The global economic crisis created serious problems for all private colleges. The primary revenue sources for private colleges were all subjected to unprecedented challenges. As the national unemployment rates skyrocketed and personal investment portfolios plummeted, profound concern escalated about our students’ ability to pay tuition and our donors’ capability to sustain their generosity. Though our endowment significantly outperformed its investment benchmarks it experienced a substantial decline. Lawrence University aggressively responded to the global economic crisis with a plan that protected the academic and artistic mission and also identified and implemented nearly $2 million in financial interventions. In addition, all employees maintained the highest appropriate level of frugality in making expense decisions. In spite of daunting economic challenges, our student enrollment looks stable. For those students and their families who have been impacted personally by the economic times, our talented and dedicated Lawrence employees try to find way to help them finance tuition. Even though our donors faced unprecedented financial and investment complications they exceeded our financial goals for the year! This also speaks to a gifted and committed development team led by Cal Husmann. In the second half of the year, debt variable interest rates and natural gas rates remained at unpredictably low levels and our health insurance performed favorably. These factors, combined with the efforts of Lawrence students, their families and our donors allowed Lawrence University to end the fiscal year in a strong financial position. We continue to be thankful for the generous support of our alumni and friends, and the hard work of our talented and dedicated faculty, staff and Board of Trustees. |
