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Kenneth Reitz
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<header> <h1 class="entry-title"><a href="recession-a-university-perspective.html"
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rel="bookmark" title="Permalink to Recession: A University Perspective">Recession: A University Perspective</a></h1> </header>
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<div class="entry-content">
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<abbr class="published" title="2009-02-26T06:12:00">
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Thu 26 February 2009
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</abbr>
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<p>In <a href="./category/Life.html">Life</a>.
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</p>
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</footer><!-- /.post-info -->
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<p>Newest update on the recession:</p>
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<blockquote>
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<p>To the George Mason University Community:</p>
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<p>For over a year now the global financial situation has steadily
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worsened, and many aspects of life have become more difficult for
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many Americans. There is little evidence that the world or national
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economies are rebounding or showing signs of an imminent recovery.</p>
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<p>We share the hope that was so profoundly expressed by President
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Obama during his inaugural speech of a better day in the months and
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years ahead, and his resolve to view this financial situation as an
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opportunity for improvement. How long the economic crisis will
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persist is unknown to any of us. The road ahead will not be easy,
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but if we keep our focus and reaffirm our commitment to protect the
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core, we will endure and be well positioned when the economy
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rebounds.</p>
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<p>Our institutional vital signs are stronger than ever as we have
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assembled a teaching and research faculty who continuously advance
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the reputation of the institution. We have achieved national
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recognition for our teaching excellence, as well as several
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breakthrough discoveries in various areas of research. The number
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of student applications is higher than ever, and the quality of
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incoming undergraduate, transfer, and graduate students is superior
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to any previous year. Our retention rate and graduation rate are at
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all-time highs. We award more degrees annually than any other
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college or university in the Commonwealth of Virginia, and our
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alumni are increasingly being tapped as highly respected regional,
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national, and international leaders. National publications have
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acknowledged our institutional advancement and our outstanding
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value to our students. These rankings and accomplishments are a
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direct reflection of the effort and commitment made by you.</p>
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<p>As we are currently expending approximately $250 million per year
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on new construction and improvements, we are not only changing the
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face of our campuses but serving as a major contributor to the
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Northern Virginia economy at a time when so many other economic
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drivers are either stagnant or declining. By any measurement, we
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are highly efficient and effective in how we manage the university,
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and this is true of both our academic administration and our
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support services. However, as state support declines and day-to-day
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responsibilities increase, certainly you must question how we can
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possibly do more. Yet we know we must. We must continue to find
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ways to work smarter and more effectively.</p>
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<p>The provost and senior vice president have held informational
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sessions to explain our budget reduction strategies as we have
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absorbed a 5 percent General Fund reduction in FY 2008; another 7
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percent budget reduction in FY 2009 with the high probability of a
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deeper cut in state support next year (FY 2010). As you probably
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know, the governor recommended another 8 percent General Fund
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reduction for FY 2010. Operating plans for FY 2010 are currently
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being developed which will provide us with the necessary
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information to make the wisest possible resource allocation
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decision.</p>
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<p>As the state continues to struggle financially, we must focus our
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efforts on keeping higher education accessible to new and returning
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students. This will be a monumental task as we brace ourselves for
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what will most likely be a substantial reduction in state support
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this coming year. Therefore, I have decided to establish an Adverse
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Economy Assistance Fund to assist students whose family’s economic
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situation has been dramatically weakened by job loss or other
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catastrophic incidents as a result of the economic crisis.
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Established at $150,000 and to be used by the Office of Financial
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Aid in conjunction with other available assistance to help
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students, this fund will hopefully make the difference between
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either continuing their studies or withdrawing from George Mason
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University for many students.</p>
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<p>The university’s endowment performance for the past year, though
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experiencing a double-digit decline, achieved a top quartile peer
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ranking. A priority for Mason is to continue to build on the
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success of the recently completed capital campaign that raised more
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than $140 million for George Mason University. In 2008 we raised
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more dollars, gifts, and pledges than ever in the history of Mason.
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We are enormously grateful to the thousands of Mason supporters who
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continue to invest in the future of this great institution. Your
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support is more important than ever.</p>
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<p>Our university culture is marked by a commitment to improvement, a
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relentless search for best practices, and a quest for excellence.
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We know that only through the alignment of a shared vision and a
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university spirit that embraces diversity and civility can we
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advance those actions that will strengthen the core values of this
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great university. There is no easy answer to maintaining
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institutional momentum during difficult financial times, but being
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resilient and optimistic is the foundation of our plan.</p>
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<p>Our strength is our people. Several university community members
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have already made significant contributions by volunteering to
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accept salary reductions, deferring compensation package increases,
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individually absorbing costs that otherwise would be eligible for
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state reimbursement, and contributing larger amounts of
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unrestricted donations to the George Mason University Foundation. A
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different person seems to step up every day to lead us on this
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journey. That is what makes George Mason University so special.</p>
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<p>We will emerge a better university after these turbulent times
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because each of you believes that you can make a difference at
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Mason—and you can—and you do. Although challenged by these
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financial constraints, we will rally together to build an
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institution that will withstand today’s economic downturn and be
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prepared to meet any future challenges. It is our responsibility,
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our opportunity, to take advantage of this economic downturn and do
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whatever we can to lift tomorrow’s leaders onto our shoulders so
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they may view a horizon that inspires hope and promise and the
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opportunity to fulfill their dreams of a better tomorrow. We in
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higher education hold the key to their success. Together we can do
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this! We are Mason.</p>
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<p>Alan G. Merten</p>
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</blockquote>
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