Does the endowment performance reflect poor investment management?
No, the endowment performance has compared favorably to our benchmarks and to the endowment performance of our peers over the past three years. Last year our endowment was down less than 1 percent; the...
View ArticleI understand that the College has a nearly $1 billion endowment. Why don’t we...
While our endowment hovered around that mark earlier this year, it is currently closer to $900 million as a result of the recent declining stock market. In order to ensure significant and equitable...
View ArticleDoes the College set aside resources in a reserves account to provide...
Yes. The College has been using reserves for the past seven years to help bring our endowment spend rate down to the board-established 5 percent ceiling. We anticipate a challenging year ahead, and we...
View ArticleWill there be layoffs?
At this time, any reductions in staffing will happen through normal employee attrition. The College has a very clear policy on how we go about a reduction in force (RIF), outlined in the handbook. The...
View ArticleAre there areas where funding will not be cut?
Some areas will be protected longer than others. Financial aid is one such area. As our current policy states, which dates back to a Board of Trustees resolution in 1997, the College is committed to...
View ArticleHow will the reduction in travel be carried out?
Our overall goal for Middlebury is to reduce travel costs by at least 20 percent across the College. We hope that individuals will consider whether travel is necessary to achieve a particular project...
View ArticleHow does one determine if a job title is considered essential in terms of the...
All jobs at Middlebury are important. But in challenging financial times some positions are critical to fulfill our mission as an educational enterprise. The Staff Resource Committee will review all...
View ArticleHow is the College dealing with the downturn?
As the president's recent memorandum noted, we have instituted a hiring freeze, will reduce travel significantly, limit the work of consultants and contractors, and slow the pace of implementing...
View ArticleWhat does the economic downturn mean for Middlebury?
A declining stock market has reduced the level of support the operating budget receives from the endowment, and a prolonged economic slowdown will also have a meaningful impact on charitable giving to...
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