Wednesday, October 15, 2008
Pikeville College Announces Cutbacks
The Board of Trustees of Pikeville College has announced a restructuring of the undergraduate school so that it can continue its successful operations in the future. During the past year, the college has incurred a number of various expenses that exceeded the budget which were similarly incurred by many businesses including power, fuel and health care. In addition, the recent stock market decline has impacted the endowment fund. While the fund is well diversified and strongly managed, all colleges have suffered a decline in value which will take time to rebuild. In addition, there has been a decline in undergraduate enrollment over the last several years, due to a variety of reasons, but in large part resulting from the decline in high school enrollment in Pike County and Eastern Kentucky, which represents the core of our student body. Accordingly, the Board has approved management’s recommendations to make certain budget reductions effective immediately.
In the overall restructuring plan, the number of support staff positions has been reduced by 25. Up to 15 faculty positions will also be reduced over the next year and a half. Discretionary expenses for the 2008-2009 academic year have also been reduced.
Over the past few years, the college has expanded its offerings of undergraduate programs in order to provide new opportunities for students and to meet the needs of the region. In the restructuring, every effort is being made to continue the programs necessary for a strong liberal arts and sciences college.
The medical school continues to be in a strong financial position. It will not experience any budget reductions.
By acting now, the Board is strategically repositioning the college to address the economic reality many colleges and universities are facing across the country. While the Board of Trustees regrets the need for these reductions, the principles of prudent management require that they be done, and in doing so, the college will position itself to move forward with a stronger financial structure in the future. Once the current economic conditions improve, the college will be in a position for continued growth and prosperity.
-PC-
In the overall restructuring plan, the number of support staff positions has been reduced by 25. Up to 15 faculty positions will also be reduced over the next year and a half. Discretionary expenses for the 2008-2009 academic year have also been reduced.
Over the past few years, the college has expanded its offerings of undergraduate programs in order to provide new opportunities for students and to meet the needs of the region. In the restructuring, every effort is being made to continue the programs necessary for a strong liberal arts and sciences college.
The medical school continues to be in a strong financial position. It will not experience any budget reductions.
By acting now, the Board is strategically repositioning the college to address the economic reality many colleges and universities are facing across the country. While the Board of Trustees regrets the need for these reductions, the principles of prudent management require that they be done, and in doing so, the college will position itself to move forward with a stronger financial structure in the future. Once the current economic conditions improve, the college will be in a position for continued growth and prosperity.
-PC-
# posted by Joe Kinzer @ 12:14 PM 
