MLC Governing Board Digest Highlights – Fall Meeting 2012
- The board was informed of several retirements that will take effect on June 30, 2013: Vice President for Mission Advancement Jonathan Scharlemann and Professors John Gronholz, Susan Haar, and Mark Lenz. On November 10 the board was informed that Dr. Carla Melendy plans to retire from fulltime service to the college, and Prof. Kurt Wittmershaus requested a release from his call to serve the college, allowing him to remain in Germany (both also effective June 30, 2013). Replacement plans for these two positions are under consideration.
- Renee Messing, managing partner of auditing firm CliftonLarsonAllen, provided an overview of the financial audit for the 2011-2012 fiscal year. The report shows that MLC has achieved an acceptable Department of Education composite financial ratio of 2.5 (on a three-point scale). The college anticipates receiving an unqualified opinion with no material weaknesses on its recent financial statements, the highest category possible.
- Student fee increases of 5% were approved for 2013-14, bringing total tuition, room and board charges for fulltime students to $17,160. A corresponding 5% increase in need-based financial assistance was also approved.
- Budgets for fiscal years 2014 ($17.4 million) and 2015 ($17.9 million) were approved. Each year features a synodical subsidy of approximately $3.6 million and includes wage increases averaging 1.75%. While the first year is a deficit budget that will require the use of $290,000 in reserve funds, the second year is a balanced budget.
- The expenditure of Let the Children Come capital campaign funds was authorized for construction of a new Early Childhood Learning Center, for transitional operating costs, and for financial aid (listed in priority order). The goal of the campaign is $5 million.
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