President’s Annual Report
I’m pleased to provide you with this top-level summary of key highlights from the 2015-16 year. As you’ll see that Olivet College continues to manage its resources well; plan and invest for its future; grow, develop and strengthen its programs; and make a difference in the lives of our students, employees, alumni and friends.
The college’s strategic plan, Charting the Course to 2020 and Beyond, has guided much of this work since its adoption in 2012. This past year, we evaluated our plan and found that, with a few small adjustments, it continues to resonate with our mission and guides us toward the strong and vibrant college Olivet must become in the years and decades ahead. Throughout this report, you’ll read of some of our recent successes and see glimpses of our work ahead.
The 2015-16 academic year hit a benchmark for student enrollment, exceeding the previous on-campus residential capacity. We met this demand through the acquisition of the Oak Hill apartment complex, providing an additional 70 beds to our inventory. The college also invested $2 million in renovation of the three primary housing facilities, Blair, Dole and Shipherd halls, bringing them into the modern era. With capacity expected to be exceeded again in another year or so, plans for a new housing facility are already underway.
In this report, you’ll also see that the college continues to manage its finances effectively, even with an unprecedented competitive enrollment and economic marketplace and the heavy demands and expectations to invest more in advancing the quality of learning and development of our students. Specifically, the college has been able to build its assets from $38.4 million in 2010 to a high of $56.2 million in 2016. Endowment has risen to $14.8 million in 2016, almost double the $7.4 million in 2010. The college has operated “in the black” each year with annual change in net assets (revenues in excess of expenses) of $4.6 million in 2016. At the same time, the college has been able to help its students afford an Olivet College education with total student grant aid in 2016 of $13.8 million, $10.6 million of which came from resources of the college and its donors.
Finally, this report is also about saying, “thank you.” Thank you to our alumni and friends who gave of their own resources to help us fulfill the vitally important mission of Olivet College. We simply cannot do this on tuition revenues alone. We’re working hard to ensure that Olivet College is managed responsibly, strategically led, provides a high quality and transformative learning and development experience for students, and is worthy of your philanthropic investment. I’m pleased that so many have decided to join us in this venture and are grateful for your support. You are making a real difference in the lives of students and in the future of this great college.
With best regards and gratitude,
Steven M. Corey, Ph.D.