President Corey Responds to Economic Impact

Dec. 5, 2008 By Jenna Bartlo

President Barry H. Corey, announced Biola’s response and cautionary measures to the current economic conditions on Sunday, November 14, 2008 in a memo to the Biola community.

“Biola University, as is true throughout higher education today, needs to respond in a wise, prudent and thoughtful way to the current global economic conditions that continue to present serious challenges,” said President Corey.

Although, Biola’s endowment has lost approximately 13 percent of its value since June 30, 2008 which is modest compared to the dramatic decrease in value of financial markets, Biola continues to be in a strong financial position fundamentally.

Biola is preparing for spring semester and the 2009/2010 academic year (which runs from July 1, 2009 through June 30, 2010) with sensitivity to the potential impact the economy is having on Biola students and their families the school serves.

Budget reallocations have been implemented as precautionary measures as Biola strives to minimize any possible negative effect they may have on the quality of their programs and the services they provide.

“We will be careful how we spend, yet we will not abandon our vision to move from strength to strength as we begin our second century,” President Corey said. “We will preserve our core mission and continue to advance our strategic initiatives which fortify our distinctives and seek to improve revenue streams.”

President Corey highlighted specific cautionary measures and actions that have been taken including, but not exclusively, the establishment of a Student Economic Crisis Response Council who are working with students and families currently experiencing significant financial loss.

Biola continues to work assertively to attain a long-planned modest increase in enrollment for Fall 2009, to preserve jobs within the Biola community, and Biola has curbed spending for the remainder of the fiscal year including a temporary hiring freeze of all unfilled, non-faculty budgeted positions until we have a better idea of Biola’s spring enrollment and the national economic impact.

Biola continues with high priorities to provide students with continued and increased high levels of education quality, will not retrench on Biola’s core priorities and strategic initiatives, to exercise fiscal restraint through making precautionary decisions now. Biola will thoughtfully identify and prune appropriately areas that can be deemed as less than essential to our mission and will openly communicate planning so that no one of interest is unaware.

President Corey called the Biola community to remain thankful even in the midst of economic distress and “to continue to trust that God’s work will be done in God’s time. Again, I want to remind you that seasons of uncertainty are part of this life…He [God] will carry us through these difficult moments just as He did with so many faithful servants through out the ages.”

President Corey addressed the student body regarding Biola’s financial condition and the economy in a chapel held December 5, 2008 in Chase Gymnasium at 9:30 a.m. He reassured Biola’s stability amongst the economic hardships the world and higher education is facing as well as Biola’s actions.  

The president’s office will hold an information session Tuesday, December 9 at 8:00 p.m. and 10:00 p.m. in the Café Banquet Room where he will listen to the concerns students have so Biola can respond as needed.

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Biola University is a private Christian university located in Southern California on the border of Los Angeles and Orange counties in the city of La Mirada. For over 100 years, Biola has remained committed to its biblical foundation, integrating biblical principles with every academic program. U.S. News & World Report recognizes Biola as a “National University,” which is considered the “major leagues” of higher education. In addition to its focus on intentional spiritual development and career preparation, Biola offers a unique academic environment where all faculty, staff and students are professing Christians. With over 145 academic programs in seven schools, Biola offers degrees ranging from B.A. to Ph.D. For more information, visit www.biola.edu or call (562) 777 – 4061.



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