Trustees approve preliminary 2010 school budget in florida
Hillsdale College Board of Trustees makes no changes to proposed 2010 budget, will finalize in May; budget factors in 'a very flat endowment'
Jillian Melchior
Issue date: 2/19/09 Section: News
The Hillsdale College Board of Trustees approved the preliminary 2010 budget at their meeting Tuesday in Naples, Fla.
The Board changed nothing in the proposed budget and offered few questions or comments, said Ken Cole, the college's chief administrative officer, treasurer and chief financial officer.
"They were pleased with the action that the management team took in terms of helping parents and students," he said, noting that, next year, tuition fees and room and board will likely remain unchanged.
The Board will vote on a final budget at a meeting in Hillsdale in May. Cole said unless the economy changes dramatically, he anticipates little change between the preliminary budget and the final one.
"If there are any changes made from now until May, that will depend on the economy," Cole said. "I'd be really surprised if we see much change in the economy before May. Therefore, I don't see a lot of change in the budget before finalizing."
Already, Hillsdale has factored "a very flat endowment" into the budget, Cole said.
"Six months from now, if the economy hasn't improved or worsened, we're going to be OK," he said. "I'm really hoping there will be growth in the economy next year, because there would be more endowment, and that will help us."
This week's meeting was the next step in a budget process that began late last semester. Members of all departments were asked to cut about 15 percent from their budgets.
If the Board finalizes an unchanged budget in May, the college will see no new hiring, no raises and far less travel and professional development for professors.
Several departments would buy less equipment or cut elsewhere, but the quality of education should not change, said several professors and administrators.
The Board changed nothing in the proposed budget and offered few questions or comments, said Ken Cole, the college's chief administrative officer, treasurer and chief financial officer.
"They were pleased with the action that the management team took in terms of helping parents and students," he said, noting that, next year, tuition fees and room and board will likely remain unchanged.
The Board will vote on a final budget at a meeting in Hillsdale in May. Cole said unless the economy changes dramatically, he anticipates little change between the preliminary budget and the final one.
"If there are any changes made from now until May, that will depend on the economy," Cole said. "I'd be really surprised if we see much change in the economy before May. Therefore, I don't see a lot of change in the budget before finalizing."
Already, Hillsdale has factored "a very flat endowment" into the budget, Cole said.
"Six months from now, if the economy hasn't improved or worsened, we're going to be OK," he said. "I'm really hoping there will be growth in the economy next year, because there would be more endowment, and that will help us."
This week's meeting was the next step in a budget process that began late last semester. Members of all departments were asked to cut about 15 percent from their budgets.
If the Board finalizes an unchanged budget in May, the college will see no new hiring, no raises and far less travel and professional development for professors.
Several departments would buy less equipment or cut elsewhere, but the quality of education should not change, said several professors and administrators.
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