Lake Erie College continues to review its operations and explore new partnerships to improve its financial performance. Some examples include: • Implement cashiering system with third party that will administer and streamline payment plans.
• With the implementation of the cashiering system, Lake Erie College will pass credit card fees onto the consumer. This will save the College approximately $80,000 per year.
• Continue with zero based budget method and leave operating budget flat with that of fiscal year 2024 budget.
• Stick to our policy of being a residential campus and ensuring that all students are also enrolled in a meal plan to guarantee that we meet our budgeted revenue from auxiliaries.
• Seeking and receiving grants from state and county governments.
• Continuing to increase fundraising projections by engaging new donors and board members. Anticipated Completion Date: The cashiering system will go live the week of March 24, 2025. The other items will be ongoing throughout the fiscal year. Responsible Contact Person: Jacalyn Kovach, Vice President of Finance