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News from the Corporation Meeting May 2009

May 22, 2009

Dear Brown Community Members,

The Corporation of Brown University has just completed its May meeting, highlighted by the announcement yesterday afternoon by Chancellor Tisch that the Campaign for Academic Enrichment has reached its goal of $1.4 billion, nineteen months ahead of the end of the campaign. This outcome owes much to the leadership and generosity of current and emeriti members of the Corporation. The Chancellor and Campaign co-chairs, Jerome Vascellaro, Matt Mallow, and Liz Chace, thanked the faculty, staff, students, alumni, parents, friends, foundations, and corporations who faithfully supported the academic and other priorities of the University. They also thanked the volunteers and staff who worked so diligently over the past six years to achieve this milestone.

The work of the Campaign remains far from finished, and will continue until the stated end of the Campaign on December 31, 2010. Over the next year and a half, the campaign leadership will be focused on a series of goals that are essential to Brown's ability to remain competitive for the best students and faculty. These priorities include:

  • $114 million still needed to meet the $400 million goal for undergraduate financial aid;
  • $65 million to complete vital capital projects such as the Mind Brain-Behavior Building, the Medical Education Building, the Stephen Robert '62 Campus Center, and the fitness/aquatics center;
  • $50 $ 75 million in endowment for the Brown faculty, including endowed professorships and endowed faculty funds;
  • over $50 million for the Brown Annual Fund, which directly supports the University's operating budget.

ACCEPTANCE OF GIFTS

Consistent with these priorities and the ongoing work of the Campaign, the Corporation accepted and ratified a number of gifts this week totaling $62.7 million. These included:

  • a milestone gift of $30,000,000 from the Steven A. and Alexandra M. Cohen Foundation to establish a Scholarship Fund for undergraduate financial aid;
  • from a member of the Corporation, a gift of $10,000,000; $4,500,000 of which is for an endowed scholarship fund; $4,500,000 in support of the Mind Brain Behavior Building; and $1,000,0000 for the endowment of the Fund for the Children of Providence;
  • from a parent, a gift of $6,000,000; $4,000,000 of which is in support of the Aquatics Center; $1,000,000 in support of the Creative Arts Center Building; and $1,000,000 for the Brown Annual Fund;
  • from an anonymous educational and charitable trust, a gift of $5,000,000 in support of the renovation and endowment of the reading room in the John Hay Library;
  • from an alumnus, a gift-in-kind of rare books, first editions, and manuscripts to the John Hay Library, valued at over $4,700,000;
  • from a parent, a gift of $4,000,000; $2,000,000 of which is for the Brown Annual Fund and $2,000,000 for an endowed scholarship fund;
  • from an emeritus member of the Corporation and his wife, both of whom are alumni, a gift of $2,000,000; $1,000,000 for two endowed scholarships; $500,000 for the John Carter Brown Library; $250,000 for the Pembroke Center for Teaching and Research endowment; $50,000 for the James O. Barnhill Endowed Fund; $35,000 for the Library Digitization project; and $165,000 for the Brown Annual Fund; and
  • from a member of the Corporation, a gift of $1,000,000 to the Brown Annual Fund.

BUDGET AND FINANCE

The Budget and Finance Committee again reviewed forward budget projections and planned reductions for the 2009-2010 and 2010-2011 fiscal years. They made no changes in the strategy outlined previously for additional reductions totaling up to $60 million. They also reviewed and endorsed the Division of Biology and Medicine's five-year financial and capital plans. Finally, the Committee approved proceeding with $33.2 million of capital projects over the coming year, including life safety and information technology infrastructure, renewal, and code compliance.

ELECTION OF FELLOWS AND TRUSTEES

The Corporation elected three new Fellows: Matthew Mallow ’64, Samuel Mencoff ’78, and Maria Zuber PhD ’86; four new Term Trustees: Craig Cogut ’75, Lawrence Cohen ’78, Lauren Kolodny ’08, and Thomas Rothman ’76; and five new Alumni Trustees: Kate Burton ’79, Joseph Fernandez `85, Dorsey James ’83, Peige Loh Katz ’91, and Jonathan Rozoff ’85. Lauren Kolodny ’08 was elected to the newly established position of Young Alumnus Trustee which the Corporation created this weekend in endorsing the recommendations of the review it conducted of its governance structure this year. Further information about the governance review and the Young Alumnus Trustee position is available on the Corporation website. Brief biographical notes on the new Fellows and Trustees are available online.

CAPITAL PROJECTS

With regard to capital projects, at its February meeting, the Corporation advised that we should, wherever possible and prudent, consider re-use and renovation as an alternative near-term solution to our facilities needs. The result, they reasoned, would significantly reduce the impact on the operating budget by avoiding debt service expenses and minimizing additional operating and maintenance costs. The overall cost of construction itself would be greatly reduced, enabling the University to proceed with a number of high-priority projects based on donor funds pledged or in hand.

This week the committees on Facilities & Design and Budget & Finance concluded that the Mind Brain Behavior program can be accommodated well with a $42 million renovation of the Metcalf Complex (to be designed by Leers Weinzapfel Associates) and the Medical Education Building can be located at 222 Richmond Street in the Jewelry District following a $45 million renovation (to be designed by Ellenzweig Associates). Fundraising results and plans for both projects were discussed with Budget & Finance and the committee authorized the administration to proceed with both projects.

Other capital projects which were reviewed with committees this week included the renovation of Rhode Island Hall for the Joukowsky Institute for Archaeology and the Ancient World which is on schedule to open this fall, and the Stephen Robert ’62 Campus Center in Faunce House where construction began earlier this month. The Committee on Facilities & Design, upon reviewing revised plans for a combined fitness and aquatics center, authorized work to proceed over the summer on landscaping and building design, with a view toward advancing the project as soon as possible.

Facilities & Design also selected Kliment Halsband Architects to conduct an Area Plan of the Jewelry District blocks where Brown has significant presence, a presence that will be enhanced when the renovation of 222 Richmond Street for medical education is completed. The plan will govern the standards for development of the area over time. This study will build on previous studies and the City's ongoing work on the comprehensive plan for the Jewelry District and the downtown area.

Finally, with regard to capital projects, the Corporation also approved the naming of the Creative Arts Center building in honor of Perry and Marty Granoff for their extraordinary leadership and generosity to the University. Construction on the Perry and Marty Granoff Center for the Creative Arts got underway with a groundbreaking ceremony Friday afternoon. Read More.

NEASC ACCREDITATION REVIEW AND OTHER BUSINESS

The Corporation discussed preliminary findings of the New England Association of Schools and Colleges (NEASC) team with the expressed intention of following-up on its recommendations in the coming year. The Corporation also approved the appointment of a number of faculty to endowed chairs. Read more about these and other actions from the meeting.

CONCLUSION

This meeting of the Corporation concluded what has been a momentous year for the University, the nation, and the world. Amidst the ongoing and evolving financial crisis, the University successfully concluded our decennial accreditation self-study; continued to recruit outstanding students, faculty and staff; and met the goal of the Campaign for Academic Enrichment. At the same time, we continue to plan and prepare for the additional loss of revenue resulting from the decline in value of the endowment due to the economy. More difficult decisions will have to be made by this community and the Corporation in the years ahead. The quality of those decisions, and the long-term health, vitality, and reputation of Brown, will assuredly be determined by our ability to work together to achieve the best possible results. Given the many accomplishments of our community in this most recent year of significant challenge, I am fully confident in our ability to continue to make significant improvements in our already outstanding university.

Sincerely,

Ruth J. Simmons