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Faculty and StaffNotes Offices Take On OPUS INSIDE 2 Transitions 3 3 H.H.Kung and the $6 Million Gift 4 %e Volume 19, Number 1Obsewec29,1997 THE O B. E R L I N COLLEGE FACULTY AND STAFF NEWSPAPER Trustees Approve New Policy for Endowment Spending At its June 14 meeting the Oberlin Col¬ lege Board ofTrustees approved a new endowment-spending policy to support the annual operating budget ofthe Col¬ lege. The goals ofthe new policy are to: • increase the value ofthe endowment in real terms, • protect the purchasing power of the endowment from inflation, • provide stable and predictable in¬ creases in spendinginreal terms, and • maintain equity between current and future generations who are ben¬ eficiaries ofendowment spending. With the new policy annual spend¬ ing will increase at a constant percent¬ age that is related to an inflation index such as the Higher Education Price Index. The policy also provides for the percentage increase to be constrained by a "collar^'—upper and lowerlimits on the spending as a percentage of a mov¬ ing average marketvalue ofthe endow¬ ment. "The new endowment-spending for¬ mula will be a solid foundation for the financial planning necessary to help Oberlin cany out its mission success¬ fully," says Andy Evans, vice president for finance. "Previously, the pay-out rate could fluctuate based on market conditions—even with a procedure for smoothing year-to-year spending fluctuations—creating unacceptable swings in budget support. The new pol¬ icy allows for better planning by taking a longer view. It asks, What can we af¬ ford to spend over the long term while meeting our four goals?'" The collar will insure that the en¬ dowment is not overspent during a pre¬ cipitous decline in the financial mar¬ kets (as occurred in the early 1970s) or during sustained high rates ofinflation (as happened in the late '70s and early '80s), Evans says. The collar will also in¬ sure that the endowment is not under- Trustee Meeting spentwhenfavorable markets or an un¬ usual volume ofgifts affords opportuni¬ ty for faster growth in spending. Falling below the established floor could penal¬ ize the current generation of endow¬ ment-spendingbeneficiaries to the ben¬ efit of future generations while exceeding the established ceiling dur¬ ing periods of poor investment perfor¬ mance or abnormal inflation could pe¬ nalize future generations. Evans and Robert Knight, financial planning and budget director, led a team effort to develop the new policy at the request ofthe board, whohad asked the administration to present an analy¬ sis and recommendation for a new rule governing endowment spending. The team—whose members came from the finance office, the development office, and the board—developed a model that can be used to estimate the future im¬ pact of investment performance, fimdraising, and spending on the size and growth rate ofthe endowment. The model shows the explicit link¬ age between the endowment-spending formula and the annual budget, and highlights the strategic role of the en¬ dowment in supporting the mission of the College. The team's research sug¬ gested that a constant-growth policy might be superior to other endowment-spending formulas because it allows for better long-term financial planning. At the March 1997 board meeting mem¬ bers ofthe trustees' Investment, Devel¬ opment, and Budget and Finance com¬ mittees jointly reviewed the merits of the proposal. The rule went into effect this fiscal year, which began July 1. To allow ade¬ quate time for thorough evaluation of its effectiveness the new policy will re¬ main—barring extraordinary circum¬ stances—for at least five years, through the fiscal year that ends June 30,2002. Besides approving a new endowment-spending policy (see story this page) Oberlin's trustees welcomed new mem¬ bers Harry Stang and Myron Szold at their June 14 meeting. On the occasion of his retiring from the board, trustees recognized Alan Wurtzel for his contri¬ butions to the College, especially on the trustee Investment Committee. The group heard memorial minutes for hon¬ orary trustees Bernard Gladieux and Jewel Lafontant-Mankarious, both of whom died in May. The board gave President Nancy Dye a standing ovation after accepting the Broad Goals for Oberlin's Future, the long-range-planning report that was the result of the College commu-nit/ s widespread discussion last school year. New and returning students descended on the computer store this week, and computing-center folks Chester Andrews, Reg Lyman, Shelby Warrens, and Elliot Jolesch were there to make sure everyone left happy. Office of Communications Now Office of College Relations; New Functions Added Don't look for the Office ofCommunica¬ tions in the 1997-98 Fussers—the office has changedits nametothe Office ofCol¬ lege Relations. Don't look for the director of communications in Fussers, either, and especially don't look for him in the yellow house at 153 West Lorain. Al Moran, formerly the director ofcommu¬ nications, is now vice president for col¬ lege relations, and his new office is next doorto the yellow house, in Daub House. The changes are part ofa general re¬ structuring that goes with preparations for the communications side ofthe capi¬ tal campaign, now in early planning stages. Anne Paine, former publications director, has moved over to Daub House to take responsibility for capital-cam¬ paign publications, and Cynthia Nick-oloff, editor ofthe OberlinAlumni Mag¬ azine (OAM), is taking over Paine's former role with all