The economic turmoil of the United States for the past two years has created a difficult environment for small colleges, but one that may be filled with opportunity. In the fiscal year before July 30, 2001, Milligan College's endowment shrunk from $6.1 million to $5.6 million.
However, this economic downturn also produced a large pool of prospective college students who are striving to compete in a shrinking job market. While next year’s budget will be tight and many projects are being postponed, Milligan’s administration remains optimistic that the next few years will be a time of growth.
The college has fewer funds to allocate campuswide but is striving to maintain the quality of Milligan’s curriculum despite cutbacks.
“We have had to work very hard to produce a tight budget,” said Mark Matson, academic dean. “I think we have done so, making sacrifices here and there.”
He said all full-time faculty positions are secure. The number of smaller classes will be reduced, as will the number of adjuncts, though adjuncts will not be eliminated.
As a result of the SACS report, the library will receive a larger book budget and arrangements are being made to increase shelf space.
The collapse of the Physical Plant will not affect next year's budget.
Budget Director Chris Rolph wrote, “The College has made a special appeal to our donors to assist in the removal of the old building [and] replacement of the facility and equipment.”
The recently acquired $1.9 million Lilly Grant will enable the college to provide scholarships, enlarge the career development program and improve residence halls.
The admissions department is also ensuring that Milligan’s financial future looks brighter.
David Mee, vice president for enrollment management, made it his goal to, “Push Milligan over 1,000 total students.”
Mee said many people seek to further their education when job markets shrink. The admissions office set a short-term goal to increase the number of freshman and transfers for fall 2003 by 10 to 12 per cent. By making small increases to the number of entering students each year and maintaining high retention rates, Mee believes that his dream of 1,000 students can be achieved by the fall 2006.
While there will be visible budget cuts throughout the next year, the administration hopes that increased enrollment and retention combined with distinctly Christian graduate programs will lead to a better future for the college.