Accountability:
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Apart from the benefits which accrue directly from the threefold mission of Rutgers (instruction, research, and service) there are other important economic gains to the state and its citizens that result from the presence of Rutgers, its faculty, students, and staff in New Jersey. The university is a major center whose activities are essential to the economic well-being of the communities that surround its campuses, to the state, and to the larger region. Some of these benefits, particularly the economic benefits, are too often unrecorded and unrecognized. In the 1993 Economic Impact Study, "Return on the Investment: The Economic Benefit of Rutgers University to the Citizens of New Jersey," the following facts were documented: The $380.6 million the state invests in Rutgers is leveraged with other income sources, resulting in $2.05 billion being spent in the New Jersey economy, over five times the state's original investment. Even though Rutgers is New Jersey's state university, less than half of Rutgers' total budget actually comes from state funding. Apart from its own workforce, Rutgers' activities and expenditures generate nearly 8,000 jobs in New Jersey; a 1997 update of New Jersey economic data increases the impact of Rutgers' activities and expenditures on indirect job creation by 27%. Rutgers' employees, students, and visitors accounted for over $46 million of New Jersey's tax revenues stay in New Jersey and contribute to the state's economy. Some other indicators signaling the tangible contributions of Rutgers to the state include: Rutgers confers approximately 10,000 degrees each year. A majority of these Rutgers graduates stay in New Jersey and contribute to the state's economy and local communities. Through its Advanced Technology Centers, Rutgers generates research that supports New Jersey industries, effectively bridging the gap between theory and practice. Rutgers faculty actively contribute their time and energy in countless areas of New Jersey life as part of their tri-partite responsibility of teaching, research, and service. In Money Magazine's "1997 College Guide" issue, Rutgers-New Brunswick was rated as the 14th best value in both academic quality and price in the country. U.S. News and World Report in their 1997 edition of ranking colleges and universities rated Rutgers-Newark as the most diverse institution of higher education and Rutgers-New Brunswick as the 16th best public university. Rutgers-Camden placed third among the top regional public universities in the north in the U.S. News rankings. In partnership, the state and the university continue to make enormous gains. These gains translate into an investment in the future of the state and the well-being of its citizens. The true return on this investment comes in the education provided by the university which makes for a more skilled workforce and better informed citizenry; in the research which provides New Jersey businesses with a competitive edge and which helps solve medical and social problems confronting us; and in the public service which improves the quality of life for New Jersey citizens. The side benefit from the state's investment is the economic activity that Rutgers generates. This activity in turn stimulates the state and local economies. |