Dear Friends of MIU,
Warm greetings!
This weekend, MIU graduated 833 bright and enthusiastic students—far outstripping our previous record of last year. Of all the graduation weekends we’ve hosted in our 50+ year history, this was clearly the most triumphant and most spectacular—in large part due to the exceptional quality and the deep dedication to MIU’s global mission displayed by our students. But whew … it sure “takes a village” and enormous efforts on the part of many to pull this off in spectacular fashion each and every year.
With commencement behind us, and as we fast approach the end of our fiscal year, we can pause to reflect on the challenges we faced and met head on, and the many adjustments we have made on so many levels. The plunge in revenues from our Computer Professionals program has been the main driver of these systemic changes, but we have met these changes head-on.
We have achieved $11 million in permanent savings in the 13 months since we undertook this cost-reduction effort last May of 2023—in addition to $1 million in temporary across-the-board pay cuts designed to get us through last year’s annual summer cash drought. All new Capital projects are now on hold, but thanks entirely to our blessed donors, we’ve been able to:
- Finish our Glorious Pool Project (the Cowhig Family Aquatic Center)
- Complete the Reconstruction of MIU’s spectacular new Course and Conference Center (k.a., the Fairfield IT and Business Park)
- Repair and paint the leaky roof of the Andy Zhong Athletic Complex (k.a. the Field House) so important to our students.
With all the cuts, there has been plenty of sacrifice to go around: Our dear, life-long faculty and staff have been asked to contribute towards their MIU health-insurance plans; to help cover the utilities costs for their on-campus housing; to take on heavier teaching loads; and to reduce staffing in every department—i.e., more work for everyone!
As of today, after $11,000,000 plus in cost reductions, next fiscal year’s budget is balanced—in part, because we’ve met this year’s core Annual Fund goal of $2 million—we have now hit $2.2 million. However, for some added, much-needed breathing room, we’d really like to meet our aspirational goal for this year of $2.5 million. We have until July 1, to raise that extra $300,000.
Many of you have already given generously. Some of you have stretched beyond your means, for which I am truly grateful. The marketing funds donated this spring to our newly formed President’s Strategic Fund are already paying major dividends, significantly increasing our tuition revenue projections. Again, I am humbled.
For those of you with a little left in your reserves, please consider helping reach our $2.5 million aspirational goal. What a relief and blessing it would be, come July 1st, to have this extra $300,000 available to sustain our cash flow through this cash-dry summer, and move forward with a comfortable budget for 2024-2025.
Thank you for your continued trust, and for your partnership.
Jai Guru Dev
John Hagelin, President