<p>Many colleges and universities have issued statements, typicallly from the offices of the president, regarding the impact of the economy on near-term operations of the institutions. Has anyone seen any statements coming out of Haverford? I searched their website and did a Google search, but did not find anything. I have not been able to ascertain what impact the downturn has had on their endowment, for example.</p>
<p>Found today on Haverford website:</p>
<p>President Stephen G. Emerson '74 summarizes the College's response to the current economic situation.</p>
<p>Dear Friends and Colleagues, </p>
<p>The nation and indeed the world are in the midst of a dramatic economic downturn. Here at Haverford, we begin work on our fiscal '09-'10 budget next week and we're taking the current situation – and forecasts for the future – into account as we plan how best to weather this storm, as we have so many others throughout the 175-year life of the College. </p>
<p>The finances of Haverford College are stable, and resilient. With the guidance of the Board of Managers and through Dick Wynn's leadership, the College has maintained a thoughtful, flexible and conservative endowment spending policy specifically designed to minimize disruptions caused by external financial troubles. A key feature of our fiscal policy is that we are flexible and that we adjust spending up or down as opportunities allow and urgencies require. Given the current situation, now is one of those times when we must closely monitor our spending, and indeed reduce our spending in some areas for the immediate future. </p>
<p>In deciding what we do and do not change, our highest priorities will continue to be the welfare of the students who come to Haverford College and of the faculty and staff who work here. Our top concern is that all commitments to students, faculty and staff be maintained. We will continue to be responsive to students and families who are being directly hurt by the economic downturn. Academic programs will be maintained, and new programs will be launched as new resources are acquired to fund them. </p>
<p>To accomplish this goal, however, we will need to work carefully and creatively to save money wherever we can. Over the next weeks and months, each of us will need to consider seriously what expenditures are absolutely essential for this year and next year and which can be deferred if we must. Simple measures such as energy conservation are extremely important, as will consideration of every other way in which dollars leave the College. Similarly, when individuals retire or leave, we must ask whether the jobs of those who have left can be temporarily performed by those of us still working in our areas without replacement hires. For now, and until such time as those careful judgments are made, I ask that no open positions be filled without clear and direct guidance from Senior Staff. And I ask that each of us come up with additional efficiencies in our own areas. The better we can accomplish this close review of our current and future spending, the more secure and better off we will be in the months and years ahead. And of course, as the economy recovers, we will correspondingly adjust our spending to make maximal use of the resources we have to spend. </p>
<p>This upheaval occurs at a time when Haverford is between comprehensive fundraising campaigns, so we are fortunate not to be in the midst of new major construction projects. That said, we will continue to plan for the future needs of the College, and we will continue to fundraise to support our needs and aspirations. In particular, Haverford has always been and remains committed to need-blind admission and the associated financial cost of our convictions. Those promises to our students remain firm in the face of economic turmoil. We will be here for them, just as those who went before us stepped up when it was their turn to ensure that those who followed would have the chance to experience what they had enjoyed. It has been that way for 175 years and will remain so into the future, one generation of Haverfordians taking care for the next. </p>
<p>I want to thank each and every member of our community for what you do every day here at the College. Know that I am completely confident that together we can overcome these new challenges, and scale whatever hurdles emerge in the future. As we approach a season of Thanksgiving, I am reminded – daily – of the blessings that Haverford brings. I am completely confident that together we can overcome whatever challenges confront us, and I know that we will emerge stronger, wiser and better prepared for the bright future that awaits.</p>
<p>Thanks for finding and posting this letter from Steve Emerson. A nice statement of Haverford's approach, and a continuing commitment to "need blind" admissions. Today's NYT had a page one story about many private colleges being forced to become increasingly "need conscious" in admissions.</p>
<p>I also liked the reference "one generation of Haverfordians taking care of the next." That is very much reflected in the new policy ending students loans, and providing all financial aid as grants. Students who receive grants are not obligated to pay any of that back (they are grants, not loans), but there is a much more explicit statement now that Haverford hopes that many receipients of such grants will feel a moral obligation to give back when they can, whatever they can. This approach makes perfect sense to me, and I think it will work in the Haverford Community.</p>
<p>I'm familiar with an anecdote regarding Howard Lutnick, CEO of Cantor Fitzgerald, and one of HC's biggest supporters that speaks to some of the values discussed above. During his 1st week of college, his Dad died leaving him without a parent as his mother died the year before. The president at the time invited him to his home and told him to go home and to take care of his younger brothers/sisters and when he was ready, to come back to HC and he wouldn't have to worry about expenses. I've heard him speak about this and it's very moving... the $50 million (or so) he's given he says is "loan plus interest."</p>
<p>I'm sure there will be some belt tightening but things seem to be going really well. The resources available to students is stunning. HC's sciences remain outstanding. Resources and programs for the arts continue to expand. The quality and frequency of gallery exhibits, guest lecturers, performances and artists-in-residence grow each year... just look at the calendar of events. The faculty got a (much needed) raise last year. There's a plan to expand the # of tenured faculty positions by 27 and I see these positions beginning to be filled already... environmental chemistry and film/media. Also, Bryn Mawr just completed a successful $200 million campaign last year and what's good for BMC will benefit the educational experience at HC.</p>
<p>It was nice to read the posts above from two Haverford alums. My son just submitted his early decision application this weekend, and I had just been curious about how things were going at HC. Also, a note to HC Alum...as part of our research on Haverford we went through this site and read everything we could find. We enjoyed reading your many informative posts. My son was impressed during his visits to HC by seeing first hand the many positive things we have read about the school here and elsewhere. He plans to study physics and astronomy and was impressed with the sciences there, including the facilities and his meeting with the department chair. He is also hoping to play baseball, and my son, wife and myself have been so impressed with the baseball coach's recruitment efforts...his personal approach, frequent contact, responsiveness, etc., all while being very low-pressure, definitely had an impact, especially compared to the contact we had from other coaches. My son was quite impressed with the sense of community on campus during his overnight visit, especially the open mindedness displayed in the acceptance of the disparate interests of others. We are keeping our fingers crossed for the next few weeks.</p>
<p>Casey75: Good luck with your son's ED application. This past Friday I was on campus with my son. (He is still a junior, trying to come up with his list.) Nothing during the visit suggested anything other than positive changes from when I was a student there (from 1976 to 1980), or from my visit last year with my daughter. My oldest decided she wanted a larger school, and is now a freshman at U Chicago. But my son seems pretty committed to a smaller liberal arts college, so we shall see. By the way, if you have not seen them, you should review the very interesting series on Div III athletic recruiting published by the NYT. Haverford was the featured college in the series.</p>
<p>xcfan -- thanks for the good wishes! My son also felt strongly that a small school would work best for him, as he really enjoys small, discussion-based classes where he can get to know the teachers. And we did read the NY Times series early on in our college search and it was really helpful in our understanding of the D3 recruiting process...and some early positive insight into Coach B. Best wishes to your son in his search.</p>