Wheeling Jesuit U. is not alone in flunking the government’s “financial-responsibity” test, as was reported yesterday. Some of the others are knocking down the feds’ argument:
The test is founded on a business model, and nonprofits dont really operate in the same way, Daniel Anderson, who since 1981 has served as president of Appalachian Bible College near Beckley said.
Because the test rewards schools that have a large amount of liquid assets, a school thats expanding and spending money on new facilities will score lower, Anderson said.
. . . theres a fallacy in the formula the Department of Ed uses, and Ive been saying that for many years, he said. A school like ours isnt going to just build up cash. When we get money, we want to put it into use.
Another days it’s old news:
At Ohio Valley University in Wood County, the news, well, wasnt news. I still dont understand all the excitement about OVU being on the (Education) Departments list, Steve Morgan, the schools executive vice president, said in a news release.
Morgan, who previously served as the schools chief fiscal officer, said Ohio Valley has been on the list for a decade as it purchased land and made other upgrades to become a full baccalaureate program.
The Education Departments tool to measure financial strength depends heavily on a comparison of a schools debt to its assets, Morgan said. By that definition, he said, Ohio Valley University has continued to score poorly despite growing enrollment, a top ranking in US News & World Report and other indicators of strength.
Anyhow, Ohio Valley U. is staying on the flunk list: Its a fact of life here and will continue to be so for years to come, said Morgan. The OVU president, E. Keith Stotts also demurred:
What I regret is the implication that Ohio Valley University is teetering at deaths door, he said. . . . . Just because the school shows up on the governments list doesnt mean the school is struggling, Stotts said. OVU is a true success story, the Departments list not withstanding, Stotts argues. Lord willing, our university will continue its mission of transforming lives for many years to come.
Besides Wheeling Jesuit, two other West Virginia institutions were cited: Alderson-Broaddus College in Philippi; and Davis & Elkins College in Elkins.
I like the spirit the first two show.