This is the third piece in a series of articles examining Milligan University’s plans for the future. The series will explore plans for development and advancement in academics, student life, business and finance, institutional advancement, and enrollment. This article addresses future plans for business and finance.
With changes coming to academics and student life, Milligan has been pushing efforts to support these developments financially. The university announced its new fundraising campaign, On Mission: The Campaign for Milligan University, on Oct. 28, 2021, as part of these efforts.
This $40 million campaign is meant to further academic excellence and the entire student experience at Milligan according to the news release. Current projects planned include additional scholarship and program support, growth of the university’s current $57 million endowments, a new seminary honors scholarship, new academic programs, a maker space lab in engineering, athletic enhancements to include new lighting on the softball field, and resurfacing of the tennis courts and renovations to the McMahan Student Center.
Of the $40 million goals, the school has raised over $26 million so far. Milligan also raised $299,533 during the Milligan 1 Day fundraising efforts. This year’s annual “day of giving” was April 14, and 491 donors gathered to support the Milligan and Emmanuel Christian Seminary Funds.
Of the nearly $300,000 raised for Milligan 1 Day, $204,041 was designated to the overall Milligan fund while $75,531 was dedicated to the Emmanuel Fund. The remaining $19,961 was dispersed between athletics and the different academic specialties. For more information on Milligan 1 Day 2022, click here.
As for the 120-acre land purchase the university made in Nov., this expansion was facilitated by unrestricted endowment funds, and tuition was not impacted by the purchase according to Vice President for Business and Finance Jacqui Steadman.
However, tuition is expected to increase by 3.8% for the 2022-23 school year. Milligan sent out an email to students in Nov. detailing the increase in tuition and a breakdown of what it is spent on. The funds are split into four categories including administrative support and operations, student services, campus upkeep, and scholarship and instruction.
“Scholarship and instruction include our total amount for institutional scholarships as well as all expenses related to faculty and academic department needs, library, and other academic support services,” said Steadman. “Student services include areas such as admissions, financial aid, diversity services, and all student life and athletic expenses. Admin and operations include expenses for administrative services such as marketing, accounting, [and] advancement functions.”
The board of trustees is responsible for reviewing and approving changes to tuition and room and board fees as well as the annual operating budget and overall governance of the school’s finances.
“The Board also approves major capital projects and the incurrence of debt,” said Steadman. “My office presents information to the Board at their semi-annual board meetings to keep them informed about current financial information.”
The Board of Trustees met last week to review and plan for the upcoming year. To learn more about Milligan’s current financial status and future plans, see the 2021 President’s Report here.
Headline Photo is from Milligan University