Challenges Faced By Progressive College

803 Words Aug 17th, 2015 4 Pages
Progressive College, PC is currently facing some financial challenges. As Vice President of finance and administration creating that environment where the institution, administration and students can thrive is top priority.
Working with President of PC and the Vice President of Academic Affairs with developing a four-part financial recovery plan. This four-part financial recovery plan included:
1. Do not increase tuition at a rate higher than inflation
2. Do not use financial aid as a means to reduce price
3. Use adjunct faculty during times of growing student enrollment
4. Eliminate academic programs that no longer response to the need of the market.
These four part financial steps are a vital area we felt that would be of great contribution to help address the current financial problem PC is facing. Exploring each step within the recovery plan will provide a clear understanding of how PC administration is expected to put the institution in good financial standing. These financial plans will be successful based on the information that was collected and research conducted throughout the academic year. As noted by Lorin (2014) College prices in the U.S have gain increased faster than the rate of inflation, extending decades long pattern of higher education costs. According to the College Board, a decade ago tuition and fee jumped 10.4 percent for in state students at a four yea-public colleges and 5.8 percent at private schools. The institution had a negative net…
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