President McGuire of Trinity Washington University Provides Insight Into Financial Impact of the Pandemic

Interesting reporting by Jonathan Capriel of the Washington Business Journal focusing on Trinity Washington University and the budgetary impact of pressures small institutions are facing as 2020 nears an end, "Trinity Washington University was staring at a big 2020 deficit. Then enrollment jumped and PPP came through.".

Pat McGuire, Trinity Washington's president, notes that retention played a big role in increased enrollment and highlights some budget areas where decreased costs played a role in achieving a balanced budget.

Why Vermont Colleges are Closing...a VTDigger Podcast

The VTDigger website posted a link to the podcast, "The Deeper Dig: Why Vermont colleges keep closing," on March 8, 2019.  This segment of a weekly podcast is hosted by Mike Dougherty and Lola Duffort who previously reported on the recent announcements that Green Mountain College and Southern Vermont College will be closing.  Dougherty and Duffort speak with Tom Greene,  president of the Vermont College of Fine Arts and a former commissioner at the New England Commission of Higher Education.

The podcast is 18 minutes in length and a link to a full transcript is also provided. 

Overwhelming Support Emerges for Bennett College

The Greensboro (NC) News & Record and their education reporter, John Newsome, are providing excellent coverage of the unfolding situation for Bennett College after the institution learned in late 2018 that the Southern Association of Colleges and Schools Commission on Colleges had voted to take away its accreditation.

"Standing with Bennett: Embattled Greensboro college attracts nationwide attention – and money" was published on January 7, 2019 and Newsome's reporting presents a detailed view of the situation and the overwhelmingly positive and supportive responses from Bennett's many friends, students, and alumni.  The article is accompanied by links to other recent relevant articles and contact information for anyone interesting in providing support.

Faculty and administrators at Bennett have been making significant changes for a number of years and it is evident through Newsome's articles that there is a strong commitment to keep the institution open and continue serving students.

 You can also link back to an earlier Small College Garden post that links to the January 2016 issue of Business North Carolina with reporting by Allison Williams, "Bennett College is Featured...Impressive Changes over the past Decade."

Study of the Endowment at Whitman College

Whitman Wire, the Whitman College student-run newspaper posted "A Look Into Whitman's Endowment" on May 3, 2018.  The post offers a transcript of an interesting interview with a Whitman College senior, Meg Rierson, who studied the institution's endowment for her thesis.  While large endowments like those of Harvard or Yale may receive attention in the popular press, details of  endowment strategies or performance at smaller institutions are usually not well understood. 

Strategies behind Turn of Fortune at Greensboro College

The Greensboro, NC News & Observer published an interesting article, "Greensboro College: Back from the edge."  John Newsom reports on Greensboro's troubles immediately after 2009 and the refocusing of energy more recently to position the institution favorably for the future.  Newsom cites several key factors for the turn in fortunes, from an emphasis on controlling finances, a focus on first generation students, and an expansion of participation opportunities through the arts and athletes.  Enrollment this year passed 1,000 students with administrators looking at 1,300 and as a "comfortable" goal.  

The article is also accompanied by a list of key dates in the history of Greensboro College.  The college was founded as Greensboro Female Academy in 1838 and is affiliated with the United Methodist Church.  It has been coed since 1954.

Small Liberal Arts Colleges: Positive Report from a Gathering of Presidents

Rick Seltzer's post from November 11, 2016, "The Future of the Tiny Liberal Arts College," presents an interesting summary from a meeting of fifteen small college presidents held earlier in the year. Seltzer reports that the presidents addressed opportunities and challenges faced by their institutions and that conversations emphasized the ability of the smaller institutions to try different approaches rather quickly when they see an opportunity.

The Christian A. Johnson Endeavor Foundation provided support for the meeting and the foundation's president, Julie J. Kidd, commented in a summary that the “...discussion affirmed the benefits of small scale: small class size, meaningful faculty-student interactions, and participation in a strong academic and campus community...” 

Seltzer also interviewed others from the higher education community for the article and their comments underscore the notion that these institutions thrive when they focus on a particular niche or approach and then are consistent over the longer term in hiring committed faculty and staff.  

