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Business news, March 21

Stumbo named chief development officer at Shaker Village 

SHAKER VILLAGE

Press release 

Barry A. Stumbo was recently named chief development officer at Shaker Village of Pleasant Hill. 

Stumbo is responsible for planning, coordinating and implementing fundraising strategies and execution, donor cultivation and management, development of annual and major gift programs, grants and other fundraising activities. As a member of the senior leadership team, he will be an active participant and driver in the organization’s overall fundraising efforts that support the values, mission and vision of Shaker Village.

 Stumbo has more than 22-years’ experience in philanthropy. Previously, he served as the Baptist Health East Regional Foundation executive overseeing the fundraising strategy and management for Baptist Hospital Foundations in Lexington, Richmond and Corbin.

 Stumbo also served as president and CEO of the Saint Joseph Hospital Foundations in Lexington, Berea, London and Mount Sterling. Prior to his Saint Joseph duties, he served as executive director of the American Heart Association of Central Kentucky.

 Stumbo is a graduate of Leadership Kentucky and Leadership Lexington, current executive board member and past president of the University of Kentucky’s Spindletop Hall, current member and past president of the Lexington Forum, and former chair and 10-year member of the Lexington Fayette Urban County Government Board of Adjustment.

 Stumbo received a bachelor’s degree from the University of Florida and a master’s degree from Western Illinois University. Barry and his wife, Michele Ripley, current president of the Commonwealth Fund for KET, enjoy tennis, swimming, reading, spectator sports and travel. They have two cats, Zorro and Inky.

Report shows BCTC’s impact on the region’s economy

BCTC

News release 

LEXINGTON – Investments in Bluegrass Community and Technical College (BCTC) have had a significant effect on central Kentucky’s economy.

Investments include expanded and improved facilities at BCTC, including the Newtown Campus and the Advanced Manufacturing Center in Georgetown, which have increased access to quality science, technology, engineering and math (STEM) courses and programs.  More than 300 students each year are receiving advanced technology training to serve manufacturing. The Workforce Ready Skills Initiative funds from the Commonwealth and support by local partners provide additional workforce capacity through renovations at the Leestown and Danville campuses.

Through these investments and others, the economic impact of BCTC reaches everyone in the community. Students receive an average $5.20 return on every dollar invested in attending BCTC, according to a new study by Emsi. Additionally, the study shows local taxpayers receive a $4.90 return on every investment dollar. Central Kentucky communities as whole benefit $11.90 in added state revenue and social services savings for every dollar invested in BCTC.\

When considering the over 16,000 students, over 900 employees, and alumni of BCTC, the total impact is $160M in added income and 2,818 in supported jobs, annually.

The study was conducted in the fall of 2017 and results of the analysis reflect fiscal year 2015-16.The study demonstrates that BCTC creates value from multiple perspectives. The college benefits local businesses and the state’s economy by:

  • increasing consumer spending in the state and supplying a steady flow of qualified, educated people into the workforce;
  • enriching the lives of students by raising their lifetime earnings and helping them achieve their individual potential;
  • benefitting state taxpayers through increased tax receipts across the state and a reduced demand for government-supported social services;
  • benefitting society as a whole in Kentucky by creating a more prosperous economy; and 
  • generating a variety of savings through the improved lifestyles of students.

About the study

Data and assumptions used in the study are based on several sources, including the fiscal year 2015-16 academic and financial reports from KCTCS and the individual col­leges, industry and employment data from the U.S. Bureau of Labor Statistics and U.S. Census Bureau, outputs of Emsi’s Multi-Regional Social Accounting Matrix model, and a variety of studies and surveys relating education to social behavior. The study applies a conservative methodology and follows standard practice using only the most recognized indicators of investment effectiveness and economic impact. For a full description of the data and approach used in the study, visit the KCTCS Better Lives for a Better Kentucky website for a copy of the main report.

About Emsi

Emsi, a CareerBuilder company, is a leading provider of economic impact studies and labor market data to educational institutions, workforce planners, and regional developers in the U.S. and internationally. Since 2000, Emsi has completed over 1,700 economic impact studies for educational institutions in four countries. Emsi has also conducted aggregate studies for 31 statewide community college systems. Visit www.economicmodeling.com for more information about Emsi’s products and services.