Findlay, Ohio, Oct. 15, 2004 – During the fiscal year which ended June 30, 2004, The University of Findlay balanced its budget by $1 million, reduced indebtedness by $6 million, increased net assets by $5 million and paid $2 million for summer projects from the operating budget.

These actions were reported at a meeting of the University Board of Trustees on Oct. 14-15.

The Board approved a balanced budget for the fiscal year 2004-05, which began July 1, 2004. The budget reflects plans to strengthen further academic and student programs and reduce indebtedness by an additional $3 million.

Additional faculty members are part of a plan to focus on strengthening academic programs. A total of 16 new full-time faculty members have been appointed for the current academic year, representing eight new positions and eight replacements or filling positions that have been vacant. Additionally, two administrators have returned to full-time teaching positions. These actions reflect an increase of 10 full-time teaching positions for the current academic year.

Gifts and grants for fiscal year 2003-04 were $5.5 million, compared to $5.1 million the year before. The number of donors was 3,322 compared to 3,154 the prior year. The $2.2 million campaign for an addition to the Mazza Museum stands at $1 million in gifts and pledges.

Full-time equivalent enrollment is 3,828 this year compared to 3,805 last year and 3,778 the year before. The number of full-time students is 3,059 compared to 3,043 last year and 3,072 the year before. Head count enrollment, which includes anyone who enrolls for a one-credit course or more, is 4,657 compared to 4,711 last year and 4,586 the year before.

Plans for moving toward reinstating a music education major and offering a pharmacy major and degree were reviewed.

The Board accepted the annual audit report for fiscal year 2003-04, presented by outside auditor Ernst & Young.

Karl Heminger of Findlay and Jennifer Capra Smith of Thousand Oaks, Calif., were sworn in as new trustees.

Thirty-two regular trustees and three special trustees attended the two-day meeting.

“We had a good meeting,” Chairman of the Board C. Richard Beckett said. “Trustees are pleased with the progress and direction of the University. We are improving finances substantially and systematically strengthening the academic, teaching and student programs of the University.”

The University of Findlay is a comprehensive university located in Findlay, Ohio, about 45 miles south of Toledo. With total enrollment of 4,600 full-time and part-time students, The University of Findlay is noted for its innovative, career-oriented programs in more than 60 majors and eight master’s degrees. For more information, visit www.findlay.edu.