ROCK ISLAND, ILLINOIS (January 24, 2024) — A $6.7 million Independent Colleges Capital Investment Grant from the Illinois Board of Higher Education (IBHE) is being used to renovate Augustana College’s Erickson Residence Center. A total of $400 million was awarded to 45 higher-education institutions in Illinois with an eye on building the state’s future workforce.
According to IBHE, the grants are intended to provide financial assistance to private, not-for-profit colleges and universities in Illinois for the construction, repair, and renovation of infrastructure on campuses to provide equitable learning experiences to students across the state.
The Erickson renovation began in early January and is expected to continue through August 2024. Improvements include a new HVAC system, windows, bathrooms, flooring, and storage/cabinets in residence-hall rooms. The first phase of the project is estimated to cost $5.6 million. Remaining grant dollars will be applied to the second phase of the project, estimated to cost between $5.6 million to $6 million. Bush Construction is the general contractor.
Augustana’s Chief Financial Officer and Vice President of Administration Kirk Anderson said the investment of grant-funding highlights the partnership between the state of Illinois and private schools.
“Augustana and other beneficiaries of this grant are able to multiply the impact of the state’s funding by investing in students who go on to become leaders in their fields,” said Anderson. “Capital funding like this is heavily leveraged by donations to the college, forming, in effect, a public/private partnership that builds Illinois’ future economic capacity.”
According to the Federation of Independent Illinois Colleges and Universities (FIICU), private schools enroll 25% of Illinois college students, yet produce 42% of all Bachelor’s and 64% of all Master’s degrees. This is the return on Illinois appropriations, accounting for about 8% of the state's total investment in higher education.
Additionally, FIICU reports independent colleges and universities cumulatively rank as one of the largest employers in Illinois, employing more than 68,000 faculty and staff. The combined economic impact is more than $21 billion, according to a 2021 FIICU report.
Augustana’s overall economic impact was $147,969,988 in fiscal year 2020, the most recent available report by FIICU. Augustana employs 640 full-time and part-time employees.
“Improvements to Erickson Residence Center will serve our students by providing enhanced living and studying spaces,” said Anderson. “We’re grateful to the state of Illinois for supporting this important project and helping Augustana build the leaders of tomorrow.”
