As 2017 comes to a close, Meredith College is celebrating its financial strength. From a record number of million dollar gifts to an upgraded bond rating, there is much evidence that Meredith is Going Strong.
Beyond Strong, the Campaign for Meredith, has raised nearly $70 million toward its $75 million goal. More than $4 million has been raised during this fiscal year. The Beyond Strong campaign surpassed the total raised in Meredith’s last campaign by $13 million just four years into the campaign.
Other indications of financial strength include:
- Meredith’s endowment has grown to more than $100 million;
- 27 gifts of more than $1 million and nearly 300 gifts of more than $25,000 have been received since the Beyond Strong campaign began; and
- The College’s credit rating has been raised from BBB to BBB+ by S&P Global Ratings, which also affirmed a stable outlook for the College.
“The financial strength of a college says many things—most often that enrollment is strong, that the institution’s reputation is stellar, and that solid business practices are in place to protect that strength,” said President Jo Allen.
Allen also credits the College’s continued financial strength to the diligent management of resources and the success of the Beyond Strong campaign.
“We take our financial responsibilities seriously, taking care that our tuition and fees are as low as we can keep them, while rewarding faculty and staff for their expertise and loyalty to the College,” Allen said. “Our budget managers are challenged to spend what they need to ensure quality results, but not to waste money.”
The budget process is driven by the College’s strategic plan, Meredith Forever.
“Faculty, staff, students, trustees, and administrators contributed to building the new iteration of the strategic plan. Our strategic plan is specific in what our priorities are (educational excellence, enrollment, facilities and IT, financial strength, visibility, and quality of life for all) and include the particular ways and means we have for advancing an agenda that supports students, employees and the College,” Allen said.
Allen notes that the College’s business practices have allowed Meredith to advance its teaching and learning mission while also investing in facilities, grounds, IT, and aesthetic enhancements that make the campus safer, more attractive, more livable, and more functional.
These accomplishments are the result of planning and strategy, Allen said.
“As we know from financial literacy work, financial improvements do not just happen, they require conscientious attention. I am especially proud that our budget managers understand the seriousness of their roles and respond with professional accountability for advancing the work of their units and the College,” Allen said. “Largely, I attribute these improvements to the extraordinary people involved and committed to this College.”