AMU at a Watershed: Guaranteed Funding from Tom Monaghan Ends This Month
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- Published on Friday, 13 June 2014 21:58
Ave Maria Univeristy reaches a milestone at the end of this month. After 10 years of relying on founder Tom Monaghan's annual donations – which totaled about a quarter of a billion dollars – the university will be on its own.
"There is not a penny of Tom's money in the budget for the new fiscal year starting July 1," said AMU President Jim Towey in an interview in which he reflected on the school's 10th anniversary year and looked ahead to the next term beginning in the fall.
Although Mr. Monaghan's personal commitment to fund the school's deficits is ending, Mr. Towey said that the school will still see financial benefits from the founder's investment in the town of Ave Maria.
"Tom may not be giving directly, but the model he set up to provide money from home sales is producing revenue, and there is money in the budget from continuing home sales," Mr. Towey said.
Mr. Monaghan received an honorary doctorate from AMU this year, which Mr. Towey said was personally an especially meaningful event. "I discovered he had never received an honorary degree from the university he founded." Right, Mr. Monaghan (center) after receiving his honorary degree. Applauding is Mr. Towey while Acedemic VP Michael Dauphinais holds the certificate.
The degree was conferred at the school's annual scholarship dinner in February which also featured another meaningful event in the school's history – the announcement of plans to build an $11-million performing arts center on campus.
"It's a major step for us, but now we have to raise the money," Mr. Towey said, adding that the school has received a "couple of major commitments" but still has a way to go to secure funding to start construction. The announcement of the performing arts center said it was hoped it would open in 2016.
The center also will serve as the permanent home for the Mother Teresa museum, which opened earlier this year in a temporary facility in the Ave Maria town center across the road from the AMU campus.
"Our visit from Sr. Dorothy – the fourth nun to join Mother Teresa's order – was another important highlight of the year," Mr. Towey said.
"It cemented the ties between her order and Ave Maria University," he said. "The Mother Teresa project will draw international attention to the university and has the potential to transform so many students' lives."
With the events of the 10th anniversary year in the rear-view mirror, the coming academic year appears to be focusing more on the day-to-day aspects of building the institution.
The Southern Association of Colleges and Schools (SACS) will be reviewing the university's application for re-accreditation and academically the school will be integrating the seven new majors, including nursing, that were announced last year.
"We now have 30 majors," Mr. Towey said. "There were 11 when I arrived," in 2011.
"The school has a strong heartbeat," the president said. "In enrollment, we are 70 deposits ahead of where we were at this time last year and are hoping to have an incomimg freshman class of 400."
Total undergraduate enrollment is expected to be about 1,000, Mr. Towey said, although he acknowledged that number is lower than the aggressive growth the school had projected last year.
"We shoot for the sun and settle for the stars," he said.
Most of the changes at AMU aren't easily noticeable by those outside the university community, but one is.
Work crews have been pulling down the vines resembling ivy that have been growing on the outside walls of the campus buildings.
"The ivy that grows on walls up north doesn't grow in Florida," Mr. Towey said, "so a different plant – called creeping fig – was planted instead. Unfortunately, it is invasive and destructive and has to be removed before it further damages the buildings." Below, a workman removing the fines and an area of a wall where vines were removed, showing the damage.
