"Cover Story" piece on the Maine College of Art (MECA), which is preparing for h
12-13, 15, 1
"Cover Story" piece on the Maine College of Art (MECA), which is preparing for hard financial times ahead. MECA President Christine Vincent, 48, will be inaugurated Oct. 13 at a time when the college is operating in shallow financial waters. An audit of MECA's finances completed in August revealed the college finished the fiscal year that ended June 30 with a $200,000 deficit. MECA officials blame the shortfall on disappointing fund-raising results and unexpected costs, including higher-than-expected bills for snow removal and utilities, as well as expenses accrued during the school's search for a new president. Although MECA's history goes back to the establishment of the Portland School of Art in 1882, the nonprofit facility didn't become a major institution until after 1989. Since then, MECA's endowment fund has grown from $500,000 to $2.3 million. But the percentage of its income the college derives from tuition has grown over the same period, and today stands at 85 percent, which means students paying full tuition are underwriting the $2.1 million that was given in financial aid to other students for the 2000-01 school year.
Maine College of Art -- Portland
Williams, Greg, ""Cover Story" piece on the Maine College of Art (MECA), which is preparing for h" (2001). Maine News Index – Casco Bay Weekly. 4355.