Baker University is tightening its belt to weather the current economic storm.
University President Pat Long sent an e-mail to the campus Oct. 16 announcing a 6- to 7-percent decrease in the budget.
“We needed to be prudent and be sure the budget is in order,” Long said.
The budget reduction is not solely because of the shaky national economy. Long said the decision was a combination of three factors: the economy, an increase in the numbers of part-time students opposed to full-time and the inability to offer online courses as planned this fall.
Long instituted a hiring freeze, but she has no plans for cutting employees or wages.
“Our first priorities are to protect the academic core and protect the people,” she said.
Long also said it was important to adjust the budget to be sure important projects like the new general education curriculum are not halted.
“We have so much momentum going in great projects,” she said. “We can’t stop the momentum,” Long said.
Jo Adams, vice president of financial services, said the administration is meeting with the university deans and vice presidents to find ways to cut operating expenses, like office supplies and copying and travel expense where possible.
“We want them to suggest areas,” Adams said. “The easy thing to do would be to slash across the board, but we’re not going to do that.”
Since Baker is a private university, its funding comes from tuition, auxiliary business and fundraising. Because the returns on the endowment are down — the university's long-term investments — Adams said fundraising is especially important. <br/>After a record-breaking fundraising year last year during Baker's sesquicentennial celebration, Lyn Lakin, vice president of university advancement, said fundraising is about five weeks behind last year's schedule, but the department can make that up in the spring. To adapt to the economic situation, workers are changing their approach.After a record-breaking fundraising year last year during Baker's sesquicentennial celebration, Lyn Lakin, vice president of university advancement, said fundraising is about five weeks behind last year's schedule, but the department can make that up in the spring. To adapt to the economic situation, workers are changing their approach.
After a record-breaking fundraising year last year during Baker’s sesquicentennial celebration, Lyn Lakin, vice president of university advancement, said fundraising is about five weeks behind last year’s schedule, but the department can make that up in the spring. To adapt to the economic situation, workers are changing their approach.
“We will soften it when we ask,” Lakin said. “The last thing we want to do is go to an alum or supporter and ignore their unease of the economy. If we’re very insensitive to that, we’re not going to get anything. That’s where the art of fundraising comes in.”
Long said she is confident in Baker’s financial condition, partially because officials are acting so soon.
“Everybody’s in the same state we’re in, looking at what to do,” Long said. “For all the places to be when this hit, this is where I’d want to be.”