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Institutional Response to Past Concerns

From the Previous Comprehensive Visit in 1998:

1. Reduction in Operating Deficits. The strategic plan currently in place projects that the College will break even financially in Fiscal Year 2010 (FY10). After record-setting operating deficits in years past, the College is whittling down its reliance on deficit spending and revolving lines of credit, and has eliminated borrowing of additional endowment funds. The College has broken even since FY05, largely because of substantial bequests.

In the chart below, conditions in the stock market have caused both increases and declines in the College’s consolidated total assets. Between 1998 and 2001, stock market gains masked the College’s operating deficits; after this period, stock market declines and substantial operating deficits combined to create a decline in total assets. In recent years, additional increases in total assets have resulted from plant renovations (e.g. Silverthorne Arena, Lela Raney Wood Hall) and a recovering stock market.

Figure 3:  Total Assets, FY98-FY07
       
 Source: Williams Keepers audit reports
*2007 is unaudited
     

2. Improvements in Recruitment and Retention.  After a decade of stagnant enrollment, the College has turned a corner and enrollment is increasing. Residential full-time enrollment in Fall 2003 was 434. By Fall 2006, enrollment had climbed to 640. The Fall 2007 census date had not occurred by the publication date of this Self-Study; fall enrollment is expected to be approximately 680 students (2007 estimates are noted in Figure 4 below).

Figure 4:  Headcounts and FTE Enrollment, 1998-2007
           

Academic Year	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007
Residential  Headcount	428	416	428	414	415	434	474	553	640	680
Total Headcount	773	788	771	669	652	647	705	826	964	1028
FTE ( all categories)	624	582	639	576	567	551	591	698	831	906

Source: IPEDs

First-time freshman enrollment is higher than it has been in approximately two decades. Additionally, the Admissions office is aggressively recruiting transfer students, and both the number of transfer applicants and transfer enrollees has dramatically increased in the last five years. The College has achieved these enrollment gains while maintaining its student quality profile and, within a few percentage points, its retention rate. In Fall 2006, matriculating first-time freshman averaged an ACT composite of 23 (Figure 9), and the College has achieved a freshman-to-sophomore retention rate of approximately 69%.

In Figure 5, the College’s freshmen-to-sophomore retention rate from 2000 to 2006 averages 71% with a range between 68% and 73%.

In Figure 6, the College’s four-year graduation rate for the Fall 2000 to 2003 entering classes of first-time freshmen has averaged 49%.

Figure 5:  Retention, 1998-2006

Year of Entry	1st time Freshman	Returning Sophomores	Freshman to Sophomore Retention	Returning Juniors	Sophomore to Junior Retention	Freshman to Junior Retention
Fall 1998	110 (34 – 3 yr)	61	52%	52	85%	47%
Fall 1999	127 (45 - 3 yr)	81	64%	62	77%	49%
Fall 2000	134 (57 - 3 yr)	91	68%	81	89%	60%
Fall 2001	128 (45 - 3 yr)	88	69%	77	88%	60%
Fall 2002	122 (30 - 3 yr)	89	73%	80	90%	66%
Fal1 2003	139 (39 - 3 yr)	99	71%	76	77%	55%
Fall 2004	157 (52 - 3 yr)	115	73%	100	88%	64%
Fall 2005	203 (51 - 3 yr)	141	69%	131

Source: Office of the Registrar

Figure 6:  Graduation Rates for First-Time Freshmen, 1998-2006

Graduation Rates for First-Time Freshmen
Yr of Entry	1st time Freshmen	Grad 4 yrs Total	4 yr   Grad Rate	Grad 5 yrs Total	5 yr   Grad Rate	Grad 6 yrs Total	6 yr   Grad Rate
Fall 1998	110	55	50%	58	53%	58	53%
Fall 1999	127	55	43%	63	50%	63	50%
Fall 2000	134	65	49%	73	55%	74	55%
Fall 2001	128	64	50%	73	57%	74	58%
Fall 2002	122	61	50%	71	58%
Fall 2003	139	66	48%
Fall 2004	157
Fall 2005	203
Fall 2006	225

