A Special Message from President Troutt to the Rhodes Community
Tuesday, November 25, 2008
As we approach this holiday season, we are reminded of what matters most in our lives. As Carole and I complete our tenth fall here at Rhodes, we give thanks for the privilege of being part of a community focused on academic excellence and making a difference in the world.
We know this season finds many families, including some within our Rhodes community, especially challenged by this time of financial uncertainty. No college community has been immune to the effects of the global economic crisis. I want to share with you how our college has been affected, where our commitments lie, and how by working together and supporting each other we will emerge from these difficult times stronger than ever.
First of all, Rhodes remains a strong and resilient institution. Like every other college, our endowment has declined. Our endowment is currently down 17% for the year. Total annual revenue this year will likely fall slightly below projections. Fortunately, a history of positive financial operating results and conservative budget practices allow us to absorb any near-term financial shortfalls. Our operating budget for the current academic year will not be affected. Next year’s budget is being built carefully and collaboratively to ensure we keep our commitments and do not diminish the quality of education we provide in any way.
Our commitments begin with our focus on the continued success of our students. They give meaning to all our efforts and motivate our faculty and staff to give their best in providing the finest education possible. We are determined to help our students through this difficult time. We have established ways to identify and assist students facing the most immediate financial challenges to stay at Rhodes. To continue our commitment to students we are building our budget for next year with a more limited tuition increase and a significant increase in our budget for student financial aid.
We are also committed to maintaining the excellence of our academic program and the faculty and staff who support it. We will consider carefully and collaboratively how we fill new or vacated positions, but no one should fear the loss of his or her job. Now, more than ever, we want to fully utilize the talents, perspectives, and creative abilities of all our outstanding faculty and staff.
Everyone in our campus community—faculty, staff, and students—can play an important role in ensuring we not only weather this financial storm but continue our progress in becoming a stronger and more vibrant academic community. The strides we have made in recent years—from the profile of our students and faculty to the new opportunities we are providing students, faculty, and staff—are a tribute to everyone working together toward a common aim.
We want to tap fully into the abundant reservoir of good will and passion for our college. Members of our extended community—alumni, parents, new and long-time friends—all have important roles to play in ensuring that every Rhodes student can stay and succeed, and that we enroll another promising class next fall.
Our Campaign for Rhodes, with its focus on support for students, faculty, and staff, is more important than ever. Within our campaign, our Student Emergency Assistance Fund becomes a very meaningful way for all who are able to increase their giving to Rhodes.
Beyond giving to Rhodes, we welcome other support—from offering internship and job opportunities to our current students to encouraging promising students to enroll next fall. Every expression of support is appreciated.
The story of our college is filled with examples of extraordinary people supporting each other in exceptional ways. We are all blessed to be part of that story today.
