NORTON â€“ Wheaton College will lay off employees, increase its cost to more than $51,000 annually and enroll more students to deal with the downturn in the economy, the schoolâ€™s president announced this week.
Wheatonâ€™s board of trustees voted last weekend to approve a five-year plan â€śthat positions the college to sustain and enhance its academic strength and financial equilibrium,â€ť Wheaton President Ronald Crutcher said in an e-mail to staff, students and alumni.
Wheaton plans to eliminate some staff positions after the spring semester ends on May 15, but the details are still being determined, Crutcher said. â€śIt is not yet clear how many positions will be affected, although some will be among those that are currently vacant,â€ť he said. Staff and faculty salaries will be frozen for a second year and benefits will be altered, as well.
The board voted to raise Wheatonâ€™s comprehensive fee â€“ which includes tuition, room and board and other charges â€“ to $51,264 for the 2010-11 school year. That is up 3.7 percent from Wheatonâ€™s current cost of $49,440 and an inflation-adjusted increase of 32 percent since 1999-2000, when the schoolâ€™s comprehensive fee was $29,880.
â€śThe decision to set the tuition, room and board rate is never undertaken lightly,â€ť Crutcher said. â€śWe appreciate the significant investment that this represents for students and families.â€ť More investments will be made in financial aid, he added.
More students will be paying to attend Wheaton, too. The college plans to enroll about 30 more students in the 2012-13 academic year, an increase of 8 percent from the roughly 1,655 the school enrolls now.
The trustees also voted to spend about $42 million to fund the construction of a new science center. So far, Wheaton donors have contributed roughly $27 million to pay for the project. The college will borrow $15 million to cover the rest of the cost, Crutcher said. The building is scheduled to open in the fall of 2011.
Trustees also voted to change Wheatonâ€™s endowment policy to â€śfully distribute up to 5 percent of endowment income each yearâ€ť excluding funds that have fallen below the original value contributed, Cruthcer said.
The value of Wheatonâ€™s endowment dropped 23 percent to $139.76 million in the fiscal year ended June 30, according to the National Association of College and University Business Officers.
â€śIn many ways, we are at the beginning of a challenging new period in the collegeâ€™s history,â€ť Crutcher wrote. He said Wheatonâ€™s staff and students must â€śwork together to find new and more efficient waysâ€ť of running the college.
â€śI will not underestimate the difficulty of the work that lies ahead nor of the decisions that we must make,â€ť Crutcher added. â€śHowever, I am confident in our ability to work collaboratively not only to achieve our objectives, but to position Wheaton for the future.â€ť
Separately, the trustees voted to give an honorary degree to former U.S. Sen. Edward Brooke, R-Mass., at the schoolâ€™s commencement ceremony in May. Brooke was the last Bay State Republican sent to the Senate before Massachusetts voters elected Scott Brown last month.
Join PBN for the best networking event and party of the winter - January 15, 2015 - the Book of Lists Party at the Providence Public Library. Reserve your spot by December 31st and get a holiday gift from PBN!
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.