August 23, 2016
Forbes Magazine found Norwich University to be in the top 20 percent of approximately 900 private colleges and universities ranked according to their financial strength, awarding Norwich a grade of ‘A’ for financial well-being.
Norwich University is one of only 177 schools out of nearly 900 to receive a grade of ‘A’ or higher. The strong financial footing of the university reflects unwavering leadership in development and acute financial practices.
With support of the Board of Trustees, President Richard W. Schneider has led this nearly 200-year old institution for the past 24 years. Schneider has attracted leaders in their fields to the board and appointed top performers to his cabinet.
One of the longest seated college presidents in the country, Schneider has worked with Norwich’s Board of Trustees to create a comprehensive strategic plan for the university entitled NU2019. This document articulates the course Norwich will take in its quest for excellence in academia, student life, improved national brand, and improved financial security for the year 2019, as the university celebrates its bicentennial and begins its third century of fulfilling its mission of service to its students and the nation.
During Schneider’s tenure, Norwich University has seen major improvements on multiple fronts. Academically, four colleges now offer 39 different undergraduate majors, five of which are degree completion programs offered online. Other accomplishments include: an increase in total undergraduate enrollment by over 43%, from 1730 to approximately 2475, and enrollment in the Corps of Cadets by 50% from 941 to 1600; increased undergraduate student selectivity with an increase in average SAT scores and the percentage of applicants accepted dropping from 93% to 56%; establishment of the College of Graduate and Continuing Studies, which currently has more than 1600 online students enrolled in 16 programs including master’s degrees, bachelor’s degrees and professional certificates, and an Honors Program has been instituted.
Also under Schneider’s leadership, substantial additions to the physical plant have been made including Kreitzberg Library, Bartoletto Hall, Wise Campus Center, Sullivan Museum and History Center, Kreitzberg Arena, Shaw Outdoor Center and Doyle Hall, a biomass plant, two new dormitories, Dalrymple and South Halls; renovations to Haynes Family Stadium at Sabine Field and Kreitzberg Library as well as plans for new construction and investments from the Forging the Future $100 million five-year bicentennial campaign, culminating in 2019. The Sullivan Museum and History Center has also been recognized as a Smithsonian Affiliate.
The university has produced positive financial results: net positive annual income; investment grade bond rating and increased its endowment from $40 million to over $208 million.
The Norwich Forever campaign exceeded the $55 million goal by raising $82 million. The Bearing the Torch effort exceeded the $20.2 million goal and raised more than $24 million. Schneider has led five consecutive campaigns, which have all exceeded the fundraising goals since “Norwich 2000” was launched in 1984.
Rankings are determined by these nine financial factors:
- Endowment assets per full time student
- Primary reserve ration, measuring expendable assets versus annual expenses
- Viability ration, which measures value of expendable assets relative to the university’s debt load
- Core operating margin, which measures amount of profit
- Tuition dependency
- Measure of growth of assets
- Admission yield, looks at how many accepted students attend
- Percentage of freshmen receiving institutional grants
- Instruction expenses per full time student
For more information, read the full report here: http://www.forbes.com/sites/schifrin/2016/07/06/forbes-2016-financial-grades-is-your-college-financially-fit/#4f9c56337309
About Norwich University
Norwich University is a diversified academic institution that educates traditional-age students and adults in a Corps of Cadets and as civilians. Norwich offers a broad selection of traditional and distance-learning programs culminating in Baccalaureate and Graduate Degrees. Norwich University was founded in 1819 by Captain Alden Partridge of the U.S. Army and is the oldest private military college in the United States of America. Norwich is one of our nation’s six senior military colleges and the birthplace of the Reserve Officers’ Training Corps (ROTC).www.norwich.edu
In fulfillment of Norwich’s mission to train and educate today’s students to be tomorrow’s global leaders and captains of industry, the Forging the Future campaign is committed to creating the best possible learning environment through state-of-the-art academics and world-class facilities. Norwich University will celebrate its bicentennial in 2019. Learn more about the campaign and how to participate in the “Year of Transformation” here: bicentennial.norwich.edu.
Assistant Director of Communications
Office Tel: (802) 485-2886
Mobile: (802) 595-3613