What impact can facilities have upon college costs? At most institutions, facilities are the largest asset — often triple or quadruple the value of the endowment. It is not surprising, therefore, that having top-quality facilities and keeping them up to date is central to the conversation when it comes to rising college costs.
New, state-of-the-art facilities are needed to meet the demands of students and faculty, and these facilities will need maintenance and upkeep well into the future. Concurrently, the bulk of campus facilities were constructed between 1960 and 1975 to accommodate an influx of students. These spaces now require renovations or repairs, and these investments often compete with ones in faculty and financial assistance to students.
With two major waves of funding needs coming due simultaneously at many campuses, proper management of space and costs is crucial. In his article for Change: The Magazine of Higher Learning, “To Build or Not to Build: Addressing Facilities Needs While Controlling Costs,” Sightlines Vice President Jim Kadamus discusses this core problem and offers strategies being implemented to maximize the value of existing campus facilities.
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