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Dartmouth College Office of Public Affairs • Press Release
Board also approves temporary freeze of current Board membership until resolution of lawsuit; approves appointments to endowed professorships and tenured faculty positions; and participates in Commencement activities featuring President of Liberia
During its spring-term meeting in Hanover on June 6, the Dartmouth Board of Trustees:
Approval of capital and operating budgets, increased endowment distributions
The Board approved for Dartmouth's 2009 fiscal year (July 1, 2008-June 30, 2009): an operating budget of $453 million for the College, exclusive of the professional schools; operating budgets of $232 million, $30 million and $62 million respectively for Dartmouth Medical School, the Thayer School of Engineering and the Tuck School of Business; and a capital budget of approximately $191 million for the institution overall.
Advancement of key strategic initiatives
The FY 2009 budget will be the first to reflect the effects of an earlier Board decision to adjust the annual endowment distribution formula toward a goal of approximately six percent of the fund's beginning market value (currently nearly $4 billion), along with a supplemental distribution for up to five years.
The additional distribution from the endowment will be focused on supporting Dartmouth's primary operating activities and educational goals. Together with other budget measures, the additional spending will further several key strategic initiatives:
"These initiatives represent our continuing commitment to keeping Dartmouth at the forefront of higher education and to offering an unsurpassed educational experience," said Board Chair Ed Haldeman. "That will not change."
Fiscal Year 2008 will close with a $25 million anticipated operating deficit covered by surpluses from prior years. The deficit reflects primarily reductions in sources of revenue such as availability of federal grants, and lower investment returns. The FY '09 budget is balanced and currently shows a small surplus.
Board membership freeze
The Board voted to freeze its membership until the resolution of the pending court action by the Association of Alumni, which challenges the Board's September 2007 decisions concerning both the composition of the Board and the Alumni Trustee nomination process. It is the Board's intent to resume considering nominations and making appointments of new Trustees following the resolution of the case.
Accordingly, the Board decided not to act on the reelection of Trustees completing their first term in June 2008 (including Charter Trustees Brad Evans, Ed Haldeman and Albert Mulley, and Alumni Trustees John Donahoe and T.J. Rodgers) and decided not to initiate the usual procedures to generate Alumni Trustee candidates for the position currently held by Michael Chu, whose second term is scheduled to expire in June 2009. Chu has agreed to an extension of his term, if that becomes necessary. Russell Carson, whose second term would have expired at the end of this Board meeting, also has agreed to continue as a member of the Board until the resolution of the lawsuit.
Board Chair Haldeman said: "Given the uncertainty created by the pending litigation, the Board believes it should delay any changes to its membership until the resolution of these questions in the courts, as requested by the complainants. We regret the interruption to the affairs of the College, but this action is the inevitable result of the lawsuit. We remain confident that the suit will be shown to be without merit and are eager for the case to proceed to trial and ultimately be resolved. In the meantime, I appreciate the continued dedication and leadership of the members of the Board, and am especially grateful to Russ Carson for his service as Finance Committee chair and for his willingness to continue his Board service."
The Board reviewed and approved recommended appointments to tenured faculty positions in the faculties of Arts and Sciences as well as Dartmouth Medical School, the Thayer School of Engineering and the Tuck School of Business; and also approved nine appointments to endowed professorships. All appointments are effective July 1, 2008.
2008 Commencement, keynoted by Ellen Johnson-Sirleaf, President of Liberia
Over the next two days, trustees will participate in an array of annual activities surrounding graduation, culminating in Commencement ceremonies on Sunday morning, June 8 on the Dartmouth Green. Ellen Johnson-Sirleaf, President of Liberia and the first woman elected to lead an African nation, will be the keynote speaker for the event.
Commencement generally draws as many 13,000 guests to the Dartmouth Green. The College typically awards approximately 1,000 bachelor's degrees and approximately 500 master's and doctoral degrees in the Arts and Sciences and from the College's three professional schools: Dartmouth Medical School, the Thayer School of Engineering and the Tuck School of Business.
Dartmouth will also present honorary degrees to a distinguished group of eight recipients, including Johnson-Sirleaf and:
Other pre-Commencement activities include Class Day exercises for undergraduates, Class Day and Investiture ceremonies for Dartmouth Medical School, the Thayer School of Engineering and the Tuck School of Business, a luncheon for members of the 50-Year Reunion Class, the annual Phi Beta Kappa meeting, the annual Baccalaureate service, and receptions for members of Dartmouth's Hill Winds Society, for students involved in public service and religious life through the Tucker Foundation, for Arts and Sciences graduate students and their guests, and for honorary degree recipients and their guests.
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