For Immediate Release
Contact: Public Relations
Phone: 919-985-5141

October 30, 1996

Wesleyan College Board Designates Unrestricted Net Assets

Rocky Mount, NC -- North Carolina Wesleyan College ended fiscal year 1995-96 with a surplus of approximately $400,000 in unrestricted funds. Friday, the Wesleyan board of trustees voted to allocate $100,000 of those funds to salary increases for faculty and staff, $75,000 for technology improvements to classrooms, $100,000 to debt retirement, and $50,000 to additional marketing and image improvement. The remaining $75,000 will be designated as unrestricted net assets of the college. These allocations will help position Wesleyan College better for the future.

The last salary increase the college's employees had was 20 months ago, at which time a salary study was conducted and the first phase of equity adjustments was made. The distribution of the new $100,000 fund would be effective January 1, 1997, after Phase II of a salary study is complete. Hopefully, the third phase of the equity adjustments would be carried out sometime in fiscal year 1997-98. These adjustments will help make Wesleyan more competitive in recruitment and retention of employees.

The additional $75,000 for technology improvements to classrooms will allow the college to install hardware and software in each classroom, secure it, and provide workshops for faculty to explore ways in which to provide classroom instruction using technology. This is all possible because the recent energy improvement contract with Honeywell established a fiber optic network on the Rocky Mount campus. The technology improvements are a step toward positioning Wesleyan College to become a leader in small colleges who teach through technology, an obvious benefit for recruiting students.

The $50,000 used for marketing and image enhancement will be used to provide more exposure for Wesleyan, aimed at recruiting more students and to publicize the college's advantages.

These projects will take place in the college's current fiscal year. Designating these unrestricted net assets will still leave approximately $75,000 to increase the total unrestricted net assets. That exhibits a degree of financial strength to future grantors, in fund-raising, or for seeking financing for future projects.

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