Wednesday, September 24, 2014
TTT Smells of Desperation: Vermont Law School Edition
Slow Times at Dung Pit Central: On September 10, 2014, Kathryn Flagg wrote a Seven Days piece entitled “The Trials of Vermont Law School.” Look at this opening:
“Empty offices and unoccupied desks — Brett Hubbard noticed both when she enrolled at Vermont Law School in South Royalton last year.
Now a second-year student in an accelerated juris doctor program, she recalled her line of inquiry. "I'd ask because I'm nosy," said Hubbard. What was up with the deserted desks?
The answer: It had been a rough couple of years, punctuated by cutbacks, a few layoffs and voluntary employee buyouts at the only law school in Vermont.” [Emphasis mine]
Some idiots are undeterred, when facing excrementitious odds. This speaks volumes about their mental state and level of “intelligence.” Later on, the reporter notes the following:
“VLS has a stellar reputation for environmental law; its program ranks first in the country in U.S. News & World Report. But it's also an independent school without the backstop of a larger university to cover costs — and its location in South Royalton, a village of fewer than 700 people, can be a tough sell for some would-be students.
"It's a pretty shoestring school," said Sarah Buxton, a VLS grad, former employee, and now state representative for Royalton and Tunbridge. Relying so heavily on tuition dollars — more than 83 percent of its revenues were derived from tuition in 2013, according to an independent audit — in a shrinking market has placed VLS in a precarious position.
In April, Moody's downgraded the school's revenue bonds from a Baa2 to a Ba1 rating — which represents the "speculative" bracket of Moody's investment rankings.
The downgrade triggered a technical default on a $10.7 million revenue bond held by TD Bank. VLS entered into an agreement with the bank in May, promising to provide the lender with quarterly financial statements, a consultant's report about the school's finances, a "plan of action" and a worst-case scenario budget assuming just 110 new students.” [Emphasis mine]
Yes, this in$TTTiTTTuTTTion is the definition of success, right?!?! Hell, I’m surprised that the swine don’t set fire to campus structures – in order to collect on any insurance policies in place. Notice that the cockroaches depend on tuition dollars for more than 83% of revenues. In sum, the bastards desperately need asses in seats – in order to stay in operation.
Information from a Former VLS Student: In the comments section to the Flagg article, I noticed a remark from a young man claiming to be a former SBA senator. I then read the full text of his Tuition Report. On page 10 of this document, you will see this gem:
“VLS Debt and Finances
It seems intuitive that VLS revenues would increase when enrollment exceeds expectations in the years immediately following a nearly 22 percent increase in tuition. However, because increased enrollments are generally the result of students receiving large merit-based scholarships, in-coming class sizes have little direct relation to available revenues. VP Atwood provided several examples:
• In FY2010, actual enrollments exceeded expected enrollments by 36 students, resulting in an additional $1,429,820 in revenue. But, the extra enrollments cost $1,175,851 in merit-based scholarship, leaving a net increase in revenues of only $253,969.
• In FY2011, actual enrollments exceeded expected enrollments by 7 students. But those 7 students cost $663,046 extra dollars of merit-based aid. As a result, the school faced a revenue deficit of $340,481.” [Emphasis mine - internal citations removed]
Read former VLS student Chris Cooper’s entire 12 page analysis. The point is that the commode devoted a ton of resources toward improving its US “News” & World Report ranking – and it failed in that objective. The trash pit ended up spending more money to attract students with higher LSAT scores, and the school is still rated as a third tier toilet. What a tremendous accomplishment, huh?!?!
The Cesspool’s Tiny-Ass Endowment: Let’s take a peek at the 2012 Form 990 for Employer ID No. 23-7251952, i.e. Vermont Law “School.” On lines 20-22 of page one, you will see the garbage heap had $46,105,174 in total, end of year, net assets – offset by $19,133,361 in total, end of year, net liabilities. As of June 30, 2012, VL$ had a mere $26,971,813 in net assets. If you go to line 19 for the prior year, you will notice that the filth pit actually spent more than they received in revenues – by $93,611. This is an indication that the pigs cannot afford smaller class sizes.
VLS Student Commits Murder/Suicide: Mike Donaghue wrote a Burlington Free Press story, which was headlined “Officials: Vt. Law student kills mother, self” – on September 17, 2014. Check out this excerpt:
“A Vermont Law School student fatally shot his mother with an AK-47 assault rifle before turning the gun on himself in Amherst, N.H., authorities said.
Elizabeth Trombly, 69, died from multiple gunshot wounds, while her son John D. Trombly, 35, died from a single-gunshot, New Hampshire and Amherst Police said.”
This is a tragedy, of course. However, that can’t be good for the PR cockroaches at this trash can. Plus, Cheryl Hanna – a VLS “professor” – died of a self-inflicted gunshot wound, on July 27, 2014.
Conclusion: VermonTTT Law Sewer is a sinking turd. Back in April 2014, the pigs defaulted on a $10.7 million revenue bond held by TD Bank. The school is independent, and is located in South Royalton – which features a population of less than 700 souls. Despite trying to game the USN&WR scheme, it is listed as the 129nd greatest, most magnificent law school in the country. Furthermore, the commode had less than $27 million in net assets – as of June 30, 2012. According to several reports earlier this year, VL$ wants to merge with a larger university. Who in their right mind would even consider applying to this pile of putrid waste?!?!
Posted by Nando at 5:47 AM