Senate attends fiscal transparency seminar

first_imgAt the weekly student senate meeting, senators made various announcements and welcomed Duncan Hall’s newly-elected senator, junior Steven Frick.After the official meeting adjourned, Senate members stayed to attend an event hosted by the Office of Development entitled “Where Does the Money Go: An Insider’s Look into Finances at Notre Dame.” Ellen Roof, ND Loyal and Young Alumni program director, led an information session followed by a question and answer session. She began by saying that last year, it cost $1.17 billion to operate the University, with the largest portion of spending, 42 percent, being used on instruction. In addition, Roof reported that the University receives $320 million in tuition dollars each year, displaying a graph that illustrates the increase in Notre Dame’s tuition plotted against the increase in Notre Dame’s financial aid contributions since 2000. Over the past 18 years, the cost of a Notre Dame education has increased by 140 percent, but the amount that Notre Dame spends on financial aid has consequently increased by 430 percent. “We are really striving to increase the financial aid available for students, at a significantly higher rate than any tuition raises,” Roof said.Roof also discussed Notre Dame’s endowment spending and how the University uses this resource. Endowments, or the collection of financial assets made up of charitable gifts to the university, make up 37 percent of Notre Dame’s revenue. But the endowment is not a singular entity. Rather, Notre Dame’s endowment is actually a group of over 5,500 endowed funds that are grouped and invested together. As of the end of the 2018 Fiscal Year, the endowment was worth $13.1 billion. Roof said about 60 percent of the endowed funds go towards financial aid for students. Overall, Notre Dame spends about 4.5-5 percent of endowed funds every year, or about $393 million from the 2018 FYE. Roof said having a robust endowment fund is extremely beneficial to the university in the long run.“We want Notre Dame to be around forever, so we really have to have a careful fiscal responsibility in terms of smoothing out that spend curve over time,” Roof said. Vice president of University relations Lou Nanni led a question and answer portion of the presentation, discussing questions from students about Notre Dame’s spending and finances. In response to a question about whether Notre Dame takes notice of average student loan debt among members of the campus community, Nanni explained a policy orchestrated just a few years ago that no undergraduate student will graduate with more than 10 percent of debt from a four-year education at Notre Dame. “If you figure that a four-year education at Notre Dame is roughly $250,000, $280,000 totaled over years, that means no one should be graduating with a debt of more than $25,000,” Nanni said. Nanni said 46 percent of students at Notre Dame receive financial aid from the University, and the average package for a student is around $31,000. However, in response to a question from senior and Pasquerilla East senator Catie Gabanic, Nanni clarified that the debt limit policy does not apply to private loans, but only loans taken out from the federal government.Another student inquired about the mentality about pricing on-campus housing, when certain newer dorms are significantly nicer than older dorms, but pricing for living on campus remains a flat fee. Nanni responded by discussing the University’s plans for remodeling its residence halls and the funding for new dorms. “We’re making some triples doubles. some doubles are becoming, in these old dorms, singles and we are increasing the social and study space in these dorms,” Nanni said. “The problem is, as we do this, we are losing beds. That’s required us to build new dorms, to replace the housing stock we are losing in the old dorms, and now more students will be living on campus.”Tags: Endowment, financial aid, student senate, University financeslast_img read more

Chris Fogg named president of the Vermont Attractions Association

first_imgAt its October Annual Meeting, members of the Vermont Attractions Association (VAA) named Vermont Chamber Vice President of Travel and Tourism Chris Fogg as their new President.Vermont Attractions Chairman of the Board Gary Neil of Quechee Gorge Village noted, We are looking forward to working with Chris. He brings to the post of President a wealth of marketing experience as well as a fresh perspective.Fogg has been the Vermont Chamber Vice President of Travel and Tourism for nearly two years. Formerly the Director of Marketing for the Lake Champlain Regional Chamber of Commerce, Fogg possesses extensive sales and marketing experience working with the Vermont Convention Bureau, the Burlington Free Press, and Sage Hotels Inc. in Boston.Fogg stated, I am delighted to accept the nomination as President of VAA. Our organization has a proven track record in enticing visitors to experience a Vermont vacation. I look forward taking this already successful association to an even higher level of marketing success.The VAA was founded in 1965 to promote attractions throughout the state of Vermont and establish, develop, and promote high standards of tourism in Vermont. Currently sixty-seven attractions throughout the state comprise this premium organization representing the highest standard in education, quality, and craftsmanship. The VAA is managed by the Vermont Chamber of Commerce.The VAA publishes 1.2 million copies annually of the popular Vermont Attractions Map & Guide, maintains a popular website at www.vtattractions.org(link is external), attends national tourism industry shows, and publishes members events in the This Month at Vermont Attractions newsletter.Fogg replaces Sue Kruthers, former Vermont Chamber Vice President of Travel and Tourism.last_img read more

Done Deal…Scientific Games completes NYX Gaming acquisition

first_img Kevin SheehanIssuing a corporate statement, Nasdaq-listed gambling technology provider Scientific Games Corporation (SGC) has today confirmed that it has completed its acquisition of online gambling platform and software supplier NYX Gaming Group.SGC governance closes its pursuit of Toronto TSX-listed NYX Gaming, which began in September 2017, when the technology firm proposed a $630 million deal to acquire NYX assets outright.Seeking to bolster its digital betting/gaming operations, SGC governance would undertake an aggressive buyout of NYX’s shareholding.Gaining the deal approval of key stakeholders William Hill and Sky Bet, SGC governance called for final NYX shareholder vote this December, securing a unanimous 99% approval for its takeover.Updating stakeholders, Kevin Sheehan, Scientific Games Chief Executive Officer stated “Today, Scientific Games moves forward as a leading digital provider of sports betting, iGaming and iLottery technologies, platforms, content, products and services”.“As we look to 2018, we are truly excited by the opportunities that this acquisition presents to us.”In its deal prospectus, SGC governance announced that following the acquisition of NYX assets, the company would move to realign its digital services division, which would be now led by NYX CEO Matt Davey as SGC Group President of Digital Gaming.The deal completion, sees SGC boost its online gambling software securing NYX’s popular Open Gaming Systems. Furthermore, SGC will gain a significant foothold in the global online betting market, adding the OpenBet systems to its client provisions.NYX Gaming is expected to end its trading as a Toronto TSX enterprise on the 10 January 2018. Share Perelman fund reviews majority shareholding in Scientific Games July 16, 2020 Submit Related Articles Luckbox gears up for Toronto IPO May 21, 2020 Scientific Games confirms Michael Eklund as inbound Group CFO  May 22, 2020 StumbleUpon Sharelast_img read more