{"id":10293,"date":"2022-04-06T16:51:43","date_gmt":"2022-04-06T21:51:43","guid":{"rendered":"https:\/\/www.missouriwestern.edu\/news\/?p=10293"},"modified":"2022-04-06T16:59:43","modified_gmt":"2022-04-06T21:59:43","slug":"board-of-governors-removes-state-of-financial-emergency","status":"publish","type":"post","link":"https:\/\/www.missouriwestern.edu\/news\/2022\/04\/06\/board-of-governors-removes-state-of-financial-emergency\/","title":{"rendered":"Board of Governors removes state of financial emergency"},"content":{"rendered":"

April 6, 2022–By a unanimous vote, the Board of Governors at Missouri Western State University has removed the state of financial emergency they declared two years ago.<\/span><\/p>\n

\u201cThe significant efforts undertaken to vastly improve the University\u2019s financial position provide clear indication that MWSU no longer meets the criteria necessary to be in a state of financial emergency,\u201d said Dr. Elizabeth Kennedy, president of Missouri Western. \u201cThe progress that the University has made, and will continue to make, has been possible only through the diligent hard work of Missouri Western\u2019s staff, faculty, and administrators as well as the leadership provided by the University\u2019s Board of Governors. To survive and thrive in such difficult times and under such challenging situations has required substantial perseverance among the entire campus community, which has responded with resiliency, strength, and dedication.\u201d<\/span><\/p>\n

\u201cMissouri Western and the education that students receive here are vitally important to the success of our community,\u201d said Rick Ebersold, president of the Board of Governors. \u201cI commend Dr. Kennedy and the faculty, staff and students who have done so much over the last two years to ensure the long-term financial stability of the University. Today marks a new chapter for Missouri Western, and as we come out of the state of financial emergency we appreciate the community\u2019s support.\u201d<\/span><\/p>\n

Missouri Western initiated cost-saving measures in the fall of 2019, including the elimination of some non-faculty employee positions, the reduction of operating budgets and the elimination of some non-academic support services. The Board of Governors concluded that additional measures were necessary and declared a state of financial emergency on March 5, 2020, putting Missouri Western into academic and programmatic retrenchment. The board approved the administration\u2019s recommended restructuring on April 29, 2020. Since that time, there have not been additional reductions in force (RIF) of staff or retrenchment of faculty, and there is no reason at this time to believe that additional RIF or retrenchment will be needed in the future.<\/span><\/p>\n

\u201cMissouri Western has put into place financial policies, procedures and controls designed to make the phrase \u2018living within our means\u2019 a reality,\u201d said Darrell Morrison, vice president for finance and administration. \u201cOur cash balances and net position are much stronger than they were when we declared the financial emergency, our budget is more complete and accurate, and we are generally in much better condition.\u201d<\/span><\/p>\n

The University\u2019s cash balance at the end of fiscal year 2019 was $8.6 million, and projected to drop to approximately $3 million by July 2020 without drastic intervention. After the declaration of financial emergency, cash balances have slowly risen, to $10.1 million at the end of FY2020 and $14.2 million at the end of FY2021. The University\u2019s net position, which had fallen from $49.4 million at the end of FY2016 to $16.2 million in FY2020, rose to $23.2 million at the end of FY2021 and is projected to increase again this year.<\/span><\/p>\n

One of the contributing factors to the financial emergency was a decline in enrollment. A general decline in college-age population remains a challenge, but Missouri Western has taken steps to enhance recruitment efforts and retain more current students.<\/span><\/p>\n

\u201cWe have changed our recruitment cycle by reassigning and redeploying staff and finding additional opportunities to connect with prospective students and their parents,\u201d said Dr. Melissa Mace, vice president for student affairs and enrollment management. \u201cWe have also enhanced our partnerships with community colleges and secondary schools in the region in an effort to become the university of choice for transfer students as well as incoming freshmen.\u201d<\/span><\/p>\n

There are indications that enhanced recruitment efforts will begin paying off in the fall of 2022. Compared to the same time last year, the number of admitted freshmen for the fall is up 38.3 percent, committed admitted freshmen numbers are up 79 percent and Griffon Orientation registrations are up 145 percent.<\/span><\/p>\n

\u201cWe have gotten to this point by making difficult decisions that were nonetheless necessary,\u201d Dr. Kennedy said. \u201cWe have mourned our losses and found the grit and determination to move forward with clear direction and sure purpose. Today, we are stronger and better prepared for the future.\u201d<\/span><\/p>\n

Missouri Western State University is a student-centered learning community preparing individuals for lives of excellence through applied learning. Missouri Western is located in St. Joseph, Mo., and is committed to the educational, economic, cultural and social development of the region it serves. Visit <\/span><\/i>missouriwestern.edu<\/span><\/i><\/a>. <\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

April 6, 2022–By a unanimous vote, the Board of Governors at Missouri Western State University has removed the state of financial emergency they declared two years ago. \u201cThe significant efforts undertaken to vastly improve the University\u2019s financial position provide clear indication that MWSU no longer meets the criteria necessary to be in a state of […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[48],"tags":[],"_links":{"self":[{"href":"https:\/\/www.missouriwestern.edu\/news\/wp-json\/wp\/v2\/posts\/10293"}],"collection":[{"href":"https:\/\/www.missouriwestern.edu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.missouriwestern.edu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.missouriwestern.edu\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.missouriwestern.edu\/news\/wp-json\/wp\/v2\/comments?post=10293"}],"version-history":[{"count":2,"href":"https:\/\/www.missouriwestern.edu\/news\/wp-json\/wp\/v2\/posts\/10293\/revisions"}],"predecessor-version":[{"id":10296,"href":"https:\/\/www.missouriwestern.edu\/news\/wp-json\/wp\/v2\/posts\/10293\/revisions\/10296"}],"wp:attachment":[{"href":"https:\/\/www.missouriwestern.edu\/news\/wp-json\/wp\/v2\/media?parent=10293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.missouriwestern.edu\/news\/wp-json\/wp\/v2\/categories?post=10293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.missouriwestern.edu\/news\/wp-json\/wp\/v2\/tags?post=10293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}