Hartford Business Journal

14 HARTFORDBUSINESS.COM | AUGUST 5, 2024 Lawrence P. Ward began his new job as University of Hartford president on July 1. HBJ PHOTO | STEVE LASCHEVER Coming Home Aiming for long-term tenure, new UHart president Ward focuses on restoring financial stability, enrollment growth Speaking two weeks into his new job, Ward said he's focused on building staff confidence, increasing student recruitment and retention, and boosting fundraising from alumni and donors. He also wants to "right- size" the university's offerings, which will mean strengthening in-demand programs and possibly trimming some that no longer make sense. Ward said he is talking to staff and students, as well as business and community leaders as he begins to chart a path forward. He has also reached out to college presi- dents who have confronted similar financial challenges. "There is a humility that is needed when you step into a college pres- idency," Ward said. "The humility is asking others what led to their success. In doing so, you can begin to triangulate your path forward." Strong foundations Ward said he's confident in UHart's future, given the school's diverse, in-demand degree programs, strong faculty and recent improvements. The university has added new programs in nursing and health professions, aeronautical and robotics engineering, digital commu- nications, and sports management, among others. "We have brought on a number of new programs that are compelling for students and families, and which also prepare our students to add value to the workforce," Ward said. In 2019, the university created the Center for Student Success, assigning academic advisors to all first-year and transfer students. That's helped increase the percentage of freshmen who reach sophomore year from 74% in 2021, to 83% in fall 2023. Ward said he doesn't see continual increases in tuition and fees — esti- By Michael Puffer mpuffer@hartfordbusiness.com N ewly installed University of Hartford President Lawrence P. Ward's plans for a long tenure are evident following his recent purchase of a house in Hart- ford's west end. But Ward says he knows he must show progress in key focus areas — including growing enrollment, strengthening UHart's finances and improving campus culture — during his first three-year contract in order to secure another. "Hartford is home," said Ward, who grew up in Vernon and has deep family roots in Greater Hartford. "At age 54, when you finally come home, I don't do that with the intention that I'm headed anywhere else. My focus will be on what do I do over these next three years that earns the confidence of this community and this board to say: 'We want Larry to be here a bit longer.'" The University of Hartford has weathered a couple rocky financial years. It was forced to hire a finan- cial consultant in December 2022, after failing to meet the debt service coverage ratio on more than $133.6 million in bonds it used for campus improvements and debt refinancing. The university also discovered it had overstated revenues in reports to bondholders. The school is back in compliance with bond requirements and has made strides with its finances, but is not entirely out of the woods. UHart restored its debt service coverage ratio — a key measure of an organization's ability to repay debt — by tapping $6.5 million from its unre- stricted endowment and $3.7 million of endowment investment income, according to an update the school delivered to bondholders in late June. University leaders have also increased — from 4.5% to 9% — the amount that can be drawn from the school's $194 million endowment in fiscal 2025. UHart ran a $17.1 million net oper- ating deficit during the 2021-2022 fiscal year. That shrank to a $7.4 million deficit for the fiscal year that ended June 30. UHart is projecting a $2.6 million deficit for the 2024-2025 fiscal year. A report by consultant Longhouse Capital Advisors last year blamed UHart's financial challenges partially on the pandemic's impact on enroll- ment and revenues. It also noted budgetary errors that kept the school from making spending adjustments that might have closed a portion of the deficit. UHart has since improved student retention and experienced an increase in the number of students using dorms and dining commons, which has boosted revenues. Longhouse also described UHart's "belt-tightening measures," including moving its athletics programs from Division I to Division III, and outsourcing facilities maintenance. Longhouse notes competition for students from other universities as an ongoing challenge, forcing UHart to repeatedly offer financial aid in excess of budget predictions. Financial restoration Righting UHart's financial ship is a major priority, Ward acknowledged. "That's not something I get to cede to anyone else, whether it's the chief financial officer or anyone else," said Ward, who replaced former President Gregory Woodward. "I'm the chief executive of this university, and its financial well-being is priority one. That is enrollment management. That is fiscal management. It's philan- thropy and development and a fair amount of creativity." Lawrence P. Ward President University of Hartford Education: Bachelor's degree, business administration, UConn; master's in higher education, University of Michigan; Ph.D., higher-ed management, Univer- sity of Pennsylvania Age: 54

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