Update from President Helm
Matthew Pearson
Issue date: 3/4/10 Section: News
On Thurs., Feb. 25, the President's Office distributed a letter to the campus to discuss the current state of affairs at the College. President Helm has sent several notices to the campus about the effect of the economy on the College. It should be noted that President Helm has been known to be very good at keeping the community informed of ongoing issues of importance over the past few years. Now with the failing economy taking its toll on colleges and universities, President Helm has taken the time to reassure the campus that the College is still going strong. We, here at The Weekly, felt it our responsibility to pass on the news in an abbreviated format.
The letter outlined several main priorities of the College. These included balancing the budget for the 2011 fiscal year; continuing to provide students with sufficient financial aid; and avoiding layoffs. According to the President, "at this point in FY 2010 we are on track to achieve all three of these priorities."
While the endowment decreased approximately 10% (or $14 million) from the 2007 peak value, this decline is still a smaller percentage than any of the other benchmarking institutions. The President attributes this success to "robust giving and conservative investment policies."
In a previous edition, The Weekly reported on the achievement of The Talents Entrusted to Our Care campaign. President Helm's letter echoed our findings and focused on the hugely successful endeavor taken on by the College's Development team. The campaign, which will be completed on June 30, was designed to raise $105 million. As of Dec. 31, the campaign had already raised $103.4 million. President Helm warned that "the campaign will have made us stronger and better in many ways, but it has not made us wealthy - and it must not make us careless or profligate."
Applications for admission have also not been negatively affected by the economic problems facing the nation. Regular applications have increased by 4%, even though early decision applications have decreased. Regardless, President Helm remains committed to keeping financial aid a priority. "The financial need of our applicants is higher than last year and we must retain budget flexibility to meet the need of new matriculants as well as the ongoing need of current students." This dedication to financial aid will mean increased pressure on other areas, such as the varying departments on campus.
President Helm does not fear that such pressure will result in monumental or harmful changes for the College, at least not in the immediate future. "I do not expect such adjustments to be unreasonably severe, or that they will compromise the quality of the Muhlenberg experience."
The letter outlined several main priorities of the College. These included balancing the budget for the 2011 fiscal year; continuing to provide students with sufficient financial aid; and avoiding layoffs. According to the President, "at this point in FY 2010 we are on track to achieve all three of these priorities."
While the endowment decreased approximately 10% (or $14 million) from the 2007 peak value, this decline is still a smaller percentage than any of the other benchmarking institutions. The President attributes this success to "robust giving and conservative investment policies."
In a previous edition, The Weekly reported on the achievement of The Talents Entrusted to Our Care campaign. President Helm's letter echoed our findings and focused on the hugely successful endeavor taken on by the College's Development team. The campaign, which will be completed on June 30, was designed to raise $105 million. As of Dec. 31, the campaign had already raised $103.4 million. President Helm warned that "the campaign will have made us stronger and better in many ways, but it has not made us wealthy - and it must not make us careless or profligate."
Applications for admission have also not been negatively affected by the economic problems facing the nation. Regular applications have increased by 4%, even though early decision applications have decreased. Regardless, President Helm remains committed to keeping financial aid a priority. "The financial need of our applicants is higher than last year and we must retain budget flexibility to meet the need of new matriculants as well as the ongoing need of current students." This dedication to financial aid will mean increased pressure on other areas, such as the varying departments on campus.
President Helm does not fear that such pressure will result in monumental or harmful changes for the College, at least not in the immediate future. "I do not expect such adjustments to be unreasonably severe, or that they will compromise the quality of the Muhlenberg experience."