[Sly Fox]

From the fishwrap ...

Liberty University raises record $22 million

By Carrie J. Sidener
Published: July 23, 2008

Liberty University’s planned-giving department raised a record $22 million in the first year since founder Jerry Falwell Sr.’s death.

That’s more than double the earlier $9 million annual record, set the previous fiscal year.

“I looked at $9 million last year and thought, ‘My goodness. How are we ever going to beat that?’” said Tom Arnold, director of planned giving. “And all of the sudden, the doors opened.”

The new record-holding fiscal year began six weeks after Falwell Sr.’s death in May 2007, and ended June 30.

Chancellor Jerry Falwell Jr. attributes success to the hard work of the planned-giving department in combination with the school’s continued strong presence.

“For years, there was a concern about Liberty’s permanence, and what would happen after my father passed,” he said. “I think people are starting to realize now that Liberty has a strong foundation, and it wasn’t just dependent on one man.”

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[Baldspot]

That also is how the school plans to spend a roughly $100 million surplus over expenses from the past two fiscal years, he said. That amount includes $29 million in proceeds from life insurance after Falwell Sr. died.

$100 million

[badger74]

I think this answers any questions about LU's near term viability and they should bank half the excess into the endowment fund for longterm strength. It's tempting to upgrade many things at once but rainy days always come and it is also important to have some cushion. Also with a good endowment LU will find borrowing much easier and favorable. For a school the size of LU a $500 million endowment should be the ten year goal. If the stock market would help some.

[Sly Fox]

Much of the increase in the coffers comes from the highly profitable DLP operation. And it shows no signs of slowing down.

But I do agree that the endowment should be a high priority.

[ATrain]

I'd like to see some of the professors get some raises, they deserve to be paid at or above their peers at other institutions. As Jerry said, "If its Christian, it ought to be better."

[HenryGale]

I'd like to see some of the professors get some raises, they deserve to be paid at or above their peers at other institutions. As Jerry said, "If its Christian, it ought to be better."

They need to start with the staff first....

[RagingTireFire]

I'd like to see some of the professors get some raises, they deserve to be paid at or above their peers at other institutions. As Jerry said, "If its Christian, it ought to be better."

That's a nice blanket statement that means nothing. Are all of our professors as good or better than their "peers at other insititutions"? If so, which institutions? Jerry's statement didn't mean that you just throw money at things.

[Hold My Own]

[ATrain]

I'd like to see some of the professors get some raises, they deserve to be paid at or above their peers at other institutions. As Jerry said, "If its Christian, it ought to be better."

That's a nice blanket statement that means nothing. Are all of our professors as good or better than their "peers at other insititutions"? If so, which institutions? Jerry's statement didn't mean that you just throw money at things.

I said some, not all.

[thepostman]

overall all staff at LU is underpaid and it should change, i did notice that a 3% raise was just given to all staff members, which is good with the rising cost of things...but i think it would be good for liberty and they would be able to bring in more qualified professors and staff for certain areas...

but it takes time for stuff like that...and this kind of money is only going to help that process....

[RagingTireFire]

overall all staff at LU is underpaid and it should change

We've all apparently heard that so often that we assume it to be true and it very well may be. BUT, to my knowledge, no one has ever shown actual data to prove that LU professors are so vastly-underpaid. I've worked for three different colleges and, in my experience, the worst complainers on the average campus are always the students but they are followed very closely by the faculty.

[badger74]

Nearly all colleges participate in the AAUP annual survey of salaries. I'll have to check to see if LU does. Looks like they are about $10k below average for similar schools in Va. But they are closing the gap.

Code: Select all

Liberty U (Virginia, category IIA) 
Year Prof Assoc Prof Asst Prof Inst 
2007-8 67.3 57.1 49.9 40.4 
2006-7 65.3 52.5 46.4 36.9 
2005-6 60.6 49.0 43.6 33.9 
2004-5 55.6 46.6 41.5 31.1 
2003-4 52.3 44.2 36.5 29.8 
2002-3 48.2 40.8 35.7 27.4 
2001-2 47.8 41.4 35.5 27.6 
2000-1 46.6 39.5 33.6 26.6 
'99-00 45.5 39.4 32.6 28.4

[RagingTireFire]

Looks like they are about $10k below average for similar schools in Va. But they are closing the gap.

Does that factor in cost of living differences between Lynchburg and where similar schools are located?

[Sly Fox]

That would only come into play in a few similar schools in state like GMU, UR, W&M and ODU. But schools like Radford and JMU actually have lower costs of living in general.

Frankly I am impressed by how much the school has stepped up financially the past decade for the faculty.

[badger74]

I don't think the COL in Farmville or Harrisonburg is all that different.