Introduction to Financial Advisory Services

The financial management of tax-exempt and nonprofit institutions has become increasingly complex and interconnected. Business models have evolved to a point where these institutions now represent a robust collection of individual business lines. For example, while a university's primary function is operating an institution of higher education, it may also be responsible for a related set of businesses focusing on investment management, pension administration, real estate development and healthcare delivery. When combined with the persistent volatility in the economy, capital markets and regulatory environment, the importance of an objective and independent advisor cannot be understated.

Prager views financial management as a continual, iterative process as opposed to a transaction or event-driven set of decisions. As a financial advisor, Prager focuses on providing comprehensive services to our clients in order to develop, revise and monitor long-term financial objectives. We recognize that capital market transactions are an important component of financial management—over the last five years the firm has advised on more than 66 transactions for higher education totaling more than $9.5 billion—however they are but one component. Consequently, our team provides ongoing services centered on capital planning, policy formation, risk management, capital market access as well as other reporting and analytic tools, as outlined below; and tailors each engagement to meet the unique structure and needs of each client.


  • Pro forma financial modeling
  • Central bank creation, modeling, and management
  • Debt capacity and affordability studies
  • Credit analysis and financial projections based on capital planning strategies
  • Peer institution comparisons and metrics


  • Board education and information
  • Debt, liquidity and derivatives policy development
  • Developing reporting framework for policy compliance


  • Capital market transaction advising including marketing, structuring, procurement and execution
  • Comprehensive derivatives advisory including structuring, procurement and execution
  • Rating agency relationship management
  • Investor relations management


  • Access to the Firm's proprietary web-based reporting platform (
  • Debt and swap portfolio management, reporting and modeling
  • Secondary market trading performance and real-time access to Prager underwriting desk
  • Liquidity sources and uses assessment
  • Enterprise risk assessments encompassing liability and operational risks