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TEXTBOOK AFFORDABILITY Influencing the Price of Textbooks – What Can We Do? PowerPoint Presentation
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TEXTBOOK AFFORDABILITY Influencing the Price of Textbooks – What Can We Do?

TEXTBOOK AFFORDABILITY Influencing the Price of Textbooks – What Can We Do?

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TEXTBOOK AFFORDABILITY Influencing the Price of Textbooks – What Can We Do?

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  1. TEXTBOOK AFFORDABILITYInfluencing the Price of Textbooks – What Can We Do?

  2. “The soft-minded man always fears change. He feels security in the status quo, and he has an almost morbid fear of the new. For him, the greatest pain is the pain of a new idea.” • Dr. Martin Luther King, Jr.

  3. TEXTBOOK CRISIS!! Textbook Costs Have Risen Significantly since 1985!!! The Average Retail Cost of a MSU Textbook in Fall 2008 New Textbook - $75.00 Used Textbook – 56.50 Most Expensive Textbook - $254.00

  4. Some External Elements Influencing Textbook Costs Publishers’ Edition Changes Publishers Are Bundling Textbooks Increased Photo/Illustrative Content

  5. Is the Campus Bookstore A “Rip-Off” to the Students ?

  6. Auxiliary Operations • The Bookstore is one component of the Auxiliary Enterprises Operation which is self supporting and the State general fund does not support the Auxiliary Enterprises functions. • Other components of the Auxiliary Services are Residence Life, the Student Center operations, Dining Services, Athletics, and the Parking & Shuttle operations and administration • Revenue generated by these activities must exceed expenditures to support facility renewal, repair & maintenance, and other services to students.

  7. Auxiliary Operations • The need to be self supporting; and given the size of our enrollment, would determine our average markup which is currently 33% • Due to the socio-economic background of the majority of Morgan’s Students, the bookstore often must make special arrangements in order to provide effective textbook and related services • This influences the costs of managing the process • Additional Staff to process the student accounts • Extension of credit for longer than normal periods • Larger than normal un-collectables • Additional costs of inventory management

  8. Where Does the Money Go? • FY 2008… • Total Bookstore Revenue $4,069,462 • Total Expenditures $3,897,342 • Which Yields an Excess of $172,120 • Excess of Revenue Over Expenditures • 4.2%

  9. Where Does the Money Go? • These are the net revenues of the other components of Auxiliary Services • FY 2008 • Bookstore $172,120 • Residence Life ($1,016,336) • Student Center Operations ($47,762) • Dining Services $792,136 • Athletics ($877,364) • Parking Operations & Garage ($379,815) • Interest Income $719,279 • Total ($637,742)

  10. Components of Expenses

  11. Who Are the Stakeholders? • Students • Faculty • College Administrators • Bookstore • Publishers • Federal, State, & Local Governments

  12. Legislative Requirements Federal Mandates Effective July 1, 2010 Requires Publishers to Offer Textbooks and Supplemental Materials “Unbundled” Requires Publishers to Disclose Textbook Pricing and Revision Information to Faculty Requires Universities to provide ISBN information on University web sites

  13. State Initiatives • For the past 4 legislative sessions there have been bills to regulate university bookstore operations. • They were unsuccessful due to strong representation from publishers, chain bookstores, higher education and the complexities of the issues. • We have every reason to believe that there will be additional attempts this year, hence the need for stakeholders to agree upon methods to manage textbook prices before they are forced to do so by legislation. • This group, led by higher education, has been meeting (Higher Education Summit) to arrive at a consensus on how to deal with the issue in Maryland in order to avoid the need for legislation.

  14. Morgan Input into this Initiative • Morgan’s representation is led by • Mrs. Vinetta McCullough, Director of Business and Auxiliary Services • Dr. Kara Turner, Academic Affairs • Mrs. Joyce Nelson & Mr. Ron Stevenson of the Bookstore Staff

  15. Bookstore Initiatives • Markets Used Books to Students • 25% Less Expensive Depending on Condition • Through : • Buyback from Students • Buying from the Wholesale Market • Post ISBN Information to our Web Site for Comparative Shopping

  16. How Can MSU Faculty Help? Submit Your Text Adoption On Time Which Ensures that Textbooks are Available for Students on the First Day of Class Allows the Bookstore to Obtain more Used Books for Students Make Available to subsequent purchasers less expensive Textbooks through Book Buy-Back Timely Adoptions will get $60 - $70 at Buy-Back Late Adoptions will get $30 - $35 Minimizes the Need for Last Minute Orders Resulting in Increased Shipping Costs

  17. Adoptions must be submitted for Each Course and Each Semester Books are not automatically ordered from semester to semester Adoption Deadlines Fall and Summer Courses – May 1st Spring and Winter Courses – November 1st Adoption Issues

  18. Adoption Issues • Life Cycle of Textbook is Important to the Final Cost of Books! • Remember most textbooks are revised after only 2-3 years from the date of copyright. • As a Textbook‘s age increases (from date of copyright), it’s buyback value decreases. • The Bookstore will always notify you before classes begin if there is a new edition available.

  19. Textbook Adoption Cycle • Bookstore Distributes Adoption Request forms to the Academic Departments • Academic Departments Forwards Adoption Form to Faculty Teaching the Course • Faculty Completes Adoption Form and Submits to Departmental Chairperson for Review • Chairperson Evaluates and if approved, Returns Adoption Form to the Bookstore • Bookstore Edits and Processes the Textbook

  20. Other Cost ReductionRecommendations

  21. Cost Reduction Recommendations • Select the least expensive book when comparing books of equal educational content • Consider the Stage of the Textbook’s Lifecycle • Ensure thorough review before making a selection • Order and Recommend only the Books and Materials that will be used • Books not used regularly can be listed as optional or reserved in the Library

  22. Custom Textbooks • Specialized Text Published from Selected Chapters of a Major Textbook • Impact on Textbook Cost • Full Use of text, Lower Price, Less Bulk • Must Commit to 2 terms for Cost Savings • However, Has No value Outside of the University

  23. Electronic Textbooks • The Content of the Entire textbook in Online • Web Access Codes • Can Also Purchase Only Required Chapters of Textbook

  24. Alternate Bindings • Books are also Published with Loose-leaf Binding • Impact of Costs • Pages must be secured in a Binder • Lack Book Buy-Back value • Consider Using a “Brief Version” of a Textbook • Summary of Entire Textbook

  25. Common Books in the Public Domain • Many works of Classic Literature are available for free online. Washington, Booker T. – Up From Slavery Mark, Karl - Communist Manifesto Plato - Republic (Translation Jowett) Shelley, Mary - Frankenstein Douglass, Frederick – Narrative of the Life of Frederick Douglass • Search Project Gutenberg for additional works.

  26. What Can the Bookstore Further Do? Focus Groups and Informational Sessions Comparison of Alternative Versions of Adopted Textbooks Current Edition and ISBN Information on Bookstore’s Web Site Online Adoptions are Coming Soon

  27. THANK YOU! April Kheribot, Textbook Manager Phone:443 - 885 - 3001 Email: Ron Stevenson, Assistant Director Phone: 443 - 885 – 3075 Email: Dr. Kara Turner, Academics Phone: 443 – 885 - 3090 Email: Joyce Nelson, Bookstore Director Phone: 443 - 885 – 3593 Email: Vinetta McCullough, Director of Business & Auxiliary Services Phone: 443 - 885 - 3065 Email:

  28. “We have an obligation and a responsibility to be investing in our students and our schools. We must make sure that people who have the grades, the desire and the will, but not the money, can still get the best education possible.” • President Elect Barack Obama