Page 32 - College Planning & Management, October 2017

GETTING CREATIVE WITH FACILITIES FINANCING
year, funding improvements through that income. Also, partnering with a successful company like Marriott, as opposed to doing it ourselves, was a good decision.”
On the teaching side, 45 to 50 students per semester train at the hotel. “Our students get a whole semester of direct engagement with our guests and operating the facility,” says Sullivan. “This experi- ential learning is a valuable asset for their resumes when they begin their job search.”
Invite the Community to Campus
As an auxiliary service, New Balance Student Recreation Center at the University
of Maine in Orono draws students to the university, offering them a place to exercise and socialize outside of classes. The facility is in year 10 of a 25-year bond that has a $1.3 million yearly debt service.
Money comes in via student fees, which amounted to $2 million last year, and
generated revenue, which was a little more than $3.5 million last year. In addition to the debt service, the facility’s expenses include heat, lighting, water, sewage, maintenance, technology and salaries. To give you an idea of the fees, last year it cost $243,000 to heat the building.
“Fortunately,” says Jeff Hunt, director of Campus Recreation, “last year we were $600,000 in the black, which we put into a capital reserve account for the building.”
These are big numbers, and the thought of not having enough income to cover expenses can be daunting. But not for Hunt, who looks beyond traditional means of income such as programming, facility rental and vending sales by empowering his employees to come up with non-traditional means. This has led him to off-campus funding sources. “For example,” he says, “because we’re rural and have a healthcare center in town, we have a corporate mem- bership for its employees,” he says.
Also, Hunt partners with town leaders to provide recreational services. “For example,” he says, “our summer camp is in conjunction with Orono Community and Parks Department, which has no facilities. We’re looking to expand this program to ensure services are available even as the town’s resources shrink.”
While finding creative funding sources to manage debt and provide excellent facilities is important, it’s just one part of a three-pronged platform that includes finance, facilities and academics. “When all three of these elements are in balance, fitting together within the overall master plan and vision of the institution,” says Grans Korsh, “then you can be sure you’re moving in the right direction.” CPM
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