Source: Office of the Registrar

3. Attention to Deferred Maintenance. There has been dramatic progress on many deferred maintenance issues since the last comprehensive visit in 1998. According to a Facility Assessment Study conducted by Sodexho and completed in February 2004, the College’s Facility Condition Index (a ratio measuring facility maintenance needs vs. the replacement value of the facility) was 0.238 in 2003. In other words, urgent repairs to the College’s facilities had accumulated to a level where they totaled nearly 25% of the cost of replacing the facilities. The national average for 4-year private institutions is under 10%. The College set about aggressively tackling buildings and grounds issues.

Lela Raney Wood Hall had been vacated in 1996. Thanks to major gifts from alumnae Gretchen Bush Kimball ’57 and Carolyn Breitmeyer Boone ’47, the building has been completely restored. The two public floors, including the grand ballroom and fashion gallery, re-opened in April 2006. The upper two floors, which house student-support services and administrative offices, were completed in April 2007 and occupied shortly after Commencement.

Due to both decreasing enrollments and deferred maintenance issues, twin residence halls Columbia and Wood on the historic quadrangle were vacated in 1993 and 2005 respectively. The College worked with a for-profit developer, The Pioneer Group, specializing in historic renovations to completely remodel these buildings into a combination of modern suites, apartments and traditional student residences. The key to this project is the College’s willingness to privatize the housing project enabling the private, for-profit entity to take advantage of historic tax credits to help finance the project. These buildings re-open in August 2007 and January 2008.

Hillcrest and Tower residence halls have undergone remodeling, with several apartment-style suites installed in each. Many critical infrastructure issues including the replacement of failed boilers and other systems have been addressed as necessary. In 2005, Old South Auditorium was torn down after assessments indicated that 20 years of abandonment had made renovation impractical. The College was an early-adopter of wireless technology that has seen several upgrades and expansions. The College’s first comprehensive campaign, the Campaign for Stephens (1997-2004), provided many aesthetic and technological upgrades such as new carpeting and paint in student lounge areas, and the installation of many “smart” multimedia classrooms. New computing laboratories were established on the lower floor of the Hugh Stephens Library.

4. Increase in Faculty Salaries. The administration, under the leadership of the VPAA, embarked on an aggressive three-year faculty salary plan, with the purpose of bringing the College’s faculty salaries up to the average salaries for faculty of small private colleges in the state of Missouri. The faculty salary pool was increased by an average of 6% for FY07, FY08 and FY09, through a combination of merit and cost-of-living raises with some long-serving faculty members receiving substantial reparative salary adjustments. Discussions of a follow-up salary plan will be considered in the context of the next strategic planning effort. The explanation and Figure 7 on the following page indicate how increases were determined.

Salary equity adjustments were based upon averages of comparable institutions in Missouri, faculty seniority as measured by the number of years of service at Stephens, and faculty rank. Calculations were done to determine how far current faculty salaries were from these goals and, therefore, what funding levels would be needed to reach them. The amount budgeted was $52,000 per year over a three-year period.

Figure 7: Matrix for Faculty Salary Increases, FY07 through FY09

Years of Service    Targets

1	$33,000
2	$33,500
3	$34,000
4	$36,000
5	$36,500
6	$37,000
7	$39,000
8	$39,750
9	$40,500
10	$42,500
11	$43,250
12	$44,000
13	$46,500
14	$47,250
15	$48,000
16	$49,500
17	$50,250
18	$51,000
19	$48,500
20	$49,250
21	$51,000
22	$53,500
23	$54,250
24	$55,000
25	$57,500
26	$58,250
27	$59,000
28	$61,500
29	$62,250
30	$63,000