other publications. Nickoloff is in Daub House now, and will move to the yellow house as soon as a national search results in a new OAM editor, who will be in Daub House. Yel¬ low-house resident Rick Sherlock, who was the art director, is now assistant di¬ rector ofcollege relations. Peter Nicholson '91 has returned to the office as a public-relations specialist covering the conservatory while a na¬ tional search seeks to replace Larry Herman, who formerly directed conser¬ vatorypublic relations. Nicholsonwasthe communications-office intern in 1991-92. This is not the first time Oberlin has had an Office of College Relations. From the 1978-79 school year through 1983-84 the office used that name. Other names the office has been called include College Information, Public Re¬ lations Office, Publicity Bureau, and News Bureau. Poet Will Address OC Employees, Souls Poet David Whyte says, "Institutions must... honor the souls ofthe individ¬ uals who work for them." And he in¬ vites workers to "explore the possibility ofbeing at home in the world, melding soul life with work life " Whyte will speak at Oberlin Tuesday, September 9. Drawing on a topic he cov¬ ered in his book The HeartAroused: Poet¬ ry and the Preservation of the Soul in Cor¬ porate America, (source ofthe quotations above) Whyte will give two hour-and-a-half sessions to College employees, at 10. and2.At8hewilltalkto the general Ober¬ lin audience about being connected to a community, material drawn from his lat¬ estbookofpoetry, TheHouseof Belonging. All sessions will be in Finney ChapeL "Almost anybody can relate to his messages," says William Stackman, as¬ sociate dean of student life. Manfred Lassen, Protestant chaplain, calls Whyte "very engaging" and "powerful." What distinguishes Whyte favorably from motivational speakers, says Lassen, is that he recognizes that "life is terrifying as well as beautiful." Stack-man and Lassen were instrumental in bringing Whyte to campus. A videotape of one of his perfor¬ mances, to be shown at the September 4 breakfast forAdministrative andProfes¬ sional Staff, will giveA&PS employees a preview ofWhyte's messages and style. tc#The first issue of Oteriin Holm for the new school year came out Wednesday. If your building is out of paper copies, catch The information on line at www.oberlin.edu/~wwwcomm/onotes/CUR188UE/main.html.
Object Description
Title | Oberlin Observer. 1997-08-29 |
Description | volume 19, number 01 |
Subject | Oberlin College--Periodicals |
Editor | Grashoff, Linda |
Contributors |
Berger, Ami (au) Janas, Marci (OC '91) (au) |
Topics | Trustees Approve New Policy for Endowment Spending; Office of Cominunications Now Office of College Relations; OPUS Heats Up This Fall; Human Resources First Office to Implement New Administrative Computing Systems; Oberlin Legacy of Service Leads to $6 Million Gift |
Date | 1997-08-29 |
Year | 1997 |
Month | August |
Day | 29 |
Type | text; image |
Format | |
Identifier | Oberlin_Observer_Vol_19_No_1.pdf |
Publisher | Oberlin College. Library |
Language | English |
Relation | http://www.oberlin.edu/cgi-bin/cgiwrap/library/ref/index.php?db=observerindex |
Number of pages | 4 |
Description
Title | Page 1 |
Transcript | Faculty and StaffNotes Offices Take On OPUS INSIDE 2 Transitions 3 3 H.H.Kung and the $6 Million Gift 4 %e Volume 19, Number 1Obsewec29,1997 THE O B. E R L I N COLLEGE FACULTY AND STAFF NEWSPAPER Trustees Approve New Policy for Endowment Spending At its June 14 meeting the Oberlin Col¬ lege Board ofTrustees approved a new endowment-spending policy to support the annual operating budget ofthe Col¬ lege. The goals ofthe new policy are to: • increase the value ofthe endowment in real terms, • protect the purchasing power of the endowment from inflation, • provide stable and predictable in¬ creases in spendinginreal terms, and • maintain equity between current and future generations who are ben¬ eficiaries ofendowment spending. With the new policy annual spend¬ ing will increase at a constant percent¬ age that is related to an inflation index such as the Higher Education Price Index. The policy also provides for the percentage increase to be constrained by a "collar^'—upper and lowerlimits on the spending as a percentage of a mov¬ ing average marketvalue ofthe endow¬ ment. "The new endowment-spending for¬ mula will be a solid foundation for the financial planning necessary to help Oberlin cany out its mission success¬ fully," says Andy Evans, vice president for finance. "Previously, the pay-out rate could fluctuate based on market conditions—even with a procedure for smoothing year-to-year spending fluctuations—creating unacceptable swings in budget support. The new pol¬ icy allows for better planning by taking a longer view. It asks, What can we af¬ ford to spend over the long term while meeting our four goals?'" The collar will insure that the en¬ dowment is not overspent during a pre¬ cipitous decline in the financial mar¬ kets (as occurred in the early 1970s) or during sustained high rates ofinflation (as happened in the late '70s and early '80s), Evans says. The collar will also in¬ sure that the endowment is not under- Trustee Meeting spentwhenfavorable markets or an un¬ usual volume ofgifts affords opportuni¬ ty for faster growth in spending. Falling below the established floor could penal¬ ize the current generation of endow¬ ment-spendingbeneficiaries to the ben¬ efit of future generations while exceeding the established ceiling dur¬ ing periods of poor investment perfor¬ mance or abnormal inflation could pe¬ nalize