President Liebowitz issued a new update on College finances, and a schedule outlining when the Board of Trustees will be deciding on certain financial decision in the coming few months. Read below! Continue reading
The e-mail found by clicking below is President Liebowitz’s report to staff, faculty, and students regarding the Board weekend meeting which took place 15 to 17 October. Happy reading, and please take note of the link that he provides to offer suggestions.
President Liebowitz sent Faculty, Staff and Students an e-mail this morning, the full text of which is available by clicking on the link below. In it, he outlines that we are going through a second round of Early Retirement (ERP), and a round of voluntary separation (VSP), as well as how many positions in each in each division need to eliminated. Please read the e-mail, as it provides a sobering idea of just how hard we are working up here to avoid layoffs.
As of 8/31/2009, which is the latest figure we have on Middlebury’s endowment, we were at $740MM. Just a heads up in case you were interested!
President Liebowitz issues a memo to faculty, staff and students about the latest financial news on campus. Check out the full text by clicking on the link below!
Mark Patinkin ’74, recently back from his Reunion, takes the time to put things in perspective in the Providence Journal: http://www.projo.com/lifebeat/markpatinkin/Mark13_06-13-09_BLEM5B2_v10.27640cc.html.
The text can be found by clicking below!
New recommendations are in from the Budget Oversight Committee, as communicated by President Liebowitz yesterday evening. Updates on Athletics, the Arts, Staffing Resources, and Dining. Read more below! Continue reading
Here is an update on the endowment’s performance. As you might predict, not the best of news:
As of March 31, 2009, the market value of the Endowment Pool (ATF) was $647.1 million (including $17.0 million of Non-Endowment Assets) and the Total Endowment plus Trusts was $677.9 million.
Middlebury Endowment Returns
Fiscal YTD -22.5%
Calendar YTD -3.9%
Broad Stock Market Index Returns
Russell 3000 Index
Fiscal YTD –37.1%
Calendar YTD –10.8%
Today’s online edition of Fortune magazine features an article about the impact of the economic downturn on Middlebury in particular and higher education in general. It’s the lead story online, and we expect that it will also be a significant feature in the print edition, which will be on newsstands next week and will be dated April 27.
The story is titled “Hard times on campus: Even elite colleges can’t escape the impact of the economic slump. Here’s how one New England school is working to stay on top in the face of a smaller endowment, needier students, and the bursting of the higher-ed bubble.” It includes several photographs and quotes from President Liebowitz, Vice President for Administration and Treasurer Patrick Norton, Senior Director of Student Financial Services Kim Downs, and Dean of Admissions Bob Clagett.
I thought the article might be useful to you and other key Middlebury volunteers as you work to help alumni understand why their gift to Middlebury matters this year more than ever. The story clearly articulates the challenges the College is facing and the steps we are taking to address those challenges.
You’ll find the story here. Please share the link with your classmates and anyone else you think might find it interesting and helpful.
All:
Recently, President Liebowitz issues another memo on College finances. While still maintaining the sober analysis of his previous memos, this one is notable for its optimism in the second half of the piece. Here is the link: memo-on-college-finances-march-20091.
Happy Reading!