Source: VPAA

Explanation of Salary Calculation On the left are Target Salaries based upon the number of years as a full-time faculty member at Stephens College.  The line numbers are equal to Years of Service minus one. Lines 1 – 6  = Assistant Professor Lines 7 – 18 = Associate Professor Lines 19 – 30 = Professor Target Salaries for Instructors = $32,000 In Year One, Corrected  Base Salary = Current Base Salary + 1/3 of the difference between Target Salary and Current Base Salary. Salary for Academic Year 2006-07 consists of: An equity raise if Current Salary is less than Target Salary. An increment of $1,500 for a promotion in rank. An increment of $500 for merit. An increment of $200 for an across-the-board raise. NOTE:  Faculty who did not receive an equity raise had their Current Salary greater than their Target Salary.

From the Focused Visit in 2004:

1. Focused Attention to Deferred Maintenance. The College has been addressing its most critical facilities and deferred maintenance needs by increasing funding designated for that purpose, implementing performance contracting and renovating Columbia and Wood halls through a private developer.

   Although the measured facility needs remain above the national average, significant progress has been made (as noted earlier in the response to 1998 concerns), and the College is committed to aggressively managing its backlog. The chart below illustrates the College’s commitment to improving the conditions of its facilities.

   As part of this commitment, the College has addressed the need for better routine maintenance and aesthetic upgrades across the campus. Attention was given to lawns and flower beds. Trees were pruned. New doors were installed where needed, boilers were repaired or replaced, and roofs were repaired. Janitorial services were vastly improved. The upgrades in the physical facilities of the campus became the topic of conversation within the Columbia community. It was the physical and visual evidence of the revitalization taking place at the center of the institution. 
   
   Figure 8:  Facilities Condition Index, 2003-2007

              
    Source: Stephens College

2. Reduction in Institutional Discount Rate. The College has been refining the award process to improve monitoring of the discount rate as funds are being awarded. This allows the College to continually modify and control the institutional (unfunded) awards throughout the packaging period. The comprehensive campaign is focused on shifting financial aid awards to a greater percentage of funded aid. In 2006-07, representatives from the Financial Aid office met weekly with the Dean of Enrollment Management and the Vice President for Finance to assess the rate for incoming freshmen. Coupled with the success in Graduate & Continuing Studies, the 2008-09 institutional discount rate is currently projected to be under 50%.
   
   The preferred option is to gradually reduce the discount rate for freshmen each year. The College reduced the rate in FY07, at the same time increasing enrollment and maintaining academic standards. Reducing the rate too fast would hurt recruitment or decrease academic quality. While the College monitors the rate weekly to keep it under control, the most likely outcome is that the College will be working on a solution to further reduce the institutional discount rate over time. Growth of endowment-supported aid will enable substantial improvement.
3. Progress on Establishing Positive Operating Results and Restoring Credit. The College’s primary bank, Boone County National Bank, increased the College’s line of credit from $1.5 million to $3 million during Summer 2006. In addition, an approximately $3 million unrestricted gift from alumna Carolyn Breitmeyer Boone ’47 was designated by the Board of Trustees to complete the already-in-progress renovation of Lela Raney Wood Hall ($1.5 million), with the remaining $1.5 million set aside as a reserve to fund future cash needs. 
4. Repayment of Borrowed Endowment Monies. The Board of Trustees has authorized and formalized this borrowing with an interest bearing note between the College and its Endowment Foundation. The foundation was established in May 2004 as a separate legal entity to provide greater oversight and security for the College’s endowment investments. This foundation is discussed in Criterion Two. This promissory note mandates that the College fund the interest on this borrowing annually.
5. Reduction in Deficits. For the last two fiscal years, the College’s financial results have been in the black, due to unusually large bequests/gifts. The College is in the third year of a five-year strategic plan that shows a consistent break-even point (with lesser bequests) will be reached when the College enrolls at least 900 residential students (anticipated in FY10).