August 20, 2004

FOR IMMEDIATE RELEASE

Tri-State University announces record financial year

ANGOLA, Ind. – Calling the past fiscal year “a year of accomplishment, “Tri-State University President Dr. Earl D. Brooks II announced Thursday that the institution is in its best financial shape in 20 years – and possibly in its history. Brooks made the announcement as part of his annual state-of-the-school presentation to Tri-State staff and faculty Thursday morning.

In the past 12 months, the University raised over $10 million in its “Vision for the Future” capital campaign, a record amount, bringing the total to $37 million in 36 months. The University also retired its debt by $5.6 million, repaid $1.31 million to the endowment and paid off a $985,000 bond. It also increased the endowment by $1.63 million and reduced its line of credit from $2.8 million to zero prior to the start of this academic year. Overall, the impact on the University’s endowment during the past two years has been more than $7 million.

“This exceeds all our expectations and raises the bar,” Brooks said. “This was a very productive and exciting year for Tri-State University, and one which I hope we can duplicate. All of the capital projects and facility upgrades were accomplished through fund-raising with little, if any, impact on the annual operating budget.”

While prospective students, their families, visitors and donors review quality of education and quality of instruction and advisers at institutions as they seek a college home, they also look for superficial tangibles such as buildings, grounds, services and surrounding area, Brooks said. This is where the University often missed the target in the past – but, with the overwhelming success of the capital campaign and its resulting improvements and construction on campus, Tri-State is rising to the challenge, he said.

Some of this year’s asset additions and/or construction projects that contributed to that success include the Cole Foundation’s gift of the Technology Center to Tri-State (valued at $1 million), construction of the Ketner Sports Complex ($650,000) and the TSU Trine Campus Villas ($1.5 million), mechanical upgrades and renovations to Best Hall, including central heat and air conditioning ($2 million), the new campus boulevard entry and expanded parking area, the start of renovations to the C.W. Sponsel Administration Center ($1.2 million), renovation and expansion of the TSU bookstore, upgrades to the cafeteria and the selection of a new food service provider, upgrades of the cable television in the residence halls and ongoing campus beautification projects that include additions of trees, benches and landscaping.

“More important than the price tag of these upgrades is the increased service impact for our students – our students deserve more for their $25,000 a year,” Brooks said. “This is tremendous progress for an institution that has done little to retire debt over the last 20 years. We have just finished one of the strongest financial years in the institution’s history. Of all the achievements over the past four years, our greatest progress, and most important, is in the area of finance.”

The University has a strategic plan that includes generating even more capital improvement funds, including raising the capital campaign goal to $70 million, as well as continually working to improve educational offerings and to market the University more effectively.

“We must take advantage of our momentum, and continue to focus on strengthening our institution’s quality, reputation and financial health,” Brooks said. “By conceiving a vision and pursuing it together, we can achieve our goal of effectiveness and productivity.”

Tri-State University is a private, independent, co-educational institution offering associate, baccalaureate and master’s  degrees in over 40 programs to students in engineering, mathematics, science, computer science, business administration, teacher education, communication, criminal justice and social sciences. Founded in 1884, Tri-State today operates a 400-acre main campus in Angola, Ind., with off-campus centers in Fort Wayne, South Bend and Merrillville, Ind., and in Centreville, Mich.

Cindy Bevington, Staff Writer
Marketing & Communications
Tri-State University
1 University Avenue
Angola, IN 46703-1764
(260) 665-4119
bevingtonc@tristate.edu

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