MVNU Addresses Financial Concerns
March 10, 2014
VERNON, Ohio - Mount Vernon
President Dr. Henry
Spaulding II addressed
University faculty and staff
this week sharing a strategy
for long-term financial
stability. A downturn in
enrollment, a decline in
regional high school
population, economic decline
in Ohio, the increased
competitiveness of higher
education and the continued
rise of health care cost are
negatively impacting MVNU's
Dr. Spaulding acknowledged a projected budget gap of $7 million by 2015-2016 if these financial issues are not addressed. "The gravity of our current situation forces us to adjust our expenses dramatically in the days ahead," said Spaulding.
Speaking to this, Spaulding laid out a plan to address the budget challenges that lie ahead through income and cuts. Spaulding shared that the University expects approximately $604,000 generated in new revenues and nearly $6.4 million in cuts and reductions over the next three years.
Providing greater detail Spaulding noted that these reductions could mean at least 21 fewer faculty and no less than 29 staff by 2015-2016.
"Some of this will be accomplished by retirement and resignation, but also by the non-renewal of contracts. The challenges we face are significant, but we believe that this will be sufficient to address our challenges," said Spaulding.
In closing, Spaulding expressed deep sorrow for the common and difficult circumstance of the University community, yet he voiced a continued optimism and hope for a strong and bright future for the university. Spaulding concluded by saying,
"A day will come when those who
remember, will celebrate this generation
of faculty and staff as those who
believed and sacrificed, so that MVNU
Mount Vernon Nazarene University is a private, four-year, intentionally Christian teaching university for traditional age students, graduate students and working adults. With a 327-acre main campus in Mount Vernon, Ohio, and several convenient Graduate and Professional Studies locations throughout the state, MVNU emphasizes academic excellence, spiritual growth and service to community and church. MVNU offers an affordable education to more than 2,200 students from 29 states and 12 countries/U.S. territories.