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A Letter from President Oxtoby
October 28, 2008
I am writing in this time of economic uncertainty to give you a report on the state of the College—which remains strong—and to let you know how we are approaching the challenges presented by our nation’s economic downturn. As I write this, the financial markets remain volatile and no one knows what tomorrow may bring. At a recent meeting of our Board of Trustees, this was a central topic of discussion and concern, just as it has been, I am sure, in your own home.
One of the great benefits of Pomona’s strong endowment is our ability to endure hard economic times like these without compromising the quality of the extraordinary education we provide to our students. Thanks to the wise stewardship of College leaders of the past few decades, whose management of the endowment has allowed it to grow into a solid foundation for all that we do, and thanks to the continuing support we receive from alumni, parents and friends, we are not faced with the need to make immediate changes in our current operations.
However, no one knows yet how deep this downturn will be, how long it will last or how significantly it will affect the future value of our endowment and the other income streams upon which the College depends. For these reasons, we need to be very clear about our priorities.
Our first priority, of course, is our students. We will remain committed to a financial aid program that meets the full need of every Pomona student, and we will extend additional help to those families for whom changing economic circumstances have resulted in a reduced ability to pay.
Second, we are committed to the welfare of our faculty and staff, who are the heart and soul of our educational enterprise. We anticipate no lay-offs, and we currently plan to complete all existing searches for faculty and staff positions while maintaining competitive standards of compensation.
Third, we are committed to providing an environment for learning that enhances our educational mission. Fortunately, we have very little deferred maintenance, so our physical plant has never been in better condition. Plans for the construction of the new residence halls and parking structures—already financed by a recent bond issue—will continue. The schedule for future projects, however, will depend upon many factors, including the economic outlook as we move forward.
In the weeks and months ahead, we will be keeping a close watch on the economy in general and our own income and expenditures in particular. All of our future spending decisions will have to be carefully weighed in the light of these uncertain times, with our main priorities held firmly in mind. Although the endowment provides us with a great deal of flexibility during this financial crisis, we must also be careful to protect its buying power for the future so that the Pomona students of tomorrow can enjoy the same remarkable experience as those of today. And though we know that many in our extended college family are also feeling the effects of the downturn, it is important to note that at times like these, gifts from alumni, parents and friends become all the more important.
Given the resources that Pomona has at its command and the good will of the extended College community, I am confident that we will weather this economic storm while remaining true to our values and unswerving in our commitment to our students.
Sincerely,
David W. Oxtoby
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Economy Home |
October 2008 Letter |
February 2009 Letter -
Budget Plans
Pomona College Magazine article
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