In the 54 days since Hannibal-LaGrange University declared a state of fiscal exigency, the University has experienced incredible financial growth and will remain open for the fall 2022 semester.
Just eight weeks since fiscal exigency measures were enacted, gifts from local churches and individuals total over $1,000,000, including a record $227,815 from HLGU’s 2022 Day of Giving.
“Robust giving, combined with reduced payroll achieved, the suspension of retirement benefits, significant administrative cuts, and a renewed commitment to God-honoring stewardship, means we will be open this fall and the mission of Hannibal-LaGrange University will endure! To God be the glory!” said HLGU transitional president Dr. Rodney A. Harrison.
On March 3, 2022, the financial forecast for the University showed the institution was 27 days away from exhausting its $1M line of credit while having outstanding bills of nearly $900,000. Closing the University was a consideration during this time.
To open in the fall, HLGU needed $3.2 million. So far, HLGU has:
- Received donations and pledges totaling $1.15M
- Negotiated the sale of the Pulliam Street Apartments: $275,000 will be applied toward principal and interest
- Renegotiated with vendors, resulting in a $416,000 in gifts or write-offs toward accounts payable
- Received a pre-payment of the Missouri Baptist Convention Cooperative funds for $180,000
All of these factored together add up to a total cost-saving of $2.01M for the University. HLGU still plans to raise another $1,000,000 in the next 90 days.
“In the last two months, God has used people to bless Hannibal-LaGrange University,” said Vice President for Institutional Advancement Dr. Ray Carty. “People are responding to the work God has yet to do at HLGU. We’re still looking for support through August, but we are encouraged that people see God’s work being done at Hannibal-LaGrange.”