News release from Ivy Tech Community College:
Ivy Tech Community College saves over $75 million in 3 years
(INDIANAPOLIS, August 29, 2011) – Ivy Tech Community College announced today that cost savings and revenue enhancement initiatives implemented over the last three fiscal years have resulted in $50.1 million in recurring annual savings, $7.4 million in one-time benefits and $19.3 million in future savings and increased revenue for the college.
This savings greatly exceeds the College’s goal of saving $10 million by 2010, a goal that was set in 2007. The cost savings efforts will continue as part of the College’s strategic plan-Accelerating Greatness efforts.
Many of the savings plans have been initiated in order to free up additional funds to add more full-time faculty, students services staff, and to serve its unprecedented enrollment increase. The College has been able to accommodate the enrollment increase from the implementation of a number of these cost savings measures and capitalizing on the efficiencies as one statewide community college system.
“We are dedicated to keeping higher education affordable for our students and at the same time provide the necessary services both inside and outside of the classroom,” President Thomas J. Snyder said. “We have been faced with the challenge of providing increased resources for our students during a time when our funding did not keep up with our growth. In order to fund additional faculty, more counselors to assist students and more space to accommodate the growth, we needed to aggressively look for ways to save money and reinvest it in our students so we could keep the tuition affordable.”
Some of the more substantial cost savings initiatives include a energy savings contract generating $10 million in savings and contracting with Follett bookstores to save the college nearly $22.5 million over 3 years. In addition, Ivy Tech instituted a one-time salary freeze in 2010 generating $7 million in savings.
Just this last month, Ivy Tech announced it would be moving their data center to the Indiana University Data Center in Indianapolis, saving the college $2.5 million.
At the same time, the College has been able to keep tuition and student fees affordable. In fact, the cost differential to attend Ivy Tech as compared to all other Indiana public higher education institutions continues to grow.
Some of the other cost-savings initiatives have included the development of a centralized student communication and fulfillment center, implementation of a streamlined technology plan along with increased bond ratings and insurance plan savings. In addition the College has increased utilization of its facilities to record levels.
Ivy Tech Community College is the state’s largest public post-secondary institution and the nation’s largest singly-accredited statewide community college system with more than 200,000 students enrolled annually. Ivy Tech has campuses throughout Indiana. It serves as the state’s engine of workforce development, offering affordable degree programs and training that are aligned with the needs of its community along with courses and programs that transfer to other colleges and universities in Indiana. It is accredited by the Higher Learning Commission and a member of the North Central Association.