I particularly appreciated the comments of Hal Hartley, senior vice president for The Council of Independent Colleges.  He indicated that his organization is working on an analysis of the financial strengths at its member institutions and noted one preliminary finding is that small institutions are demonstrating greater financial stability than some with more than 3,000 students.  Hartley concluded, "…size isn’t necessarily your destiny.  Just because you’re small doesn’t mean that you can’t survive financially, that there’s not a viable model.”

Lake Superior State University is Featured for Positive Impact of Multiple Changes in Processes and Procedures

Recent changes at Lake Superior State University in Sault Ste. Marie, Michigan are featured in a very positive article, "LSSU lauches 'transformation,'" written by Brian Kelly for the Sault Star Newspaper.  Kelly summarizes a reorganization of academic programs into two colleges along with changes in the provision of student aid and student services.  LSSU also implemented new processes for budgeting and is projecting a budget surplus for the fiscal year after dealing with structural deficits.

Is three a trend...?

Lawrence Biemiller interviewed Richard Ekman of the Council of Independent Colleges, several presidents of small colleges, and others in his article for The Chronicle of Higher Education, "3 Small Colleges Close, Is That a Trend?"  While debt and declining enrollment are two of the common reasons cited for closures recently announced by Burlington College, Dowling College, and Saint Catharine College, most of those interviewed focused on the unique situations of these three institutions.  There is evidence that presidents and trustees at small colleges are more focused on finances than was likely the case in the past.  Small institutions that manage their expenses and minimize their dependence on use of debt financing are more resilient as they deal with pressures of day-to-day operations. 

As a special bonus, the article is accompanied by a link to How Small Colleges are Finding Ways to Survive that pulls together previous articles from The Chronicle that highlight ways some smaller institutions are changing and adapting.   The .pdf version can be downloaded without cost. 

Utica College's Change in Pricing Strategy: One year later...

There is a good article by Danielle Douglas-Gabriel in The Washington Post on May 17th, "It's been almost a year since Utica College abandoned deep tuition discouts.  Here's what happened after."  Douglas-Gabriel focuses on the impact of Utica's decision to reduce tuition significantly and end discounting. 

Prevailing practices elsewhere are no longer bringing desired results, so it will be interesting if more institutions take this path. Douglas-Gabriel notes the issue of whether higher education is still a luxury good with people make decisions based on price.  This will also be interesting to watch in future years.  Has media attention on the cost of college in the post-2008 era or income disparity with stagnant wages for many changed economic behavior when it comes to decisions regarding where to go to college? 

Until we have a better sense of whether or how the cost-benefit equation has changed, I'd argue that you can't underestimate the importance of marketing the change in pricing policy both internally and externally....or, the need to firmly place pricing within a larger strategy to insure that every aspect of institutional life screams "quality."

Franklin Pierce University: Signs of a Brighter Future

Franklin Pierce University is featured in reporting by Anemona Hartocollis for the New York Times on April 29, 2016, "At Small Colleges, Harsh Lessons About Cash Flow."  President Andrew H. Card, Jr. and a new marketing director, James Wolken, comment on new initiatives at the institution.  Franklin Pierce enrolls over 1,500 undergraduates and is located in Ringe, NH.

Pricing and Discounting Strategies at Four Small Institutions

The September 2015 issue of Business Officer includes and article by Margo Vanover Porter that provides more context for the group's annual NACUBO Tuition Discounting Study.  Porter interviewed key administrators at four institutions to identify how the campuses are working to attract students in an environment with stiff competition from other institutions and a focus of families on cost and value.  Porter concludes the article by highlighting eight strategies identified through conversations with the selected administrators.  The featured institutions include:

• Lycoming College in Williamsport, PA with enrollment of 1,353
• Concordia College in Morehead, MN with enrollment of 2,398
• University of the Ozarks in Clarksville, AR with enrollment of 587
• and, Saint Michael's College in Colchester, VT with enrollment of 2,618.

Small Colleges can Thrive through Fiscal Discipline and Strategic Budgeting.

Dr. Arthur F. Kirk, Jr. urges small colleges to exercise fiscal discipline by budgeting strategically and take risks by investing for the future.  Rather than chasing a dream of growing revenue, Kirk argues that institutions can reallocate funds internally.

Kirk is president emeritus of Saint Leo University in Saint Leo, Florida.  His post, dated July 17, 2015, appears in the College section of the Huffington Post.