November 24, 2008

From: President Kathleen Waldron

To: Baruch College Community

I want to wish everyone a happy Thanksgiving with family and friends and to send you thanks for everything you have done this year to support Baruch College. Whether you are a faculty member teaching a class or conducting your research, a person working at one of the wonderful centers or institutes that enrich the College, a staff member advising and guiding students, an administrator managing so many tasks, or part of the crews that keep Baruch safe and clean, I thank you on behalf of 15,700 students.

As we plan our Thanksgiving, we are all mindful of how the economic conditions are affecting each of us individually. This financial downturn, of course, also has serious effects on Baruch College. We have already reduced spending by about 5% and slowed down the replacement hiring of certain positions. While budget issues are still unfolding in Albany, I continue to monitor things very closely with the CUNY Chancellor, the Vice Chancellors and their team. The spirit of cooperation required to get through this type of crisis is very much apparent and heartening.

On November 18, Governor Paterson submitted a proposal to the legislature for additional budget cuts to this fiscal year. Instead of additional reductions for higher education, however, the Governor proposed a $600 annual increase in tuition for undergraduates at CUNY and SUNY to begin in January with a $300 increase. While the Governor’s full proposal was not acted upon by the legislature this month, a tuition increase is almost certain for the fall 2009 term. The proposed $4,600 annual tuition for in-state students remains under the Tuition Assistance Plan limit, and so more than half of our students would likely have the entire increase covered by their TAP grants. We have taken additional steps to protect students, including increasing fundraising efforts for scholarships and establishing an emergency relief loan fund for students in particularly difficult situations. If the Governor’s proposal is accepted, it would allow us to receive back 10% of the revenue created from the tuition increase to invest in Baruch College. I think the structure proposed by the Governor sends a clear signal that the Governor and the State will continue to support higher education in this State.

I am impressed by the commitment of our alumni and donors despite their own significant losses in this financial crisis. As you know, so many of our alumni work in the financial sector and have suffered in the declining stock market. Nevertheless, we have continued our fundraising efforts, most recently with an alumni event in California. Our donors remain loyal to Baruch College and just last week I received checks totaling approximately $1,000,000 from alumni who realize that we need their support now more than ever. The timing of this is especially critical as we expect less investment revenue next year from the Baruch College Fund endowment.

In this time of thanks, I want to extend my appreciation for your support and creative thinking. We are going to continue to need both in the coming year. Until the Governor and legislature agree on next steps we don’t have a lot of concrete information, but I promise to keep you updated to the best of my ability.

Our key priorities in navigating this fiscal situation are maintaining our academic excellence, continuing to support our faculty and protecting our services to students. Thank you for your cooperation, messages of support and willingness to pitch in where needed. I am confident that we will weather these uncertain times with the typical Baruch College entrepreneurial spirit and selflessness.

Happy Thanksgiving,

President Kathleen Waldron