 McConaughy was not a very energetic administrator and was not known to be personally engaged in the affairs of the college, but he was a well-respected scholar, thoughtful counselor, and a competent public figure.During his tenure, the college added faculty members and began the process of constructing the New College, which became possible after McConaughy convinced the town to abandon Cherry Street, which ran in front of the proposed building site.However, the college was in dire need of financial resources and engaged in reckless financial practices, including a scholarship program even more precarious than the one at Jefferson College, having faculty solicit funds in their spare time, and contracting with an agent in Europe to raise funds.