The award was created to recognize
institutions that have responded to higher education challenges in
innovative and creative ways and achieved dramatic changes in a
relatively brief period. It includes a $10,000 prize.
Presented at ACE2018,
ACE’s 100th Annual Meeting, the awards were accepted by Stevens
President Nariman Farvardin and Saint Peter’s University President
Eugene J. Cornacchia on behalf of their respective institutions.
ACE invited nominations and applications for
the award from any U.S. college or university eligible for ACE
membership, divided into two categories: the first for institutions with
student populations of 5,001 and more (Stevens), and the second for
institutions with student populations of up to 5,000 (Saint Peter’s).
“Stevens Institute of Technology and Saint
Peter’s University both illustrate how addressing issues head-on—plus a
lot of hard work and collaboration—can help transform an institution,”
said ACE President Ted Mitchell. “We appreciate the generous support of
Fidelity Investments for this award, which allows us each year to
recognize colleges and universities where such transformation has
occurred.”
Upon taking office in July of 2011, Stevens
President Farvardin inherited unstable enrollment, retention, and
graduation rates; decreased research funding; disillusioned alumni,
faculty, and staff; and poor relations with its home city of Hoboken. He
began a dramatic turnaround with the development of an inclusive,
focused, and metrics-driven 10-year strategic plan. It charted the
course for Stevens to become a “premier, student-centric, technological
research university,” calling for steady enrollment growth concurrent
with an increased academic profile of students; improved retention and
graduation rates; greater alumni engagement; increased philanthropic
support; strengthened financials; increased diversity; and enhanced
relations with the local community and other key constituencies.
Today, under the leadership of President
Farvardin and through the broad-based efforts of stakeholders, Stevens
is continuing its remarkable ascent. Undergraduate applications and
enrollment are up 156 and 29 percent respectively, and graduate
applications and enrollment are up 128 and 24 percent. Graduation,
retention, and placement rates have increased to 95, 83, and 96 percent,
respectively, which represent all-time records for the university.
Financials, fundraising, and the institution's endowment have also all
seen drastic improvements, and the university’s credit rating has been
upgraded.
“Since its founding in 1870, Stevens
Institute of Technology has played a pivotal role in creating bright
futures for its graduates, in advancing technological innovation, and in
contributing to societal progress,” said President Farvardin. “With the
continued commitment of the university community, the potential of
Stevens is limitless. On behalf of Stevens Institute of Technology, I am
honored to accept the 2018 ACE/Fidelity Investments Award for
Institutional Transformation during this catalytic period in our
history.”
While the transformation of Saint Peter’s
University was less dramatic, it was no less significant. In March of
2012, the State of New Jersey approved the petition from Saint Peter's
College to be designated as a university, with a corresponding name
change to Saint Peter's University. With that successful bid, Saint
Peter’s set about addressing challenges related to expanding its
mission, growing enrollment, supporting changing student demographics,
improving outcomes, strengthening finances, and building campus pride.
One of 28 U.S. Jesuit colleges and
universities, Saint Peter’s adopted a mission-focused, student-centric
strategic planning process that emphasized academic innovation, fiscal
stability, and enrollment strategies through leadership, open
communication, and human resource investment.
Efforts have culminated in five stable
freshman classes (fall 2013-17) averaging 600 students, a five point
gain in freshman retention to 82 percent in the last five years, and a
nine point increase in the four-year graduation rate. While these
quantitative changes are positively informing shorter-term choices, its
long-term, embedded cultural changes—“squarely facing strengths and
weaknesses, innovative thinking, and a willingness to embrace change and
take risks”—ensure the university will endure and thrive.
“This honor acknowledges Saint Peter’s
dedication to transforming the lives of its students as well as the
University’s unwavering commitment to transforming and improving the
institution as a whole,” said President Cornacchia. “We take great pride
in the outcomes of our efforts and that these results have been
recognized by our peers on a national stage.”
“Together with ACE, Fidelity is honored to
celebrate higher education leaders creating innovative programs to help
their students succeed on campus and in life,” said Debra Frey, vice
president, Fidelity Investments. “Stevens Institute of Technology and
Saint Peter’s University have proven that comprehensive strategic plans,
combined with quantitative goals, can put an institution on a path to
sustained success.