King’s Board Approves Balanced Budget, Strategic Plan at May Meeting

King’s Board Approves Balanced Budget, Strategic Plan at May Meeting

For Immediate Release
Further Information: Contact Joseph Giomboni
Public Relations Office, (570) 208-5958

The King’s College Board of Directors approved a balanced budget and a strategic plan for the next five years at their May 3-4 meeting, which culminated with the annual President’s Dinner.

The Board approved a balanced $55 million budget for fiscal year 2014, which will begin July 1.

“The College has performed remarkably well since the May 2012 meetings, when King’s was facing a significant projected budget deficit,” said Father John J. Ryan, C.S.C., president.  “This time last year, we quickly identified fiscal and other challenges, potential solutions to those challenges, and we acted accordingly.  We experienced tremendous support from our Board of Directors, and their effort and commitment were instrumental in improving and stabilizing our financial position.  Despite some difficult choices and actions over the past year, King’s has regained its historically strong financial position.”

In addition, a refinancing initiative for $45 million was approved by the Board that will reduce borrowing cost, fund the gym expansion, and provide resources that can be used to pursue strategic capital initiatives.

The Board also approved the College’s Strategic Plan for 2013-2018: “Engaged Minds. Inspired Hearts.  Purposeful Lives”.  “The plan contains several challenging and exciting initiatives that will enhance King’s hallmark strength of preparing students professionally on a strong liberal arts foundation, with an emphasis on the development of the whole person,” said Ryan.  The plan takes effect with the new fiscal year, beginning July 1, 2013.

The weekend was capped off with the 41st Annual President’s Dinner, during which King’s thanked its many committed benefactors for their generosity and showcased exceptional members of the Class of 2013.  This year, five students – Katheryn Avila, Ryan Cordingly, Molly Dahl, Christina Marvin, and Anthony Scaccia – were highlighted.  Each student’s family, along with a King’s person who each student indicated had a profound effect on their life, attended the black-tie affair.

“We are here because of our students and for our students.  The life-changing work that happens at King’s can only happen with the help of our benefactors,” Fr. Ryan said.  “The President’s Dinner is a special opportunity to express our gratitude for their support and demonstrate to them first-hand the fruits of their investment in our people.”

A Catholic College Sponsored by the Congregation of Holy Cross.

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