President Cornish Announces Administrative Review and an Emerging Vision for IC 2030 at State of the College Meeting

By IC News, October 31, 2024

Enrollment and budget plans will move IC toward a balanced budget by FY28

President La Jerne Terry Cornish addresses the IC community.

At Ithaca College’s State of the College meeting on Oct. 22, President La Jerne Terry Cornish announced that the College is conducting an administrative review with the Huron Consulting Group as part of moving the institution toward a balanced budget by fiscal year 2028.

“It is important to recognize that this work is not solely focused on cost reduction,” she said. “The college cannot cut its way to success.”

The College has operated under planned budget deficits for three consecutive years. The Board of Trustees has charged the president with presenting a plan at the board’s February meeting that will return the College to balanced budget by FY28. That plan will be shared with the campus community at a second State of the College meeting beginning at 12:10 p.m. on Feb. 11, 2025, in Emerson Suites.

"It is important to recognize that this work is not solely focused on cost reduction. The college cannot cut its way to success."

President La Jerne Terry Cornish

Huron is helping the college identify both areas of cost savings and opportunities to invest in IC’s programs and people. The consulting firm is working with a steering committee consisting of Tim Downs, vice president for finance and administration and chief financial officer; Melanie Stein, provost and senior vice president for academic affairs; Rock Hall, vice president for enrollment management and student success; Kirra Franzese, associate vice president and chief human resources officer, and Marc Israel, associate vice president for business and finance.

Hall shared updated undergraduate (4,268 students) and graduate (499 students) enrollment figures for the current semester, and he noted that the applications received by IC to date in the current cycle are trending ahead of those received last year during the same period. He also presented data indicating that IC is returning to pre-pandemic enrollment levels in some geographic regions, including the state of New York, New England, and the Mid-Atlantic States.

Downs noted that the College is projecting a $12 million deficit for the current budget year. Closing that gap by FY28 will require enrollment stabilization, expense reductions, and expense reallocations to strengthen the College, maintaining its quality to attract prospective students, he said.

"Success is due to our stretching to the challenges of life. Failure comes when we shrink from them."

The president concluded the meeting by sharing preliminary thinking by her leadership team around a Vision of IC in 2030.

“None of what I am about to share is settled, but you will recognize the IC we know and love in this work,” she said. “We will have numerous campus conversations as part of a strategic planning process to shape our vision and plans into a final form.”

The IC in 2030 vision that she shared centers around the following aspirations:

Personalized Experiences: At Ithaca College in 2030, every student enjoys a personalized experience that balances intellectual challenge and professional preparation, thanks to each school’s commitment to hands-on learning from day one.
Community Matters: Ithaca College in 2030 is a vibrant, close-knit, and inclusive community that combines the opportunities of a university with the personal touch of a college.
Ithaca’s College: Ithaca College in 2030 is more than just a campus—we are awe are a cornerstone of the local and regional community and a national model as an anchor institution.
Sustainable Operations: Ithaca College in 2030 is committed to being a financially stable institution that invests in our students, faculty, and staff.
Recognized Success: As we seek to grow brand awareness and make IC a first-choice institution for prospective students, Ithaca College in 2030 embraces and builds on the rich communities of excellence we already attract.

Cornish concluded by citing a quote from orator and author John C. Maxwell: “Success is due to our stretching to the challenges of life. Failure comes when we shrink from them.”

She added: “I want to share with you my commitment and the commitment of my entire leadership team, in whom I am very proud, to stretching and not shrinking, as we undertake a year of analyses and reflections. And the thing about stretching is this: That's how you reach higher and higher. Let's stretch together.”