ALAMOSA — Total revenue at Adams State University for the fourth quarter of 2018-20a19 is up $620,000. The total assets of Adams State University have also increased and currently stand at $28.8 million. The report from the Finance and Audit Committee presented on Friday to the ASU Board of Trustees by ASU Chief Financial Officer Heather Heersink was called “one of the more encouraging reports in the better part of three years,” by ASU Trustee Chairman Cleave Simpson.
Year two tasks of the University’s Financial Action Plan were also discussed. A projected increase of $1.2 million in state allocations to the university is also expected. In addition, the university is expected to take on some new initiatives such as the establishment of men’s swimming team to the Athletic Department, which in turn would help to generate more tuition. These new initiatives are expected to generate another $463,000 in revenue.
Other options that the board is considering within the Financial Action Plan include the evaluation of courses with lower enrollment, debt restructuring, freezing reserves, and a 5 percent enrollment hedge. The board voted unanimously to approve the Finance and Audit Committee’s further exploration of debt restructuring options. The committee will return to the board with recommendations within the next few weeks.
ASU Interim President Dr. Cheryl Lovell encouraged the board to continue thinking about “smart and strategic growth,” as the path forward for Adams State University. The board was in agreement that the financial state of the university has definitely improved. There is a sense of what Heersink called “cautious optimism,” moving forward.