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Richey Named 2018 Financial Executive of the Year

Published May 30, 2018

Leading Nazareth College to a year-end surplus for multiple years during a challenging higher education landscape is just one of the reasons Nazareth Vice President for Finance and Administration Patrick Richey is the 2018 Financial Executive of the Year for a large non-profit organization. The Rochester Chapter of Financial Executives International and the Rochester Business Journal presented Richey with the honor at the 10th annual Financial Executive of the Year awards in Rochester on May 24. These awards recognize financial executives who have made outstanding contributions to their organizations and to the Greater Rochester community during the past year.

In his vice president role at Nazareth,  he is responsible for a wide range of areas including budget, human resources, technology, campus operations, endowment, and facilities construction, renovation, and maintenance.

“Under Pat’s leadership, the College has had a year-end operating budget surplus in each of the years he has served as Vice President,” said Nazareth President Daan Braveman. “These surpluses resulted not only from enhanced revenue but also from careful stewardship of the College’s expenses. These results are especially noteworthy given the general environment for higher education in which many institutions are struggling to meet their financial goals.”

In addition to the regular maintenance of our facilities, Richey has managed three major new construction projects, including the design, town approvals, bidding, construction, and financing of each of those projects. The York Wellness and Rehabilitation Institute, was completed on time and under budget. The Laurence and Jane Glazer Music Performance Center will officially open in Fall 2018. Construction is underway on The Golisano Training Center, which will open in Fall 2019. His careful management of the debt financing for these projects and because of the fiscal stability of the College, resulted in Nazareth receiving a stable rating from the rating agencies despite the negative outlook for higher education in general.

He's also led several crucial human resource projects in the last several years, including a comprehensive faculty and staff salary benchmark study that resulted in salary adjustments for many employees, along with revised and improved our benefit plans, which among other things resulted in fewer increases in health care costs. In addition, the College assumed the costs of any health care insurance increases.

Richey joined the College in January 2014 with 25 years of progressive experience in senior leadership roles for higher education and government organizations as a chief financial officer.  Previously, he worked as vice president for Business and Finance/Treasurer at Canisius College in Buffalo, N.Y. Prior to Canisius, Richey served as vice president for Finance and Operations at Genesee Community College in Batavia, N.Y. He spent more than 15 years in local government management positions in several New York state municipalities.  He earned his master’s in public administration from Syracuse University and earned his bachelor’s degree from Le Moyne College.

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Nazareth College’s academic strengths cross an unusually broad spectrum of 60 majors, including education, health and human services, management, the fine arts, music, theater, math and science, foreign languages, and the liberal arts. The coeducational, religiously independent, classic campus in a charming suburb of Rochester, N.Y., challenges and supports 2,300 undergrads and 700 graduate students. Nazareth is recognized nationally for its Fulbright global student scholars and commitment to civic engagement. Rigorous programs, an uncommon arts and sciences core, experiential learning, career skills, and a global focus prepare graduates for not just one job, but for their life’s work.