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New College reports enrollment gains, increased endowment and $800,000 federal appropriation for waterfront work
Summary
President Corcoran told trustees that admissions metrics and retention are up, the endowment has grown to about $54 million from roughly $39 million, and Congressman Buchanan secured a one-time $800,000 federal appropriation for waterfront resiliency work on campus.
President Corcoran told the New College of Florida Board of Trustees on Thursday that student-admissions metrics and retention have improved, fundraising has strengthened, and early-stage federal funding could support waterfront resiliency work.
In his report, Corcoran said admissions SAT scores averaged about 1,228, ACT scores about 26 and that the institution's GPA average is around 4.2; he said enrollment and retention are up and that the college is "about 30% ahead of last year" in recruitment metrics. The president said the institution expects to be "over 80 percent" on retention for the current year and that performance metrics have improved enough to avoid prior state funding penalties.
On fundraising, Corcoran said the endowment has increased from roughly $39 million to about $54 million and that the college recently secured several large gifts, including multiple $1 million donors in the past 12 months.
Corcoran also said Congressman Buchanan secured a one-time direct appropriation of $800,000 for the college to continue resiliency work and extend a dock and walkway that connect to broader community waterfront plans. Corcoran described the appropriation as a direct congressional earmark for the college's portion of a larger waterfront initiative.
Corcoran briefed trustees on multiple capital projects — a 155‑bed dormitory tied to USF Sarasota Manatee housing arrangements, work on the Caples mansion funded by a state matching grant, and plans for a contemplative center adjacent to campus. He said building timelines are contingent on master planning and funding, and that staff hoped to start some projects in early summer.
Trustees asked about timelines and funding sources; Corcoran said the dormitory work depends on completion of the master plan and market conditions, and that staff would continue to pursue bonding and state funding. He also said he would look into air-quality concerns raised earlier by a public commenter.
What happens next: Trustees heard the president's report and asked staff to continue project planning and funding work; follow-up on air-quality monitoring was requested.
