Feb. 2, 2018: Winter 2018 Board of Trustees Meeting Summary
Dear Colleagues,
Below is my customary summary of our recent winter Board of Trustees meeting, which took place in Washington, D.C., from Wednesday, Jan. 24, through Friday, Jan. 26. I want to thank Prof. Bill Kenny, faculty chair; Prof. Gary Steiner, faculty secretary; and Prof. Ben Vollmayr-Lee for attending the various on-site committee meetings. I also want to thank Prof. Maria Antonaccio for delivering a well-received snaptalk for the Academic Affairs Committee about the role of the humanities in sustainability.
The trustees spent the majority of their time in executive session focused on board governance, including a review of the results of a board self-assessment and a discussion of board process improvements. In addition to those good discussions, and the board's committee work, the trustees also participated in a thoughtful and engaging presentation by Provost Barbara Altmann and our three college deans concerning strategic initiatives within the distinct colleges, as well as our efforts to enhance and increase interdisciplinary opportunities across the colleges.
In keeping with its fiduciary responsibilities in advance of its adoption of a University budget at the April meeting, the board discussed and evaluated the University's financial position, as it does on a regular basis. Among Bucknell's most significant challenges remains balancing our relatively low endowment, compared with peer and aspirant institutions, with our need to make strategic investments in areas that strengthen and distinguish the institution and the experience we offer our students. As I have said on several occasions, paramount among these investments must be increasing our financial aid resources, which lag behind many of the institutions with which we compete for students. What I wrote to you a year ago remains true today and bears repeating:
"… we must continue to exercise prudent financial restraint and be highly intentional about the resources we expend. The Board continues to grapple with the reality that Bucknell cannot continue to introduce new initiatives — however desirable — that increase net expenses without evaluating other programs that either have run their course of usefulness or, despite our best intentions, have proven to be ineffective or do not align with our mission."
On a related note, if you haven't already seen Vice President for Finance & Administration Dave Surgala's strategic planning forum presentation, I encourage you to do so. You can find it on our strategic planning website, along with similar presentations by Vice President for Development & Alumni Relations Scott Rosevear and Vice President for Enrollment Management Bill Conley. The site also includes the schedule for upcoming strategic planning forums.
As a human enterprise, the most significant investment we make is in our people; our faculty and staff are the reason Bucknell is such a special institution. In recognition of that fact, I am pleased that the board accepted the recommendations of the administration, which were informed by the University Planning & Budget Committee, and voted to establish a 3 percent increase to the compensation pool for staff and a 3.25 percent increase to the compensation pool for faculty. As in years past, a percentage of those pools will be reserved for promotional or market-driven adjustments. The merit portion of the staff wage pool provides resources to be allocated by supervisors in percentages to take effect July 1, 2018. The board also acted on the University's comprehensive fee for the 2018-2019 academic year, which we will share with students and their families before making a public announcement.
Among the more special moments — not just of the recent board meeting but of all my time at Bucknell — was sharing the news of Ken ’72 and Janice Freeman’s extraordinary generosity in support of management education. As I shared with you last week, in recognition of their commitment of more than $25 million to support the hiring of new management faculty and the expansion of interdisciplinary programs, we have named the college the Kenneth W. Freeman College of Management. If you haven’t already read about this incredible gift, I encourage you to do so.
I am deeply grateful for Ken and Janice’s leadership, and I am also mindful that their support is a reflection of their faith and confidence in our collective efforts to provide the very best educational experience for our students, preparing them to lead successful, meaningful lives. The work of education is a special, noble endeavor — one in which I am proud to partner with you.
My best wishes for a successful and enriching semester,
John