Class Notes Winter 2009
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President’s Message
MOVING FORWARD
Lafayette has faced real challenges this year in a difficult economic environment, as have virtually all colleges and universities and, indeed, individuals and organizations of all kinds in the wider world. But the College remains healthy and moving forward in all the right ways.
Our endowment diminished significantly (though not as greatly as at some institutions like ours), while our capacity to raise money also suffered, as our wonderful donor community felt the impact of the economic downturn. The downturn also increased the importance of need-based financial aid—to which we remain steadfastly committed—both for current students and families and in order to enroll new students, and we have increased our financial aid for next year by eight percent while the budget in other respects is flat or has been reduced.
You know from my updates on the College and the economy last fall and this spring that we have dealt with the challenges this year by making near-term decisions with the aim of balancing the budget, in accordance with our statutory commitment to produce a balanced budget annually. But of greater concern is creating a balanced budget over time while moving the institution forward. We will continue managing the budget with both the near-term and the long-term in mind, so that it balances and also protects what I call intergenerational equity: today’s students have a right to the same quality of education that we’ve always offered, but so too do the generations to come, and that’s part of our responsibility.
Good news was plentiful at Lafayette this year as well, and I’ll cite just two examples. We held our own in the admissions cycle in a shifting and uncertain environment, a very important achievement. And with a goal of hiring 35 new faculty members over the next five to seven years, in line with our strategic plan, we went forward this year with searches for eight faculty members (over and above the routine annual turnover). It is a wonderful time to be looking for candidates because so very many institutions are not hiring, and our resolve to do so will, I believe, allow us to hire extraordinary faculty.
I remain confident that the College is positioned well for the challenges ahead.
Thank you for your support.
Daniel Weiss