MOUNT VERNON – Mount Vernon Nazarene University 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 budget. 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 would thrive.”
