In fiscal year 2000, Greenville College had to borrow money nine out of twelve months solely to cover operating expenses. During the 2001 fiscal year the college only borrowed during seven months, but adversely the college reached a peak of $1.9 million of borrowing on the bank line-of-credit. Between July 2001 and July 2007, Greenville College went from its highest line-of-credit to having a cash surplus robust enough to fund operations without borrowing. "The end of July 2007 marked the first 12-month period in many years that Greenville College had no borrowings on its bank line-of-credit, measured at the end of each month," stated Rick Rieder, vice president for Finance/CFO of Greenville College.

During this same period the college also saw a considerable reduction of debt and a notable increase in net assets. In addition to the commitment by the Greenville College board of trustees to cover the existing endowment debt as "first steps" toward the completed comprehensive campaign, the college recently paid in full $750,000 in uncollateralized short-term demand notes, which were also used in prior years to fund operations. Since fiscal year 2000, the total net assets of Greenville College have increased by $18.1 million, which is more than 240 percent.

As the bank line-of-credit steadily reduced and enrollment and cash flow increased, Greenville College has been able to add several buildings on the campus: Whitlock Music Center, Maves Art Center, a bookstore/communications building (Dietzman Center) and three new residence halls, Blankenship Apartments, Mannoia Hall and Oak Street Hall.

Since the arrival of the fall 2003 freshman class, enrollment has been on a steady increase with dramatic increases in enrollment, freshman classes in both the fall of 2006 and 2007. In addition to the growth in enrollment over the past several years that has had a profound impact on the financial situation of Greenville College, there are several other factors that have contributed to the improved financial position.

Although only a few years old, the systems created to closely monitor budgets and cash flow have promoted efficient spending and ensured that departments do not go over budget. One of these systems allows all budget managers to view their department budget online, giving them up to date information for making good decisions.

The college board of trustees also contributed to the financial success of Greenville College by passing a conservative budgeting policy. This policy requires the college to base the upcoming year's budget on the current enrollment, rather than projected enrollment, preventing lofty expectations based on early enrollment figures. This policy adheres closely to the saying, "If you don't have it, don't spend it."

  But, according to President Jim Mannoia, the most important factor has been the people. From Accounts Receivable to Payroll, the employees in the Finance Department have made a significant impact over the last several years. Rieder shared, "The skills, experience and dedication of the Finance Department staff have played a large part in achieving the financial position that Greenville College is now in."

In addition, states Mannoia, "Were it not for the conscientious efforts of every single budget manager, all the systems and policies would make little difference. This care is at the heart of the GC spirit."

With more than 12 months of financial freedom, increasing enrollment, a cash surplus, strict systems and policies in place, and a highly skilled staff, Greenville College is beginning to experience the benefits of this new financial situation. The college can now build and invest the cash surplus to create a financial cushion, as well as attend to areas of need that had once been low on the priority list. The end of July 2007 marked the end of a financially difficult era and, we believe, the beginning of an era full of opportunity and growth.