New River CTC takes another look at its finances - Beckley, Bluefield & Lewisburg News, Weather, Sports

New River CTC takes another look at its finances

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • Calacino's in Beckley is home to Mountaineer football

    Calacino's in Beckley is home to Mountaineer football

    Calacino's in Beckley is home to Mountaineer football

    Saturday, August 30 2014 5:40 PM EDT2014-08-30 21:40:42 GMT
    The Mountaineers have thousands of fans, but Calacino's in Beckley is one local business that relies on them to keep their doors open.Jerseys, and posters fill the walls and Calacino's owner, Jerry Zaferatos , said in college football you cant count anyone out."I wouldn't have this business if I listened to people saying, you don't have a chance," Zaferatos said.Dominique Calicino opened the business back in the early 1930's and the owner says that he doesn't know where they would be without ...
    The Mountaineers have thousands of fans, but Calacino's in Beckley is one local business that relies on them to keep their doors open.Jerseys, and posters fill the walls and Calacino's owner, Jerry Zaferatos , said in college football you cant count anyone out."I wouldn't have this business if I listened to people saying, you don't have a chance," Zaferatos said.Dominique Calicino opened the business back in the early 1930's and the owner says that he doesn't know where they would be without ...
  • One person injured after ATV accident in Fayette County

    One person injured after ATV accident in Fayette County

    Saturday, August 30 2014 4:37 AM EDT2014-08-30 08:37:47 GMT
    Emergency crews were called to the scene of a ATV accident, just before 10 pm Friday.According to Fayette County 911 the ATV was struck by a vehicle along the 1900 block of Rt 60 Anstead area of Fayette County.One person was transported by helicopter, to a local hospital for treatment, The extent of those injuries or what caused the accident is not yet known at this time.The Fayette County Sheriff Department is investigating.
    Emergency crews were called to the scene of a ATV accident, just before 10 pm Friday.According to Fayette County 911 the ATV was struck by a vehicle along the 1900 block of Rt 60 Anstead area of Fayette County.One person was transported by helicopter, to a local hospital for treatment, The extent of those injuries or what caused the accident is not yet known at this time.The Fayette County Sheriff Department is investigating.
  • Intruder Kicks in Door at Apartment in Beckley

    Intruder Kicks in Door at Apartment in Beckley

    Friday, August 29 2014 11:27 PM EDT2014-08-30 03:27:05 GMT
    Beckley Police are searching for two suspects after a burglary at the Lewis Ritchie Apartments in Beckley around 10:00 Friday night (8/29). 
    Beckley Police are searching for two suspects after a burglary at the Lewis Ritchie Apartments in Beckley around 10:00 Friday night (8/29). 

Unfortunately for those hoping numbers will disappear with the end of math class, numbers continue to barrage everyday life.

Numbers are everywhere. They're displayed through a digital clock, reminding individuals of appointments not to be tardy to. Numbers are reflected in gas prices and everything else that has to be paid with monetary compensation. Numbers in an individual's personal budget determine what can be bought and what has to be put on hold until more numbers in the form of money make its way into one's bank account.

After taking a look at New River Community and Technical College's financial statements, Kenneth Culp, retired certified public accountant, said he's "just trying to show the financial situation of the school."

When it comes to the average number of students, Culp said that number usually comes in at about 2,300. The graduation rate of the 2,300 students per year is 5 to 14 percent, or between 115 or 322, according to financial statements.

The biggest numbers, however, come in the form of revenues and operating expenses.

Billed revenues for 2012 came out of $9,100,000, with a write off of 63 percent, or $5,700,000. Net revenue was $3,400,000, which is the amount New River collected.

The next set of numbers Culp said was important was operating expenses. In 2012, operating expenses were $21,400,000, with an operating loss of $18,000,000. 

According to Culp, the $18,000,000 in losses are paid for by taxpayers, with 51 percent coming through federal compensation and 49 percent coming through state compensation.

"These losses do not include direct contributions by the state," Culp said. 

When it comes to student revenues, Culp said that deserves closer inspection as well.

In 2013, student gross revenue was $9,253,950 and in 2014, that number should be $10,198,778, both with a 60 percent write off.  

"The college bills students $9,100,000 per year but writes off $5,700,000, netting only $3,400,000," Culp said.

Net student revenue for 2013 was $3,999,860 and in 2014, it was $4,386,744. 

When one looks at student financial aid, which is given directly to the students, $4,038,237 was the number for 2013. In 2014, that number rose to $4,159,384.

When it comes to the $18,221,624 taxpayer funding portion, Culp said he would distribute it in a specific way.

Currently, the taxpayer funding portion consists of federal contracts and grants, state contracts and grants, state appropriations, restricted state appropriations, federal Pell grants and state capital payments.

"A better use of this taxpayer money would be to pay $10,000 per year for 1,800 students to go to college," he said. "If this were in the form of loans, then it could be re-used year after year."

Last year, New River Community and Technical College acquired property at the Nicholas County Industrial Park to build an additional facility.