Post by Bornthrilla on Mar 12, 2009 8:23:01 GMT -5
Economy doesn't stop High Point University
Thursday, March 12
( updated 7:57 am)
By Joe Killian
Staff Writer
HIGH POINT — The economic downturn has wounded higher education, leading to layoffs and halting construction at public and private colleges alike.
But someone forgot to tell Nido Qubein.
As president of High Point University, Qubein is still crowing about his school’s growth while preparing to unveil $100 million worth of new buildings in the fall.
“The numbers we’re looking at right now, in terms of our growth, are phenomenal,” Qubein said after the school’s board of trustees meeting Wednesday.
HPU has hired 35 faculty and staff members so far this year and has plans to hire 60 more before August. The school is predicting 2,300 students on campus next year, up from 1,900 this year.
The school isn’t immune to the nationwide financial troubles. Market turbulence has taken a 30 percent bite out of the school’s endowment, Qubein said. That works out to about $16 million.
But only about 1 percent of that endowment is used for operational costs, Qubein said, compared to up to 25 percent at some private schools. That puts HPU in a more secure position and doesn’t compromise short-term goals.
The school’s continued growth has cost a quarter of a billion dollars in the past two years, but it’s been funded mostly by aggressive fund-raising.
Qubein, a millionaire businessman who heads Great Harvest Bread Co., has helped raise more than $108 million for the school since taking office four years ago.
Read more:
www.news-record.com/content/2009/03/12/article/economy_doesn_t_stop_high_point_university
Thursday, March 12
( updated 7:57 am)
By Joe Killian
Staff Writer
HIGH POINT — The economic downturn has wounded higher education, leading to layoffs and halting construction at public and private colleges alike.
But someone forgot to tell Nido Qubein.
As president of High Point University, Qubein is still crowing about his school’s growth while preparing to unveil $100 million worth of new buildings in the fall.
“The numbers we’re looking at right now, in terms of our growth, are phenomenal,” Qubein said after the school’s board of trustees meeting Wednesday.
HPU has hired 35 faculty and staff members so far this year and has plans to hire 60 more before August. The school is predicting 2,300 students on campus next year, up from 1,900 this year.
The school isn’t immune to the nationwide financial troubles. Market turbulence has taken a 30 percent bite out of the school’s endowment, Qubein said. That works out to about $16 million.
But only about 1 percent of that endowment is used for operational costs, Qubein said, compared to up to 25 percent at some private schools. That puts HPU in a more secure position and doesn’t compromise short-term goals.
The school’s continued growth has cost a quarter of a billion dollars in the past two years, but it’s been funded mostly by aggressive fund-raising.
Qubein, a millionaire businessman who heads Great Harvest Bread Co., has helped raise more than $108 million for the school since taking office four years ago.
Read more:
www.news-record.com/content/2009/03/12/article/economy_doesn_t_stop_high_point_university
