Saint Peter’s College
ECONOMIC IMPACT REPORT 2009-2010 IMPACTING THE WORLD For nearly 140 years, Saint Peter’s College has strived to fulfill its mission as a Jesuit, Catholic institution by offering the opportunity to enter into sophisticated academic discourse; by creating pathways to work for social justice; by contributing cutting-edge research; and by continuing to positively enhance the reputation of higher education in New Jersey. Saint Peter’s College operates several centers of excellence providing technical expertise and leadership in a diverse range of fields. The Center for Microplasma Science and Technology (CMST) is the nation’s first and only scientific and educational center devoted entirely to the emerging field of microplasma research in the United States. The study of microplasmas will lead to advances in water purification, medical applications and energy efficiency. The Guarini Institute for Governmental Affairs provides a nonpartisan forum for discussion and analysis of key public policy issues and encourages careers in public service among today’s students. The Institute for Advancement of Urban Education, Research and Action (IAUERA) provides community-based research, evaluation, support and training programs to local organizations. And the Practical Application of Research in Science Education (PARSE) Institute provides an innovative, collaborative approach to science education while working with Northern New Jersey science teachers and linking them with various researchers at the College and partner institutions. Saint Peter’s educational prowess is well-known. Less understood is the College’s position as an economic driver in New Jersey and its surrounding communities. As a purchaser of goods and services (often from local companies), an employer of more than 600 individuals and a generator of highly skilled labor, Saint Peter’s College is making an indelible impact on today’s economy. In fact, it is estimated that the College’s 2009-2010 economic impact was $268,813,818. This Economic Impact Report further details the many ways that Saint Peter’s College contributes to its community, locally and globally.
IMPROVING OUR ENVIRONMENT As Saint Peter’s and Jersey City grow together, environmental challenges intimately affect both on many levels. As a Jesuit, Catholic institution, the College strongly believes in being a good steward of God’s creation, and has sought cutting-edge science to assist in the goal of reducing the carbon footprint of the College by 40%. In January 2010, the College celebrated the one year anniversary of being “wind-powered” on the Jersey City campus. This initiative displaced an estimated 3,065 metric tons of carbon dioxide throughout the year, which is the equivalent of planting 2,761 acres of trees or removing almost 7.7 million miles of vehicle travel from roadways. The College is currently investigating solar power and cogeneration as energy alternatives.
SERVING THE COMMUNITY Last year, more than 850 students contributed a combined total of 16,000 hours of service to local, national and global organizations. This feat landed the College on the prestigious President’s Honor Roll for Community Service for the first time. Organizations include Junkyard Dogs, a group of students and community members who regularly meet to collect litter from the streets of Jersey City, and Arrupe Volunteers, a group of faculty, staff and administrators from the College who gather to share a service opportunity and then reflect on the experience. Students also collected more than 846 pounds of food for local hunger prevention charitable organizations. Saint Peter’s prioritizes teaching students not only to excel academically and professionally, but to internalize the desire to become men and women for others. Students who learn these values become adults who are strongly motivated and capable of giving back to their communities.
CREATING VITALITY IN NEW JERSEY The College’s well-prepared alumni overwhelmingly choose to stay in New Jersey. A recent article in The Star Ledger reports that from 2000-2008, New Jersey lost more residents than all but four other states. Saint Peter’s alumni counter this alarming trend by remaining in the Garden State after their graduation. 21,698 of the College’s more than 30,000 alumni continue to call New Jersey their home, and the financial power of these college graduates affects nearly every aspect of the state economy. While enrolled at Saint Peter’s, students impact the local economy in myriad ways, from personal spending on housing, food, utilities, entertainment, taxes, retail and transportation. Students from Saint Peter’s continue to contribute to Jersey City after graduation, with nearly 4,000 alumni currently living or working in Jersey City. In addition, the campus provides a safe, valuable location for more than 30 outside organizations to hold community events. The Yanitelli Recreational Life Center offers an inexpensive health club membership to community members; currently more than 150 alumni and community members are registered.
GIVING AND ATTRACTING FINANCIAL SUPPORT Saint Peter’s College distributes $16,991,630 in institutional funding to more than 1,500 students from New Jersey. This includes $2,015,305 that is distributed to 220 students from Jersey City. The College attracts significant amounts of funding from corporations and foundations in the form of grants to support community assistance projects and academic research. A recent grant from The Horizon Foundation for New Jersey created Healthing Along in Jersey City, a program that sends Saint Peter’s students into local elementary schools to teach simple health habits that can have profound lifelong health benefits. In the 2009-2010 fiscal year, the College was awarded $93,000 for the Leadership Development Sustainability Project, a collaborative project designed to develop a new generation of Jersey City community leaders, and for Verizon Reads, a summer program supporting Hudson County students in the areas of reading, writing and math instruction.
ECONOMIC STABILITY AND FUTURE GROWTH The College’s key stakeholders are not only the students, alumni and employees but the citizens, government and businesses of Jersey City and beyond. Future construction projects of more than $35 million will create both permanent and temporary jobs as well as additional revenue for the College’s neighboring communities. The College’s 138year history and future outlook offer a strong, stabilizing economic force despite the unsettled economy. As the College moves forward, plans for growth include focusing on stewardship of all of the College’s resources, contributing to the Jersey City community and ensuring that the College continues to progress toward becoming an even more ecologically and economically responsible institution.
PEOPLE Total Number of Directly Employed Personnel: 601 Number of full-time faculty: 115 Number of full-time administrators and staff: 240 Number of adjunct or part-time faculty and staff: 246
SAINT PETER’S COLLEGE ECONOMIC IMPACT $43,100,000
Direct Spending - College $27,900,000 $2,100,000 $2,300,000 $22,300,000
Budgeted Operating Expenses Utilities Debt Service Misc expenses (Office equip, travel, food, community engagement, etc.)
$1,200,000 $5,000,000 $5,600,000
Operations serviced from endowment Bond-financed construction Fringe benefit expenses paid out (Health care, disability or life insurance, retirement plans, etc.)
$4,000,000
Expensed capital costs (Plant, property and equipment purchase and maintenance costs)
$600,000
$17,000,000
Direct Spending - College Employees1
$15,847,290
Direct Spending - College Students2
$856,658
Direct Spending - Visitors3
$76,803,948
TOTAL DIRECT SPENDING
$192,009,870
INDIRECT SPENDING4
$268,813,818 1
Income tax
TOTAL ECONOMIC IMPACT
Direct Spending - College Employees is an approximation of retained earnings after estimated tax and savings adjustments, the majority of which is presumably spent in New Jersey.
2
Direct Spending - College Students, which was adjusted by the Consumer Price Index (CPI), follows a formula utilized by the Association of Independent Colleges and Universities of New Jersey (AICUNJ). It includes allowances for expenses such as room, board, books, personal expenditures and transportation for part-time and full-time students.
3 4
Direct Spending - Visitors, also adjusted by the CPI, follows a formula utilized by AICUNJ whereby an estimated $998 is expended for lodging, food and local gas for parents of all full-time resident students.
Indirect Spending refers to the indirect, secondary, or induced spending that occurs when directly spent dollars are re-spent. Economic impact studies conducted in New Jersey and other states have utilized multipliers that range from 1.9 to 3.0 to estimate this figure. AICUNJ recommends a multiplier of 2.5.
The Jesuit College of New Jersey
OfďŹ ce of Advancement and External Affairs 2641 Kennedy Boulevard Jersey City, NJ 07306 (201) 761-6102 www.spc.edu