only to reopen later that year with a
new owner and president.
In 2008, it looked as though the university—the 15th largest in the Dayton
region—was doomed to repeat history.
It
was spending more than it earned and
carried more than $22 million in debt....
More
only to reopen later that year with a
new owner and president.
In 2008, it looked as though the university—the 15th largest in the Dayton
region—was doomed to repeat history.
It
was spending more than it earned and
carried more than $22 million in debt.
To
add to that, its enrollment numbers had
plummeted more than 30 percent when
administrators axed almost two dozen
degree programs.
Back from the (almost) dead, the
university now stands strong.
It restructured its debts and has balanced its operating budget, even reaping a $100,000 surplus last year.
To do
that, university leaders took some bold
initiatives, including:
• Slashing operating expenses by
$4 million in three years.
This
entailed dumping $1 million in
travel, technology and other miscellaneous expenses;
• Reducing its administrative team
by three and keeping the provost
position empty;
• Instituting 11-week furloughs for
all employees; and
• Clipping non-union employee
salaries and halting 401(k) contributions.
It
Less
