November 29, 2012
Calvin College's Finance VP Steps Down amid Debt Concerns
(Updated) College's use of debt financing contributed to 10-percent budget shortfall.
Update (Feb. 4): The Chimes student newspaper has additional details on Calvin's 2012-2013 final budget, including an unexpected healthcare cost of $1.1 million and a $6.2 million interest payment on the school's debt.
"In 2017, Calvin will begin to pay off its actual debt—not only interest—which [President Michael] Le Roy estimates could result in payments of $9 million per year," the paper reported.
Less than a month after Calvin College announced that it faces a "10-percent budget shortfall that must be accounted for in the next five years," Henry DeVries—the Grand Rapids, Michigan, school's vice president for administration, finance, and information services—will step down from his position.
The Chimes, Calvin's student newspaper, reports that faculty and staff were informed of DeVries's resignation in a message from newly inaugurated president Michael Le Roy sent Monday afternoon. The school has not yet officially announced the staffing change, which will take effect Friday.
According to Chimes editor Ryan Struyk, DeVries declined to comment on his decision to step down.