MOUNT VERNON – Mount Vernon Nazarene University President Dr. Henry W. Spaulding II outlined several steps the University will take in the coming years to address economic and demographic realities facing higher education during an assembly of faculty and staff on Tuesday afternoon. Those steps include cutting costs through some reduction in faculty, adjustments to the University health care plan, and a reduction of the institutional contribution to the employee retirement plan. Spaulding also acknowledged several new revenue-generating initiatives including the anticipated launch of an Engineering program in 2014 and the anticipated revenue resulting from the recent acquisition of the Curtis Inn.
“While our path forward will not be easy, we do not have the luxury of denying the issues we are facing as an institution—the same issues facing other campuses throughout Ohio and around the country,” said Spaulding. “I believe these steps will best position us to remain a healthy, vibrant, and thriving member of the Mount Vernon and Knox County communities, and a shining symbol of what Christian higher education can offer.”
Spaulding and his senior leadership team briefly outlined the challenges facing MVNU for those gathered:
- College enrollment growth is slowing nationally, regionally, and locally. The number of Ohio high school graduates continues to decline. In 2020, there will be 17,000 fewer Ohio high school graduates than in 2010.
- Median family income is down both nationally and in Ohio, meaning that the cost of college is a greater percentage of a family’s income than it once was.
- Federal and state financial aid is in decline.
- Prospective students continue to expect competitive scholarships and first-class amenities. Necessary financial aid and capital expenditures, while providing long-term benefits, nonetheless add to the short-term fiscal burden.
Spaulding indicated that the steps he was outlining had already been reviewed by the University’s Executive Committee of the Board of Trustees, and would be discussed by the full Board during its fall meetings, November 8-9.
Spaulding indicated that MVNU hopes to realize significant additional revenue once the renovations of the Curtis Inn are completed and the hotel is reopened, providing additional income and the possibility of other ancillary benefits in the form of new academic programs and employment and other professional development experiences for students.
Spaulding took questions from the audience and was met with a great deal of appreciation for the candor and honesty with which the news was delivered. “I believe that better days are ahead for Mount Vernon Nazarene University,” concluded Spaulding. “In fact, I believe that our best days are ahead. While it will be difficult to walk the path set before us, we will make it by the grace of God. I am in this struggle with you because I think the world is a better place with Mount Vernon Nazarene University in it.”
Mount Vernon Nazarene University is a private, four-year, intentionally Christian teaching university for traditional age students, graduate students and working adults. With a 400-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 32 states and six countries/U.S. territories.
