University Business - April 2010 - (Page 44)

INDEPENDENT OUTLOOK Auxiliary Enterprises: Asset or Albatross? Manageable management of non-core activities By Lisa Marsh Ryerson E DUCATING STUDENTS TO “think critically, reason wisely, and act humanely” is solidly at the core of what we do in higher education. Sometimes it seems, though, that what’s at the periphery—including retail, real estate, and public facilities—demands an inordinate amount of our time and energy. In audits and reports, letters to alumni, and press releases, we lump those responsibilities together under “auxiliary enterprises.” e diversity and range of what these may be, however, deﬁes categorization. In the case of Wells College (N.Y.), the array of auxiliary enterprises we manage is almost mind-boggling. Others may debate: Does our focus on these things detract from our commitment to academics, or are they important contributors to our overall missions? I ﬁrmly believe that, at least in our case, our auxiliary enterprises aren’t auxiliary at all; they’re part and parcel of what Wells is. ey improve the Wells experience for our students, faculty, and staﬀ; contribute to our ﬁnancial position; and, as we are one of the primary drivers of our local and regional economy, beneﬁt our community’s health. Still, managing such a diverse set of enterprises well depends on a committed board, the generosity of philanthropic partners, and a skilled team. Private colleges are major contributors to their communities’ quality of life and economic health. erything that our students need, assure our own ﬁnancial health and continued growth, and serve as the major employer and economic engine of our locality. Besides the contributions of our alumni to society, private colleges and universities are major community contributors. ey are the fastest growing sector, adding nearly $50 billion to the national economy. In Aurora, we are the single largest employer, taxpayer, and purchaser. From the impact on recruitment and retention to the multiplying eﬀect of every dollar we put into circulation, the eﬀect of every enterprise and decision is magniﬁed in such a closely intertwined environment. We run everything from a fourdiamond inn and bed and breakfast to the village market, pub, and coﬀeehouse, plus a public golf course, a water treatment plant, residential rental properties, campus transportation, the bookstore, and dining services. Perhaps most complex is the body of local commercial enterprises we manage. e renaissance of our village properties—made possible through a partnership with a philanthropic and visionary alumna—presented Wells with an unprecedented opportunity to add value to the college experience, contribute to village life, and leverage a substantial asset to our beneﬁt. Managed as a wholly-owned subsidiary and overseen by a village board, Wells’ local businesses provide amenities as well as job opportunities for students and residents. ey generate more than $300,000 in property and sales taxes and pump another $3.3 million into the local economy in payroll and purchasing. Lisa Marsh Ryerson has served as president of Wells College (N.Y.) since 1995. She served for ﬁve years as a board member and was an executive committee member of the Council of Independent Colleges, www.cic.edu. universitybusiness.com SMALL COLLEGE, BIG IMPACT At Wells—small at just under 600 students—and situated in the village of Aurora—even smaller at just 400 residents— we are called upon to provide nearly ev44 | April 2010 http://www.cic.edu http://www.universitybusiness.com

Table of Contents for the Digital Edition of University Business - April 2010

University Business - April 2010
Contents
Editor's Note
College Index
Company Index
Advisory Board
Behind the News
Sense of Place
Viewpoint
Financial Aid
Internet Technology
Certified for Safety
Managing the Enterprise on Limited Resources
A New Chapter for Campus Bookstores
Independent Outlook
What's New
End Note

University Business - April 2010