Although Rockford College is facing some financial challenges, leaders say steps are being put into place to remedy the shortfalls.
Due to a combination of lower enrollment numbers and increased utility bills, the college is looking at a nearly $400,000 shortfall. So in order to end the year on a positive, the college is implementing several cost-saving measures, including suspending matching contributions to employee 403-b accounts, offering a voluntary work reduction program to staff members over the summer and selling selective pieces of art and land.
Vice President of Advancement, Annie Krug, says those steps along with increased alumni support and cooperation with the college's bank, will address the shortfall...
Here are a number of facts for you about Rockford College. Last year, the college had a shortfall of around 1.5 million dollars. This year, the college's utility bill went up by $400,000 dollars. The college has 3,000 pieces of art and owns 145 acres of land.