2008-2009 Academic Year
President's Statement on Pitzer and the Economy
Dear Pitzer Community,
“Mindful of the Future” has been Pitzer College's motto since 1963, and these days
the words we chose to define ourselves over four decades ago seem particularly vital as we approach the
future in increasingly distressed times. The United States, like most countries, has entered a recession,
experiencing unrelenting stock market volatility, repeated bank failures, recurrent home foreclosures,
increasing unemployment and tightening credit markets.
In October, I wrote to the campus about the College's budget outlook in light of these events.
Since then, the economic state of affairs has continued to change dramatically, so I write again to share
where we stand amid the turmoil. In keeping with our longstanding practice of sound fiscal planning, the
College is responding in ways that will protect and foster the core values of a Pitzer education during
what will be the difficult months and possibly years ahead.
We began to weather these difficult times from a fortunate position. Over the past six years, the
College's endowment increased by over 136 percent, we began every year with a balanced budget and we
have drawn strength from our history of careful fiscal management, strong bond ratings and prudent
investments. However, we are not immune to outside forces and like other colleges and universities, we
have suffered investment losses and our endowment funds have decreased significantly. We have been and
will continue to be negatively affected by the strained economy, yet the College possesses the fundamental
tools to endure.
Our immediate action has been to cut spending for this fiscal year by at least five percent and to be
cautious in hiring so that the institution can support its long-term financial commitments. We have limited
new or replacement staff hires. Although faculty searches currently underway for this year will continue,
searches for next year likely will be delayed. Additionally, we have postponed capital projects not already
in progress. By recovering all possible savings this year, we hope to prevent more painful choices in the
future as our early savings will compound providing greater long-term budget relief. Moving forward, we will
continue to adapt to the new reality.
For the longer term, the Tactical Planning Committee, composed of trustees, faculty, students, staff and
alumni, has begun meeting to create the College's second five-year budgeting plan leading up to our
50th anniversary. The committee is charged with making careful, thoughtful choices that will best protect our
educational mission and the individuals who support us in our efforts. By integrating past planning efforts
with our new fiscal reality, I am confident that the Tactical Planning Committee will propose a plan that
will set the College on course to emerge from these times stronger than ever before. As always, our core
values will form the basis for our planning, including our unwavering commitment to need-based student
financial aid.
Despite the uncertainty surrounding us, I hope we are all able to reflect on what is good in our lives
and stand ready to work together to help those who are in need. I see this every day at Pitzer where despite
the challenges we all face, the College holds true its core values and its remarkable achievements do not
waver—our engaged students donate over 100,000 hours each year to community service, our experienced faculty
mentor and include students in their scholarship, our accomplished alumni carry Pitzer's ideals into
communities throughout the world and our dedicated board of trustees provide thoughtful leadership and
continued financial support.
In addition to these gifts with far reaching implications for the Pitzer community and beyond, we also
proudly recognize our students, faculty and staff for their unprecedented accomplishments, including the
75 percent of our students who study abroad (compared to just under 2 percent nationally), a record of
receiving more Fulbright Fellowships per capita than any other college or university in the United States,
our award-winning Gold LEED Certified residence halls and our ranking by the Princeton Review as number
one in the nation for race/class interaction.
Founding President John Atherton said Pitzer's “mandate is to change the universe” and
I see that directive reflected in the College's accomplishments, particularly now when the need to
reach out is particularly strong. As we weather this economic crisis, our thoughtful contributions to
organizations addressing the immediate needs of those affected will be increasingly important and I thank
all those whose support of Pitzer College has enabled us to always be mindful of the future.
Sincerely,
Laura Skandera Trombley
President
Pitzer College
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