Summary of Objectives & Goals: Financial,
Budget & Institutional Goals
In order to pursue the high priority goals and other goals identified
above for 2004-08 from a position of strength, the administration and Board
of Trustees have agreed upon a set of "baseline requirements" that
are seen as essential for the College’s ongoing financial and general
health. Indeed, without achievement of these basic requirements, the College
would be unable to fund the goals outlined above. These baseline requirements
are as follows:
- To complete successfully the Independent Minds campaign by raising
not less than $122 million in cash and pledges: $47 million for capital
projects, including the renovation of Kauke Hall and the construction
of an additional small residence hall to replace Holden Annex; $53 million
for endowment; and $22 million for current operations;
- To begin plans for a future student recreation center by determining
initial details of location, size, cost, and preliminary architectural
design;
- To achieve each year a balanced operating budget and maintain an operating
reserve of between 4% and 6% of annual operating expenses;
- To achieve the corridor endowment payout policy centered on a payout
rate of 5%;
- To maintain or improve the College’s Moody’s bond rating;
- To refine and strengthen the College’s marketing and branding
efforts, through the offices of Admissions and College Relations, to
be recognized locally, regionally, and nationally for the distinctions
of its programs; and
- To optimize the role that financial aid plays in the College’s
progress.
Financial Aid. Regarding financial aid, Wooster believes that it
is important to halt the growth of the financial aid percentage (w.r.t.
tuition) and to seek to fund goals of high priority in this strategic plan
by lowering this percentage by up to five percentage points. However, this
lowering of the financial aid percentage may not be possible if some number
of the prerequisites established for the student body, or some number of
the goals numbered 1 to 3, require at least the current level of expenditures
in financial aid and are judged of such priority that they cannot be abandoned.
As the largest single item in the College’s budget, financial aid
is a crucial consideration. The current efforts to curtail financial aid
gradually, without affecting the quality or size of the student body, will
be key in determining how much flexibility exists in this component of
the College’s budget.
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