NEW WILMINGTON, Pa. (WC)-- In a time when many colleges and universities are experiencing unprecedented financial stress, Westminster College is being recognized by Forbes magazine for improving its fiscal well being.
In Forbes’ recently-released 2021 Financial Health Grade report, Westminster College was named to its Top 10 Achievers list for making a strong financial comeback since receiving a C- minus grade in 2016. This year, Westminster earned a financially healthy B grade.
Forbes examined 921 private non-profit colleges and universities in an effort to determine their financial strength as they emerge from the pandemic. According to Forbes, the COVID-19 pandemic wreaked havoc on many colleges’ finances and in many cases accelerated the financial effects of negative trends already in place, including declining enrollment tied to demographics.
“We are proud of our financial status rise, especially after a year of navigating through a pandemic,” said Westminster College President Dr. Kathy Brittain Richardson. “Our success is a result of careful planning and implementation and strategic fiscal decisions, as well as strong financial support from so many alumni and friends.”
The Forbes report comes on the heels of the College announcing a slim tuition increase for the fall 2021 semester. Richardson adds that as a Money magazine “best college for your money” school, Westminster College’s administration will continue to focus on controlling the costs of attendance while working to expand the educational experience for all students.
Forbes looked at the following components when developing its report: endowment assets, primary reserve ratio, viability ratio, core operating margin, tuition as a percentage of core revenues, return on assets, admissions yield, percent of freshmen receiving grant aid, and instruction expenses per full-time student.