Will result in cost-savings to students, additional revenue to College and renovations to stores

INDIANAPOLIS – Ivy Tech Community College has announced plans to award Follett Higher Education Group an eight-year contract for the management of 27 bookstores throughout the statewide community college system.  The two parties have a letter of intent and are currently working through the contract details for a July 1, 2008 launch.

The agreement will result in renovations to various campus bookstores, improvements in services and substantial savings opportunities to more than 110,000 Ivy Tech students.  This agreement will bring more affordable new textbooks and an increased percentage of used textbooks while also providing additional resources for the College.

“This decision is the result of tremendous teamwork across our entire College.  A cross-functional team of various staff members, including current bookstore managers, allowed us to weigh all of our options and determine what would be in the best interest of our students.  I commend all of those involved in the decision-making process,” Ivy Tech Community College President Thomas J. Snyder said.  “Follett is the leader in the higher education bookstore industry.  To bring such experience to our campuses will only enhance the tremendous service that our current bookstore staffs have provided to our students.  This, coupled with the cost-savings opportunities we see for our students, make this agreement a win-win for everyone involved.”

“We are excited to have these campuses join us as educational partners, and we are committed to using our resources to continue the great services of the Ivy Tech Community College bookstores,” said Thomas A. Christopher, President of Follett Higher Education Group. Follett projects potential cost-savings for Ivy Tech students to reach as much as $1.5 million annually through the sale and buyback of used text books.  In addition, the company offers a Halfback Guarantee on select textbooks at 50 percent of purchase price for readopted titles.

In addition, the College expects to transition its current bookstore staff members over to Follett while keeping employees and preserving current compensation and benefits.

“As we looked at how this agreement would benefit our students, we wanted to make sure that this would be a good transition for the bookstore employees affected by a possible transition.  Follett has done a terrific job in making sure that our current employees will be able to continue to provide the service that our students are used to receiving at all of our campuses,” Snyder said.

Final contract detail negotiations are ongoing, but at this time the College expects to receive a $6 million signing bonus spread over the term of the contract.  Follett has also committed to providing $1.65 million in capital improvements and $650,000 worth of point of sale equipment deployment.

The partnership creates improved ability to leverage technology advances and support the community college’s student growth trend.  This fall it saw the state’s highest enrollment growth of 8.4 percent.  Over the past decade Ivy Tech has increased its enrollment by 78 percent from just over an annual headcount of 62,400 to over 111,100 in 2006-07.

The Follett system offers excellent on-line course book adoption, distance learning support, and faculty tools.  In addition, the partnership will provide an upgraded, contemporary and consistent image to students and other stakeholders.

Follett Higher Education Group is the leading provider of bookstore services and the foremost supplier of used books in North America.  Follett services five million students and over 400,000 faculty through more than 800 stores including other Indiana locations including IPFW, Purdue University, and the University of Notre Dame.

Ivy Tech Community College is of the nation’s largest singly-accredited statewide community college system and the state’s second largest public post-secondary institution with more than 110,000 students enrolled annually.  Ivy Tech has 23 campuses throughout Indiana.  It serves as the state's engine of workforce development, offering affordable degree programs and training that are aligned with the needs of its community along with courses and programs that transfer to other colleges and universities in Indiana.  It is accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools.