To the Roosevelt Community,
I am writing to inform you that after three years of service, Andrew Harris, vice president of finance and administration and chief financial officer, has decided to step down from his position effective June 30. Under his leadership, Roosevelt has progressively moved toward meeting year-end budget targets and steadily progressed toward eliminating its structural deficit.
Andrew has been a strategic partner in our Building a Stronger University plan with notable accomplishments including:
- The growth of the endowment fund, which doubled over the past five years to over $160m.
- Fiscal Year 2021 will end with a balanced budget and Fiscal Year 2022 will be a zero margin/balanced budget.
- A debt restructuring plan to provide relief from debt service obligations, which reduced debt service costs by more than $20 million in the first five years.
- Serving as a key partner in the successful integration of Robert Morris University Illinois under approved financing plan levels.
- The sale of the Gage Building, which further strengthened Roosevelt’s financial position.
- An upgrade of the bond outlook to stable from negative (Moody’s).
- Maintained the University’s Composite Financial Index Score year over year at 1.8.
Arlene Regnerus, senior associate vice president of finance and administration, has been appointed as interim vice president of finance and administration and chief financial officer until further notice. Arlene served previously as chief financial officer at Robert Morris University Illinois. With her new appointment, Arlene will be responsible for university finance, facilities and operations. She will advocate for the most effective use of fiscal and capital resources to deliver on the University’s mission and vision.
I thank Andrew for his dedicated service to Roosevelt University and for his recent efforts to steward the University through the challenges resulting from the pandemic and help us emerge stronger financially.
With Warm Regards,
Ali R. Malekzadeh, Ph.D.
President