GALLOWAY TOWNSHIP — Richard Stockton College’s economic impact on the region was worth more than $440 million during the 2010-11 fiscal year, according to a report prepared by the college and released Thursday.
The funds represent money spent on wages, purchases by the college and students, volunteer services, alumni earnings and job creation.
Stockton President Herman J. Saatkamp said the report shows the importance of Stockton to the growth and quality of life in South Jersey and the entire state.
Wages and benefits make up the largest expenditure of the college, almost $81 million, with more than 60 percent going to employees who live in Atlantic County and almost all going to residents in South Jersey. Employees include 1,039 full-time, 57 part-time, 286 adjunct, 379 temporary and 642 student workers.
The 6,284 full-time undergraduate students spent an estimated $43.5 million on books and supplies, transportation and personal expenses, the report says. Students also donated 41,160 hours to community service projects, estimated to be worth $1 million.
The college itself spent about $54 million, including $33 million in capital improvements on a housing project and the Campus Center. New Jersey vendors received 82 percent of that money.
The report says the ripple effect of spending by the college, students and employees had a total impact of $329 million.
Almost 80 percent of the more than 41,000 alumni also continue to live and work in South Jersey, with almost 15,000 in Atlantic and Ocean counties. The value of their degrees in terms of estimated wage increases is estimated at more than $110 million.
Paul Shelly, spokesman for the New Jersey Association of State Colleges and Universities, said colleges prepare impact studies to show that they do more than just educate students.
“The reports are valuable as a picture of how the investment in higher education gets back into the community,” he said. “It shows how public funds are recycling through the community again and again.”
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