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The study focuses on the current state of the region's economy, determining the role of its innovative potential in ensuring a high level of sustainability and competitiveness. The article provides a systematic analysis of the main factors shaping the innovation potential of the Kaluga region, justifies limiting trends, including: uncertainty in the economic situation, investment risks, a high percentage of commercial credit and a lack of own financial resources. This paper evaluates the system-forming sectors and industries, the level of investment activity and substantiates their impact on increasing the innovation potential of the Kaluga region. The study reveals the mechanism of providing resources for innovation activities based on the program-targeted approach of the implemented state programs "Innovative development and modernization of the economy", "Development of entrepreneurship and innovation in the Kaluga region", contributing to the output, increasing attractiveness for investors, allowing to ensure high values of socio-economic development in the ranking among the regions of the Russian Federation. Based on the component approach, a rating assessment was carried out that characterizes the effectiveness of the implementation of the innovative potential of the Kaluga region. The rating is based on a system of indicators of socio-economic conditions of innovation activity, scientific and technical potential, the level of innovation and export activity, the quality of regional innovation policy.

International cooperation in the area of education is one of the key directions of Russian education and science Ministry and the most important tool in the process of integration of Russian science into the world educational and scientific-technological area. The paramount attention at the actual stage is paid to the development of mutually-profitable contacts within European space and, first of all, with the European Union. The work is carried out in order to improve the mechanisms and structure of interaction between Russia and European Union, to coordinate Russian and European scientific-technological and innovative priorities in the education area. The development of permanent education is a State political programme that is carried out with an active support by the society and aimed not only for the acceleration, but also deepening of the reformations.

Since the beginning of the XXI century, there have been clear modifications in the sector of higher education, when the institutions have moved near to the economic sector. These changes were primary introduced as the consecutive response to the transformation processes within the society, which should be embedded in the following construct: there was a clear move towards a more competitive and market-based system. Due to the changes in the operating environment financial sustainability and its management for the higher education institutions became one of the core elements. The main objective of the current paper is to discuss the practical application of the methodology for the management of higher education institutions based on the example of Latvian private higher education institutions. The author would like to argue that the paper contributes to the fundamental discussion of financial sustainability in the field of higher education institution management. Moreover, it has got practical implications for the management of the organizations not only in Latvia but also in other countries when efficiency and effectiveness are primary issues.