Tight Fiscal Management Paying off for Washington Adventist University

farleyIncreased enrollment, contributions from alumni and friends, and prudent budgetary choices, have contributed to another year of improved financial performance at Washington Adventist University. The Consolidated Financial Index (CFI) score, a higher education financial health measurement, has greatly improved over the last several years with current score beating the average of all private colleges in Maryland. 

The index takes into consideration four qualities: liquidity, debt, return on assets, and margin.  Currently, we rank well in all four of those categories.

“The financial performance is the result in God’s blessings through the generous support and contribution of our alumni and friends,” said Executive Vice President for Finance and Administration, Patrick Farley (pictured). Expressing his gratitude, Farley cited the words of Ellen G. White in the book Education:  “In our life here, earthly, sin-restricted though it is, the greatest joy and the highest education are in service.”

The improved financial outlook is enabling significant changes to campus facilities.  This year, the University completed the new music building—the first on our campus in over 40 years.  The $6.2 million building, which was completed in January and dedicated in April, began the kickoff of the new campus master plan. Currently, the cafeteria is being renovated at a cost of approximately $1 million. The renovation project will include new paint job, new floors, an entirely new design, new furniture, and new equipment for the kitchen.  The renovation replaces some of the original hardware in the 40 year old building.    

Additionally, this year, Richard's Hall and the new Music Building were upgraded with wireless capability throughout. The  residence halls are currently being worked on and should be completed before Fall 2012/13 school year.  Additionally, four more  classrooms were upgraded with multimedia equipment this year - RH101, RH103, WH404 and WH433 and all 75 computer lab workstations in the Science building have been upgraded.   To enhance campus wide communication, six digital sign locations have been established and linked to a central server. Efforts are also underway to increase Internet speed in support of the Residence Halls and campus wireless project. 

A facelift is also scheduled for the athletic field in order improve intramural sports on the campus .  Other short term campus improvements include providing more meeting space and parking space for students.  

The graph below shows the improvement in our CFI score over the last several years. 

Untitled