Standing Stronger
Priority 5 Strengthen Park’s Fiscal Position
With Park’s Promise, the University has a clear plan to strengthen its fiscal position with a focus on balance and innovation While tuition at universities across the United States is on the rise, Park University is remaining affordable. In fact, Park was listed among the top 10 most affordable private colleges and universities in the April 14 issue of The New York Times. As Park began planning for its future last fall, a fundamental question was posed: “Are we going to remain true to Park’s core values and reputation for providing access to a quality, affordable education? The answer was a resounding yes,” said Laurie D. McCormack, vice president for university advancement.
Solid ground While making plans to strengthen its financial future, Park is currently standing on solid ground. “Park’s fiscal position is strong,” McCormack said. In the last decade, Park has experienced tremendous growth, going from a $35 million to an $85 million enterprise, she said. Enrollment has increased in the past three years and a strong cash flow has enabled the University to put $4.5 million in reserves. However, McCormack emphasized the need for increased private support to ensure much needed growth in excellence of facilities and programs for Park’s students. Park’s Office of University Advancement is charged with generating and protecting
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revenue and relationships to bring resources to the University’s priorities. Since arriving at Park in January 2008, McCormack instituted changes to improve efficiencies, bringing all external relations under one advancement umbrella, including alumni relations, development, sponsored programs, community and government relations, and, more recently, career development. “The result is smarter, more effective planning and decision-making,” McCormack said.
Balance and innovation The new strategic plan will capitalize on this progress. “Park’s Promise outlines where we will invest time and resources toward clear and specific goals,” McCormack said. Park’s Promise calls for a greater investment in developing alternative revenue streams to achieve a specified goal: “Park’s revenue stream is changed so that at least a 90/10 percent ratio is achieved for tuition/nontuition revenue by 2017.” With only 90 percent of Park’s revenue from tuition, the remaining 10 percent will be realized with new and expanded revenue sources. In addition to significantly increasing the amount received in private gifts and government grants, Park looks to
grow enterprises such as Park University Enterprises Inc. As indicated in Park’s Promise, Park University and Park University Enterprises Inc. are working to develop and implement mutually agreed upon programs and enterprises that contribute to the achievement of the tax exempt educational purposes and financial stability of both.
Park University Enterprises PUEI is a tax-exempt nonprofit educational institution focused primarily on training the employees of a variety of for-profit and nonprofit organizations. Since 2002, PUEI has been affiliated with Park University. PUEI delivers educational and training services through its three divisions: Fred Pryor Seminars, which provides a range of business skills training; Evelyn Wood Reading Dynamics, which teaches the world famous speed reading program known by that name; and CareerTrack, which trains human resources professionals and others.
Parkville Commercial Underground Just below the Parkville Campus is a network of roads, limestone walls and commercial