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Moravian College Taking Action to Address Affordability
Bethlehem, Pa., February 17, 2010—Moravian College President Christopher M. Thomforde informed the campus community today of the actions the College is taking to reduce its projected expenses for fiscal year 2010-11, in order to maintain its strong core academic mission and increase affordability for students and their families.
In response to ongoing financial challenges spurred by the troubled national economy, the College underwent a comprehensive strategic review process to prioritize and reduce programmatic expenses in order to maintain a balanced budget and dramatically increase financial aid to students for fiscal year 2011-12.
Moravian will increase enrollment slightly for the fall, ensuring the proper balance between tuition and financial aid for the incoming class of 2014. The College anticipates increasing its budget dedicated to financial aid by approximately 20 percent in comparison to 2008-09, making a quality Moravian education more affordable and accessible for the students it seeks to enroll.
In order to increase aid and balance the budget in FY11, the College will defer hiring personnel in new positions, eliminate and/or restructure some existing staff positions, discontinue men’s and women’s lacrosse at the end of the 2010 season, and trim other program expenditures.
“Today we have acted upon the strategic review recommendations regarding program and personnel actions. While these types of actions are always difficult, they were made as part of our efforts to solidify our core academic and co-curricular programs,” Thomforde explained.
Last year, Moravian implemented a cost savings plan for the 2009-2010 academic year which was used to generate a contingency fund. The set-aside was critical in providing the additional financial assistance to enroll the freshman Class of 2013, which included an unprecedented percentage of historically under-represented and first-generation students.
“Moravian College is in a healthy position to be able to respond to the economic challenges faced by institutions of higher learning,” Thomforde noted. “We have made choices in a strategic manner to discover the right balance for the use of our resources to make a Moravian education accessible to all students, regardless of their background—but doing so requires us to control costs and shift resources to financial aid that benefits the large majority of students.”
Moravian College is a private, coeducational, selective liberal arts college located in Bethlehem, Pennsylvania. Tracing its founding to 1742, it is recognized as America's sixth-oldest college. Visit the Web site at www.moravian.edu.