Meredith makes changes to balance budget
Posted November 9, 2009 3:34 p.m. EST
Updated November 9, 2009 3:35 p.m. EST
Raleigh, N.C. — Enrollment is up, but the value of the endowment fund is down at Meredith College.
In a letter to faculty and staff Monday, college President Maureen Hartford said the endowment fund lost 21 percent of its value in the last fiscal year. At the same time, expenses for overhead and financial aid continue to grow, she wrote.
The school has budgeted for $1.4 million less spending in the coming year, including offering retirement incentives to some faculty.
Students, faculty and staff are invited to comment on the budget proposal on Wednesday at forums from 9 to 10 a.m. and 3:30 to 4:30 p.m. in Kresge Auditorium.
Other changes at the school are part of a long-term financial plan, Hartford wrote. The college had already decided to increase student-faculty ratio to 12 to 1 and eliminate three majors and five full-time faculty positions.