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ASU Accounts For Project Funding
At one time ASU officials say this campus was severely under-funded by the state.
All that changed when they won a lawsuit Knight vs. Alabama.
They attribute that victory and an excellent credit rating as a major source of funding for campus projects. From the new stadium to the new dorms, ASU has had an explosion of growth on campus. University officials say they have spent a quarter of a billion dollars on improvements. William Harris, ASU President, says "Well much of it has been paid for through bonds, through investing in long term development moneys from the state in Knight vs Alabama, there's a whole series of ways we've been able to do this." The Vice President of Business and Finance, Dr. Freddie Gallot says the University has three major sources of funding for projects. One of those was 60 million dollars from the state as a result of winning the Knight vs. Alabama lawsuit Danielle Kennedy, ASU Vice President of University Relations, says, "In order for Alabama State University to stay on par with other institutions, not just in the state of alabama it was definitely needed to stay on point to make sure we could offer our students, our faculty our staff our administration the same opportunities a student anywhere in the world would have." Two other sources of funding are ten million dollars from federal money and around 140 million dollars in bond financing. The University has an A credit rating with Moody's and Standard & Poors which allows them to get financing at an average of 4 and half percent. Bond financing helped pay for non-education projects like the dorms and the new 62 million dollar stadium. John Knight, ASU Chief Financial Officer, says, "We don't believe in things that you can't do, higher education is about what you can do, it's about doing things that have never been done before." All these improvements are not only an effort to upgrade the University but to attract more students. The University has over 5000 students on campus and they say the changes will help attract over 8000 students to campus. University officials say the new stadium will be ready for the November 22 Turkey Day classic.
Alabama State University has undergone a big transformation over recent years - with new construction projects dotting the campus. But where did the University get all the money? Most Viewed
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