SF Chron reported that SMC has received a warning letter from the accrediting authority for financial issues. It has lost $75M in the last three years and is taking a lot of money out of their endowment. They only have $175M left in their endowment. Maybe a part of Randy Bennett going to ASU.
USF also has financial issues- they lost $58M in the last two years but has $1.4 B in their endowment.
SCU doing well- $81M in profit for the last 3 years. Coach Herb makes $970,000.
Only other WCC that lost money recently is Denver - lost $30M in one year but other years fine.
Figures are from the schools tax form 990 that every non-profit must file annually.
Of course, we don’t these rivals to close- can’t hate a school is they are closed.
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Really tough and sad. I’ll make a small donation to SMC, the alma mater of enough people in my life whom I love (and some I tolerate) to make me wish the best for the institution and its grads.
Demographers have seen the enrollment cliff coming for decades. There wasn’t much to be done for small schools like Holy Names. They were too reliant on Baby Boom enrollment numbers, loose federal aid requirements, and low-cost teaching from clergy and then early-career adjuncts. SMC had time and resources to plan, but as with any massive ship, it’s hard to turn quickly and there are so many interests to appease that makes the hard decisions nearly impossible until they are mandated.
I hope that leadership at SMC can right the ship–President Thompson seems to be at least trying things: aquatics teams, regular press presence, new nursing program. It’s better for Catholic higher ed and for SCU to have sibling and rival institutions nearby.
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