FULTON, Mo., March 9, 2017 /PRNewswire/ -- The Chronicle of Higher Education, which yesterday reported the annual U.S. Department of Education financial ratios for private colleges during the 2014-2015 academic year, does not reflect our college's current financial condition. As a matter of fact, using the DOE's formula, Westminster College's composite score for financial responsibility would increase to 2.7 for the 2015-2016 academic year, which would be reported next year. (The department's data is two years old.) The highest score possible is 3.0.
The Chronicle's article stated that our financial rating during the 2014-2015 academic year was 1.1. However, since that time, Westminster has welcomed a new president, Dr. Benjamin Akande, and taken numerous steps to strengthen its financial position. Like many private colleges, Westminster had been impacted by various economic and demographic factors that ultimately led to the 2014-2015 rating.
Since Dr. Akande became President in October 2015, he -- with the support of the College's Board of Trustees -- has developed and is implementing a turnaround plan to achieve long-term financial sustainability for the college.
Attribute Statement to Lana Poole, Vice President and Chief Communications Officer, Westminster College, Fulton, MO
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SOURCE Westminster College