In a recent Herald-Tribune guest column, Christie Fitz-Patrick – New College of Florida’s chief of staff and vice president of finance and administration – claimed without providing persuasive evidence that the institution is an economic engine of Sarasota (“New College of Florida strengthens our economy, community,” Jan. 10).
This is an important point because Gov. Ron DeSantis’ proposed budget seeks to shut down the University of South Florida’s Sarasota-Manatee campus and give its assets – and its $54 million debt – to New College.
But this deal would put sugar in the gas tank of New College’s supposed “economic engine.”
After decades of financially starving New College, which resulted in a profoundly deferred maintenance program, the Florid Legislature poured money into New College in mid-2023.
But the money was increased for one reason: to help launch DeSantis’ failed presidential run in 2023.
Desantis made New College his educational centerpiece, as well as one of his legislative pet-projects.
And since 1975 – the year New College became a public college – the school has been dependent on the Florida Legislature for a major portion of its funding.
Unfortunately, New College was long neglected and ignored by that very same Legislature.
Indeed, to quote current New College of Florida President Richard Corcoran, the school’s campus “had been allowed to decay.”
The irony, of course, is that Corcoran was serving in the Florida Legislature – and even held the powerful role of House speaker – when past New College presidents would plead in vain for adequate legislative funding to repair and maintain the school’s buildings.
As someone who has been closely involved with New College for the past 50 years, I would love to tell you that the unprecedented infusion of cash Corcoran has received as the school’s president has gone to stabilize its finances.
Sadly, however, Corcoran’s administration has largely piled on new long-term liabilities, overseen an explosion of highly paid administrators and created a ridiculously oversized and locally unpopular athletics program.
And did I mention that it has also added a cigar bar for the president?
Meanwhile, students are being housed in local hotels – or in USF Sarasota-Manatee’s nearby dorms –while money is being lavished on the construction of a baseball stadium.
And while New College’s library spent long periods without a water-tight roof or a working HVAC system, money was spent to enhance a pool area with a jumbotron video screen.
Here’s the bottom line:
New College wants and needs USF Sarasota-Manatee’s buildings to avoid difficult questions about where all of its new money has gone – but it has neither the desire nor the expertise to actually run USF Sarasota-Manatee’s programs.
It has no assets available to collateralize $54 million of debt.
And while some schools can use future tuition as collateral, New College of Florida is now effectively paying students to attend.
Left on its own, New College is already heavily leveraged and has plenty of new long-term liabilities.
There is, however, a real answer to the DeSantis-Corcoran New College fiasco.
New College alumni are assembling a group of community leaders from Sarasota and Manatee counties to serve on a privatization committee.
Together we can create a temporary public-private partnership with a goal that by the end of Year 10, New College would be a fully private institution.
New College would be preserved, and the gradual reduction of state funding would save taxpayers hundreds of millions of dollars.
USF Sarasota-Manatee would also be preserved, and its powerful contributions to Sarasota’s professional employment needs would be maintained.
The necessary path is clear.
The Florida Legislature must reject New College’s doomed-to-fail takeover of USF Sarasota-Manatee, and it must commit to supporting a New College that can truly serve as a community engine.
William Rosenberg is president of the Novo Collegian Alliance and a 1980 graduate of New College of Florida.
This article originally appeared on Sarasota Herald-Tribune: New College isn’t fit to take over USF Sarasota-Manatee | Opinion
Reporting by William Rosenberg Guest columnist, Sarasota Herald-Tribune / Sarasota Herald-Tribune
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