updated: 4/27/2010 9:59:19 AM
Ivy Tech Community College says it has exceeded its cost savings goals. The college is reporting $24 million in total annual savings following revenue enhancement and cost savings measures initiated over the past three years. Ivy Tech says its original target was to save $10 million by 2010.
Source: Inside INdiana Business
INDIANAPOLIS -- Ivy Tech Community College announced today that cost savings and revenue enhancement initiatives implemented over the last three fiscal years has resulted in $24 million in total annual savings and $14.2 million in total one time savings to the college.
This savings greatly exceeds the College’s goal of saving $10 million by 2010, a goal that was set in 2007.
Many of the savings plans have been initiated in order to free up additional funds to add more full-time faculty, students services staff, and to serve its unprecedented enrollment increase. The state’s community college saw an increase of more than 24,560 additional students enroll this Fall semester as compared to last Fall. Plans continue to develop as part of the College’s Accelerating Greatness strategic planning efforts which will result in the College seeking to hire additional faculty and staff to assist in ensuring the success of its students.
In addition to its growth, Ivy Tech expects to announce record graduation numbers next month.
The College has been able to accommodate the enrollment increase from the implementation of a number of cost savings measures and capitalizing on the efficiencies as one statewide community college system. It was also able to increase its number of classes offered this past Fall by nearly 10 to 15 percent, and the College is seeing its highest building utilization in history.
At the same time, the College has been able to keep tuition and student fees affordable. In fact, the cost differential to attend Ivy Tech as compared to all other Indiana public higher education institutions continues to grow.
“As state revenues continue to decline, I applaud President Tom Snyder and the leadership of the college for their efforts to reduce costs and enhance revenues from non-traditional sources,” said Kaye Whitehead, Chairman of the Ivy Tech Board of Trustees. “Ivy Tech continues to be a leader amongst higher education institutions with respect to cost containment and revenue enhancement efforts.”
Some of the cost-savings initiatives have included a statewide bookstore, the development of a centralized student communication and fulfillment center, implementation of phase I of a streamlined technology plan along with increased bond ratings and insurance plan savings. In addition the College has increased utilization of its facilities to record levels.
The college is pursuing several additional cost savings measures for future fiscal years including IT consolidation, program/course analysis, furniture standards and sourcing consolidation, exclusive beverage rights and expansion of the student communication/fulfillment center.
Ivy Tech Community College is the state’s largest public post-secondary institution and the nation’s largest singly-accredited statewide community college system with more than 150,000 students enrolled annually. Ivy Tech has campuses throughout Indiana. It serves as the state's engine of workforce development, offering affordable degree programs and training that are aligned with the needs of its community along with courses and programs that transfer to other colleges and universities in Indiana. It is accredited by the Higher Learning Commission and a member of the North Central Association.
Source: Ivy Tech Community College