After ending last fiscal year with a deficit approaching $2 million, the president of Midway College says the financial health of his school is improving.
The liberal arts school ended the previous fiscal year in the red with a $1.8 million shortfall. President John Marsden says in order to tackle budget issues, the Woodford County school downsized staff and outsourced dining and physical plant services. He said Midway also instituted a new tuition payment process. The college was able to end the 2013-14 fiscal year with a balanced budget, but Marsden says there's still a battle with waning enrollment. "Many small private colleges are really struggling with enrollment and while our traditional residential population has stabilized and we have more students living on campus, we continue to have a decline in the adult market, which are our co-educational evening programs," said Marsden.
Marsden says one tactic to restoring his school's financial health is holding students financially accountable. He says Midway issued a new tuition payment policy with firm deadlines. "It was a cultural change for the institution last year because we were actually enforcing. We put together deadlines and then enforcing them, which was something many of the students were not used to from the past. I think they're used to that cultural change now," added Marsden.
Marsden says the college also cut staff last summer, releasing 14 faculty members.
He adds, enrollment at the state's only all-female day college has stabilized with 17 more students living on campus this year compared to last fall. He says efforts to bring in additional revenue will continue this year. "Our primary focus will be developing new academic programs, reviewing our existing programs, changing some format and delivery options, and also expanding our international partnerships. All of those initiatives should help to bolster our enrollment for the next year," explained Marsden.
Midway College's enrollment this fall is 1,140, down from 1,362 last fall.
