Hartford Business Journal

HARTFORDBUSINESS.COM | APRIL 3, 2023 21 Join us as we induct ASML, RBC Bearings and General Dynamics Electric Boat Announcing the 2023 American Manufacturing Hall of Fame Induction Ceremonies April 13 th 8 am - 10 am $50 pp Host site: REG. NOW OPEN: AmericanManufacturingHof.com Artemis I moonshot launch, Nov. 16, 2022 supported by 44 CT manufacturers •••••• -€ ‚‚•ƒ•„ •- … †… ‡„ƒ„ƒ ‡„ƒ„ƒ ˆ• †-… Farmington, CT high-profile new board chair: Stanley Black & Decker CEO and President Donald Allan Jr., who in May will replace David Gordon following his five-year term. Allan has been on the school's board of regents since 2015. Barney School of Business Dean Stephen Mulready will serve as interim president following Wood- ward's departure. The school on March 21 said it was interviewing national presidential search firms ahead of its quest to find a new leader. Campus, program upgrades UHart's efforts to confront chal- lenges predate the COVID-19 pandemic. On June 30, 2017, it wrapped up its fiscal year with an operating deficit for the first time in nearly two decades, according to its annual report. One day later, Woodward was appointed president — replacing longtime leader Walter Harrison — with a mandate to grow enrollment through increased retention and new academic programs. It has spent tens of millions of dollars — funded in part by bonded debt — since that time as part of those efforts. The school opened its Center for Student Success in October 2019, with 20 staff offering counseling, tutoring, mental health and wellness checks and additional guidance to freshmen. A 10,000-square-foot addition to the Barney School of Business debuted in September 2019, supporting a new business analytics major and expanded graduate busi- ness offerings. About the same time, the university launched new majors in nursing, exercise science and occupational therapy. Overall, UHart in the last five years said it has added 16 new academic programs linked to in-de- mand careers. In 2019, the university tapped $132 million through a CHEFA bond. It used the proceeds to refinance existing debt and fund construction of the 60,000-square-foot Francis X. and Nancy Hursey Center for Advanced Engineering and Health Professions. The building debuted in 2021. UHart turned to CHEFA for another $25.5 million bond issuance last year, which has been directed at additional facility improvements. The school said it has also raised $75 million through fundraising. UHart launched a $20-million residential renovation last summer, including updates to its Village Apart- ments, home to more than one-third of students living in campus housing. UHart's 2022 annual report also outlined several cost-cutting measures, including the outsourcing of facilities and maintenance depart- ments and the controversial move from Division I to Division III athletics. The school said the move to Divi- sion III will "increase student athlete enrollment as well as decrease the discount rate for student athletes." The investment in a new track and field facility will help attract more Divi- sion III athletes, the annual report said. UHart said it continues to review and adjust its business model, opera- tions and educational offerings. "Our board and leadership recognize the need to continue to make intentional investments in our students and in areas such as access and affordability, in-demand academic programs, residential life facilities and experiences, athletics, student support services, health and wellness, and career preparation," the university said. UHart's undergraduate and grad- uate full- and part-time enrollment stood at 5,812 in 2018-2019. That number has declined every year since then, taking the largest dip during the early part of the pandemic. In 2022-23, UHart enrollment was 4,921 students. However, the school said it sees positive trend lines ahead. "Currently, we are encouraged and excited to once again see significant increases in applications, admitted students, and committed students for fall of 2023, after enrolling a strong class in fall of 2022," it said. The school added: "In today's environment, and until our enrollment returns to pre-pandemic levels, we will continuously explore and eval- uate resources across the University to remain strong and sustainable. The University is a secure enter- prise with great momentum, and the essential pieces are in place to continue its success." UNIVERSITY OF HARTFORD SNAPSHOT YEAR ENROLLMENT NET OPEARTING DEFICIT 2018-19 5,812 $5.1 MILLION 2019-20 5,674 $3.8 MILLION 2020-21 5,478 $2.6 MILLION 2021-22 4,968 $17.1 MILLION 2022-23 4,921 NA Source: University of Hartford 2022 Annual Report

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