Trustees discuss budget for housing
Sarah Queller
Issue date: 4/30/09 Section: News
The Board of Trustees met on campus last week for its annual Spring Meeting.
"I thought it was probably one of the best Kenyon board meetings I've ever been to," Chairman of the Board William Bennett '68 said. "There was a tremendous amount of participation; there was great discussion."
Kenyon and the Economy
The Investment Committee, the Buildings and Grounds Committee, the Budget and Finance Committee and the Executive Committee each devoted discussion to the College's liquidity, or "how much capital we have available," President S. Georgia Nugent said.
According to Nugent, many colleges have been evaluating their liquidities, and Vice President for Finance Joe Nelson has been analyzing Kenyon's liquidity over the past few months. "We're in relatively good shape and we're increasing our liquidity," Nugent said.
"We're just trying to be really thoughtful about new things we spend money on, and try[ing] to figure out where there's money to be saved in the general budget," Alan Rothenberg '67, chair of the Investment Committee and a 13-year Board member, said.
"The big benefit is the budget only gets about four percent of its support out of the endowment," he said. In comparison to other colleges, Kenyon uses a very small portion of its endowment to pay the College's day-to-day bills, according to Rothenberg. "Most of it still comes from tuition," he said.
"In general, the Board is excited about where Kenyon is and worried about the economy," Bennett said. "But, because our endowment is not as good as some of our competitors' we haven't been hurt as badly as other schools."
Townhouses on North Campus
"There are some preliminary plans that we have available for student housing at the north end of campus," Nugent said. "The Trustees voted to go ahead with finalizing those designs and with beginning to build."
The townhouse-style residences, which would house about 90 students, would create a neighborhood north of the Health and Counseling Center, according to Nugent, who said the new development would eventually replace both the Bexley and New Apartments.
"I thought it was probably one of the best Kenyon board meetings I've ever been to," Chairman of the Board William Bennett '68 said. "There was a tremendous amount of participation; there was great discussion."
Kenyon and the Economy
The Investment Committee, the Buildings and Grounds Committee, the Budget and Finance Committee and the Executive Committee each devoted discussion to the College's liquidity, or "how much capital we have available," President S. Georgia Nugent said.
According to Nugent, many colleges have been evaluating their liquidities, and Vice President for Finance Joe Nelson has been analyzing Kenyon's liquidity over the past few months. "We're in relatively good shape and we're increasing our liquidity," Nugent said.
"We're just trying to be really thoughtful about new things we spend money on, and try[ing] to figure out where there's money to be saved in the general budget," Alan Rothenberg '67, chair of the Investment Committee and a 13-year Board member, said.
"The big benefit is the budget only gets about four percent of its support out of the endowment," he said. In comparison to other colleges, Kenyon uses a very small portion of its endowment to pay the College's day-to-day bills, according to Rothenberg. "Most of it still comes from tuition," he said.
"In general, the Board is excited about where Kenyon is and worried about the economy," Bennett said. "But, because our endowment is not as good as some of our competitors' we haven't been hurt as badly as other schools."
Townhouses on North Campus
"There are some preliminary plans that we have available for student housing at the north end of campus," Nugent said. "The Trustees voted to go ahead with finalizing those designs and with beginning to build."
The townhouse-style residences, which would house about 90 students, would create a neighborhood north of the Health and Counseling Center, according to Nugent, who said the new development would eventually replace both the Bexley and New Apartments.
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