte comes to Sage from St. Cloud State University in Minnesota where he served as the associate vice president for financial management and budget. Prior to this, Jacobson-Schulte was CFO of Saint John’s Preparatory School, and spent 6 years as the director of strategic budgeting and academic planning for the College of Saint Benedict/Saint John’s University in Central Minnesota.

"Patrick Jacobson-Schulte’s vision and strategic thinking will be a strong asset to our financial leadership team at The Sage Colleges,” said Sage president Susan C. Scrimshaw. “His depth of knowledge and proactive planning will continue to enhance Sage’s viability and propel our institution and its mission forward into our centennial and beyond.”

In his role at St. Cloud State University, Jacobson-Schulte developed a system for Patrick Jacobson-Schulteprojecting income and assigning resources for all university budgets, including the General Fund, Residential Life, Athletics, Student Fee Committee, and Revenue Supported Accounts (total $210M). He also built from the ground up, a system to project revenue and expenditure for a five year horizon; engaged the development of appropriate metrics, including benchmarks with peer institutions to assess performance in all areas of expense; and engaged the campus-wide community in a system of initial allocations and processes for reallocation.

“I truly believe that my skills in the area of financial management will lead The Sage Colleges toward a long range financial plan that will closely tie to the goals of its strategic plan, The Sage Road to the Future, all while placing an emphasis on institutional and educational investment,” Jacobson-Schulte stated. “Together we will be looking forward, while remaining cognizant of the past. This will allow The Sage Colleges to continue to strive toward great achievements and hold firm to its foundational values.”

Jacobson-Schulte holds an M.B.A. and a B.A. in Economics from St. Cloud State University. He will assume the role of CFO on June 9.

Media Contact: Deanna Cohen, director of external relations, The Sage Colleges
                          (518) 244-4593 (O), (518) 598-4927 (C), email:

Interdisciplinary academics, community engagement, international exposure, and artistic and athletic endeavors are among the pillars of the educational experience at The Sage Colleges. Sage enrolls more than 3,000 students in bachelor's, master's and doctoral programs at the coeducational undergraduate Sage College of Albany in Albany, N.Y.; the undergraduate Russell Sage College for women in Troy, N.Y.; and the graduate-level Esteves School of Education, School of Health Sciences and School of Management, with programs on both campuses.

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