2008 Woodie Awards
Vote Absentee
Wildes ready for future challenges
Daniel Monteverde and Tara Templeton
Issue date: 1/13/06 Section: News
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His message to Loyola faculty at the spring convocation last Thursday about the future of the university echoed that sentiment.
While Loyola was spared any crippling physical damage, administrators are facing a multi-million dollar budget shortfall, the reality of a smaller student population and the challenge of trying to recruit on a national level at a time when the nation's perception of New Orleans is tarnished.
Positioning the university for future growth will entail "profound challenges," Wildes said. Loyola, however, is in a position to become stronger and better than before through new committees and task forces formed in the wake of Hurricane Katrina he added.
Loyola is heavily tuition-dependant - 72 percent of Loyola's net revenue comes from tuition - and the challenge of retaining current students and attracting new students to avoid future budget shortfalls is on the minds of university officials.
"Right now, recruitment and enrollment are of deep concern," Wildes said. "Enrollment drives everything for us."
As of Tuesday, 90 percent of undergraduate students said they planned to return for the spring semester.
Loyola ranks 23 out of the 28 Jesuit universities in the country in regard to retention.
Administrators cut 76 staff positions at the end of December to ease the financial strain on the university. Because of Loyola's financial structure, if not enough students return or if future freshman classes aren't big enough, there is a possibility of additional layoffs, Wildes said.
"If we have lower enrollments in the future than we have been having, then we will be facing budgetary shortfalls," Wildes said. "And unlike other companies, we can't lower the cost of our operations."
Most of the money Loyola spends is committed to salaries, Wildes said. According to Rhonda Cartwright, vice president for finance and administration, total salaries and benefits for Loyola were budgeted at $61.2 million.
