Behind his back, Morris College alumni refer to the president of the small, Black Baptist college in Sumter, SC, as "the survivor." It is a respectful nickname that has been earned by staying power -- more than two decades at the helm -- and an ability to financially right an institution that was sinking fast.
Morris President Luns C. Richardson enjoys the nickname and knows that it fits, but probably not as well as "proven fund spender" -- his personal favorite.
"So often, I see advertisements announcing that the board of trustees of a particular college is seeking to fill a vacancy in the presidency and that one of the principal characteristics being sought in a prospective candidate is that he or she is `a proven fund raiser,'" wrote Richardson in a lengthy document marking his 15th anniversary as the college's chief executive.
"I have always believed that it was more important for the president to be a proven fund spender ... than a proven fund raiser, and I have always given particular attention to the matter of controlling expenditures to ensure a balanced operating budget."
Richardson's wish is that someday his secret for success -- knowing how to spend and monitor institutional funds -- will be adopted by others in the higher education community.
The former high school principal began applying his fiscal survival techniques to Morris in 1974, when he inherited what was then a staggering $500,000 debt. The college's fiscal woes were compounded by its not being accredited. The institution couldn't attract enough students or corporate dollars to keep it afloat.
"Student enrollment was about 242 upon my arrival," says Richardson, retelling the story of the college's fiscal turnaround. "Upon my arrival, I studied the situation. My first priority was to get more than a half-million [dollar] debt paid."
The Internal Revenue Service usually doesn't allow much room for negotiation, but Richardson worked out a timetable for paying back the $300,000 owed the government. As for the other creditors, largely private vendors, Richardson persuaded many to write off the debt for tax credits or establish a payment plan for eventual settlement.
