Traverse City Record-Eagle

Archive: Thursday

August 29, 2013

NMC ends year with $189,895 surplus

TRAVERSE CITY — Northwestern Michigan College ended its 2012/13 fiscal year with a $189,895 surplus, about $32,000 higher than budgeted.

The higher surplus owes, in part, to donations from the Les and Anne Biederman Foundation and Rotary Charities of $125,000 and $20,000, respectively, for a Great Lakes Maritime Simulator. The simulator gives students a virtual experience of piloting a ship without leaving the academy.

Tuition was $1.7 million lower than budgeted because enrollment was down 7 percent from projected figures. The tuition decline was offset by $840,000 savings in adjunct salaries and open positions that weren’t filled over the year.

NMC’s budgeted revenues of $42.7 million this past fiscal year are projected to increase to $43.1 million next fiscal year.

 

 

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