On April 3, Talladega College held a press briefing to provide updates on the progress that the College has made since its September 2024 press conference. Rica Lewis-Payton ‘81, chair of the Board of Trustees, Dr. Walter M. Kimbrough, interim president, and Bill Bynum, CEO of Hope Enterprise Corporation/Hope Credit Union, spoke about steps that have been taken to improve the college's financial health.
Here are five takeaways from the press briefing:
There is no tuition increase in the plan. A media representative asked if there would be a tuition increase as part of the financial recovery plan. While College leadership acknowledges that there is still work to be done, Kimbrough responded to the reporter that there are no plans to increase Talladega’s tuition at this time.
There is confidence in Dega. Hope Credit Union has made a $15 million investment in the form of a working capital loan. The loan is designed to aid in debt consolidation and vendor payments. In speaking about the loan, Bynum also shared that the move is a show of confidence in Talladega’s future.
College leaders have been intentional about improving Talladega’s financial health. The College has taken significant steps to improve its financial health by focusing on financial integrity, stability and rightsizing the institution. Part of the improvement plan, moving forward, is to pursue an employee retention tax credit while continuing to spend money within the College’s means.
Strategic partnerships have been formed. Talladega is actively engaging with respected industry experts for support. Two of them are Ruffalo Noel Levitz for enrollment management and Wilbron, a Birmingham-based agency for marketing and public relations. Both agencies will provide pro bono services. The College is also partnering with UNCF and CCS Fundraising for endowment building and fundraising strategies.
A new president is on the way. The search for Talladega’s next president is in the final stages. The College drew interest from a significant number of qualified applicants, indicating that there is a strong interest in moving the College forward. The Talladega community will learn more about the finalists for the coveted presidency April 21 and 22.
