More Exciting Financial News!
Our Save Mills Coalition Friends have been diligently gathering financial data. First the "Falconi Report" and now a second set of data that will be shared very soon! Stay tuned. Until then, here is a brief synopsis shared on FB today.
Save Mills College Coalition
posted by Matt Hendricks
Here is a comparison of revenue and expenses in 2020 for Mills, Northeastern, and Whittier College.
Like some have already said here, Northeastern is not a model of financial health. NE is extremely reliant on tuition revenue to sustain its operations. That is because it has a small endowment for its size and has relatively low donor support.
This means that Northeastern must charge extremely high tuition and fees to its students. NE charges its average student $45k in tuition and fees (after institutional aid). By contrast, Mills charges less than half of that ($19k), but can generate nearly the same total revenue per student. This happens because Mills has a generous donor base and a large endowment.
What Northeastern does better than Mills is it spends within its means. As you all know by now, Mills' problem is a spending problem. You can see that in the graphs below. Mills spends a lot per student on non-instructional functions. Surely the merger will put an end to the excessive spending at Mills, but you don't need to merge in order to impose fiscal discipline. For example, Mills could just spend like Whittier College.
I added Northeastern to the dashboard, so you can compare them to Mills and generate these graphs yourself. See Graphs.