future generations. Evans and Robert Knight, financial planning and budget director, led a team effort to develop the new policy at the request ofthe board, whohad asked the administration to present an analy¬ sis and recommendation for a new rule governing endowment spending. The team—whose members came from the finance office, the development office, and the board—developed a model that can be used to estimate the future im¬ pact of investment performance, fimdraising, and spending on the size and growth rate ofthe endowment. The model shows the explicit link¬ age between the endowment-spending formula and the annual budget, and highlights the strategic role of the en¬ dowment in supporting the mission of the College. The team's research sug¬ gested that a constant-growth policy might be superior to other endowment-spending formulas because it allows for better long-term financial planning. At the March 1997 board meeting mem¬ bers ofthe trustees' Investment, Devel¬ opment, and Budget and Finance com¬ mittees jointly reviewed the merits of the proposal. The rule went into effect this fiscal year, which began July 1. To allow ade¬ quate time for thorough evaluation of its effectiveness the new policy will re¬ main—barring extraordinary circum¬ stances—for at least five years, through the fiscal year that ends June 30,2002. Besides approving a new endowment-spending policy (see story this page) Oberlin's trustees welcomed new mem¬ bers Harry Stang and Myron Szold at their June 14 meeting. On the occasion of his retiring from the board, trustees recognized Alan Wurtzel for his contri¬ butions to the College, especially on the trustee Investment Committee. The group heard memorial minutes for hon¬ orary trustees Bernard Gladieux and Jewel Lafontant-Mankarious, both of whom died in May. The board gave President Nancy Dye a standing ovation after accepting the Broad Goals for Oberlin's Future, the long-range-planning report that was the result of the College commu-nit/ s widespread discussion last school year. New and returning students descended on the computer store this week, and computing-center folks Chester Andrews, Reg Lyman, Shelby Warrens, and Elliot Jolesch were there to make sure everyone left happy. Office of Communications Now Office of College Relations; New Functions Added Don't look for the Office ofCommunica¬ tions in the 1997-98 Fussers—the office has changedits nametothe Office ofCol¬ lege Relations. Don't look for the director of communications in Fussers, either, and especially don't look for him in the yellow house at 153 West Lorain. Al Moran, formerly the director ofcommu¬ nications, is now vice president for col¬ lege relations, and his new office is next doorto the yellow house, in Daub House. The changes are part ofa general re¬ structuring that goes with preparations for the communications side ofthe capi¬ tal campaign, now in early planning stages. Anne Paine, former publications director, has moved over to Daub House to take responsibility for capital-cam¬ paign publications, and Cynthia Nick-oloff, editor ofthe OberlinAlumni Mag¬ azine (OAM), is taking over Paine's former role with all other publications. Nickoloff is in Daub House now, and will move to the yellow house as soon as a national search results in a new OAM editor, who will be in Daub House. Yel¬ low-house resident Rick Sherlock, who was the art director, is now assistant di¬ rector ofcollege relations. Peter Nicholson '91 has returned to the office as a public-relations specialist covering the conservatory while a na¬ tional search seeks to replace Larry Herman, who formerly directed conser¬ vatorypublic relations. Nicholsonwasthe communications-office intern in 1991-92. This is not the first time Oberlin has had an Office of College Relations. From the 1978-79 school year through 1983-84 the office used that name. Other names the office has been called include College Information, Public Re¬ lations Office, Publicity Bureau, and News Bureau. Poet Will Address OC Employees, Souls Poet David Whyte says, "Institutions must... honor the souls ofthe individ¬ uals who work for them." And he in¬ vites workers to "explore the possibility ofbeing at home in the world, melding soul life with work life " Whyte will speak at Oberlin Tuesday, September 9. Drawing on a topic he cov¬ ered in his book The HeartAroused: Poet¬ ry and the Preservation of the Soul in Cor¬ porate America, (source ofthe quotations above) Whyte will give two hour-and-a-half sessions to College employees, at 10. and2.At8hewilltalkto the general Ober¬ lin audience about being connected to a community, material drawn from his lat¬ estbookofpoetry, TheHouseof Belonging. All sessions will be in Finney ChapeL "Almost anybody can relate to his messages," says William Stackman, as¬ sociate dean of student life. Manfred Lassen, Protestant chaplain, calls Whyte "very engaging" and "powerful." What distinguishes Whyte favorably from motivational speakers, says Lassen, is that he recognizes that "life is terrifying as well as beautiful." Stack-man and Lassen were instrumental in bringing Whyte to campus. A videotape of one of his perfor¬ mances, to be shown at the September 4 breakfast forAdministrative andProfes¬ sional Staff, will giveA&PS employees a preview ofWhyte's messages and style. tc#The first issue of Oteriin Holm for the new school year came out Wednesday. If your building is out of paper copies, catch The information on line at www.oberlin.edu/~wwwcomm/onotes/CUR188UE/main.html. |
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