James Watters, long-serving senior vice president for Finance and Administration at RIT, to retire on June 30

Rochester, New York – After more than 30 years shaping the financial direction and global expansion of the Rochester Institute of Technology, James Watters will retire on June 30, closing a long chapter marked by steady leadership, large-scale planning, and major institutional change.

Watters has been part of RIT since 1994, serving on the Finance and Administration team in a range of roles. For more than two decades, he held the position of senior vice president for Finance and Administration and treasurer, where he became one of the central figures guiding the university’s financial strategy. Over the years, his responsibilities expanded to include oversight of some of the institution’s most critical financial structures and long-term development plans.

His influence extended far beyond day-to-day budgeting. Watters advised four different RIT presidents as well as the Board of Trustees, helping shape decisions that affected nearly every part of the university. He managed an annual operating budget of $1.2 billion, an endowment valued at $1.5 billion, and a capital budget of $337 million. These figures reflect the scale of responsibility he carried, but they only tell part of the story.

Under his leadership, RIT entered a period of expansion that reached well beyond its Rochester campus. Watters played a key role in the university’s global development, helping guide the creation and operational structure of campuses in Dubai, Croatia, and Kosovo. This international footprint became one of the defining features of RIT’s modern identity, connecting students and faculty across continents in ways that were not part of the institution’s earlier history.

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Recognition for his contributions came in several forms. Among them were the Four Presidents Distinguished Public Service Award and the Isaac L. Jordan Sr. Faculty and Staff Award, honors that reflected both his administrative influence and his broader impact on access, engagement, and student success. These awards also highlighted the way his work intersected with academic priorities, not just financial management.

Watters’ path into higher education finance was not direct. Before joining RIT, he began his career as a commissioned police officer in public safety. That early experience, he later reflected, played a key role in shaping his approach to decision-making under pressure.

“That job as an officer enabled me to earn my master’s degree and my Ph.D., and it instilled the ability to deliver rational decision making in the face of high impact and stressful situations. The path I was following in graduate school to enter the business side of higher education was influenced by my mentor at the University of Pittsburgh who was the senior vice president of finance and business. He convinced me that I could fulfill my passion for finance in a major university environment. Working in investments, public debt financing, real estate development, business operating platforms, and insurance company operations were all part of the opportunities I was given. The day after I defended my dissertation, I was offered a job working in university finance.”

That early turning point set the foundation for a career that would span decades in higher education administration. His transition from public safety into finance reflected a broader shift toward academic leadership roles that require both technical expertise and operational discipline.

His introduction to RIT came unexpectedly during a meeting in Bermuda, where he was representing the University of Pittsburgh. It was there that he first met Albert Simone, then president of RIT, who outlined a vision for the university’s future growth. That conversation ultimately played a key role in Watters joining RIT, a decision that would shape the next three decades of his professional life.

“What piqued your interest in RIT and what has kept you here for more than 30 years?” he was asked.

“I was representing the University of Pittsburgh at a board meeting in Bermuda where several universities were gathered. A conversation with Albert Simone, who was RIT president at the time, laid out a growth plan for the university that promised me the ability to use my experience to help RIT grow and prosp”

From that early connection, Watters became deeply involved in shaping RIT’s physical and academic development. He worked closely with trustees and university leadership on financial models that supported enrollment growth and major construction projects. Among the most notable were University Commons and Institute Hall, along with the expansion of academic programs such as chemical engineering and biomedical engineering.

These projects were developed during a particularly challenging period for higher education, including the 2008–2009 recession. While many universities paused construction and reduced spending, RIT pursued development strategies that relied on long-term financial planning and cost efficiency.

Watters explained the approach that guided those decisions.

“The trustees were very supportive when I proposed a new model for financing to support student enrollment growth. The trustees supported the ideas I had to build University Commons and Institute Hall and develop chemical engineering and biomedical engineering degrees, which had been modeled for financial performance. This was all occurring at the height of the 2008-2009 recession. Just about every other university halted their construction projects and were conservative in their spending. I had the idea that the cost savings on labor and building materials would more than offset the marginal interest rate, yielding success in these crucial areas of need.”

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Looking back, he emphasized the importance of collaboration between leadership, trustees, and administrative teams in executing long-term strategies.

“Being able to execute ideas, have the support of the board and the president, and work with high-performing Finance and Administration colleagues was a situation of rare opportunity that I have recognized and have greatly appreciated. I am privileged to have been given this chance to make my small contributions to the university.”

Over the years, RIT itself changed significantly. Watters pointed to research growth as one of the most important shifts, noting that annual research awards recently surpassed $100 million for the first time in university history. He also highlighted RIT’s rise into the top tier of U.S. higher education institutions and its expanded global presence.

“In your opinion, what are some of the most notable ways that RIT has changed?”

“Increasing the research profile of the university has been a major pillar in each strategic plan. Last year, awards to the university exceeded $100 million for the first time in our history. It is remarkable growth. The university is now in the top 100 of prestigious universities and colleges in the United States. This is a remarkable ascension for RIT. We now have campuses throughout Europe and in the Middle East. This global footprint is certainly something I would never have imagined when I was first recruited to RIT. We designed, constructed, and financed 3,000,000 square feet of academic research, athletic, and residential facilities while softening, but still honoring, the original design of the campus. This is almost half of the existing square footage we now enjoy.”

As he prepares to step away from his long-held leadership role, Watters also reflected on the future of higher education finance. He noted that while universities remain resilient, the sector is likely to face continued change and possible consolidation.

“Higher education continues to change with the times, and it isn’t without its strengths and challenges. From a financial perspective, what can RIT do to remain fiscally strong, especially as the economy fluctuates?”

“Universities have a remarkable resilience. This is not to say that the higher education sector will not undergo significant challenges and change in the future; all enterprises do. Its mission of educating future leaders, scientists, and humanitarians is a noble enterprise that must be sustained. There will be consolidation in the industry, and I suspect it will accelerate over the coming years. RIT, as it has always done, must similarly adapt to the challenges and maintain fiscal responsibility to carry out its mission. The entrepreneurial history of RIT will play a great role in adapting programs, creating leaner administrative structures, and finding new markets.”

As June 30 approaches, RIT prepares to mark the retirement of a leader whose influence has been embedded in nearly every major financial and structural milestone of the past three decades. His departure signals the end of a long era defined by expansion, strategic risk-taking, and steady financial stewardship that helped shape the university’s modern identity.