On Thursday, March 4, President Jackson held a town meeting entitled “Renaissance at Rensselaer” in DCC 308. The audience for the event included faculty, staff, and students that made the lecture hall more than 70 percent full, as well as those watching the live simulcast to Hartford and the live webcast stream.
The main focus of the event was RPI’s budget for fiscal year 2005, which Jackson announced was unanimously passed by the Board of Trustees over the weekend preceding the town meeting. During the hour long meeting, she discussed what the Institute would be doing to raise funds for both this year’s $335.1 million budget and for future years, as well as how they would be spending that income.
Jackson said that this budget is for the fourth year under The Rensselaer Plan and as such contains the largest amount of Plan initiative expenditures to date. She expanded, “Because our resources are, to a large extent, tuition-driven, rather than endowment-driven, as it is at some major universities, a stable enrollment is crucial.” Citing the Plan, she said that to maintain the total undergraduate enrollment of 5,000 will require an incoming freshman class of over 1,200 students.
President Jackson said that full time tuition for graduate and undergraduate students for the 2004-2005 academic year will be $28,950—a 4.5 percent increase from this year. The tuition for resident part time students will stay at $1,320 per credit hour and the tuition for the RSVP program will be $1,000 per credit hour. Finally, a full time nine credit hour load at Hartford will cost $9,000 annually with two additional credits costing $750 each. Jackson additionally announced that there will be no increase in on-campus housing and board and that RPI will continue to fully support its graduate teaching and research assistants.
Virginia Gregg, vice president of finance, said that the tuition increase was “on the low side.” Pointing out this is the second year that the price of room and board has not increased, she said “we’d like to improve the value cost perspectives.”
Stating “We have the momentum to achieve our goals …. and turning back is not an option,” Jackson said that RPI would be starting a new capital campaign beginning this coming September. She noted that it’s been about a decade since the last such campaign and that that is too long of a period. The goal of the campaign will be announced on September 10, concluding the two day Biotechnology Symposium and Colloquy that will include the ribbon cutting of the Biotechnology building and a Communiversity event.
President Jackson also discussed some of the expenditures planned for fiscal year 2005. She said that there will be a rise in research expenditures and merit increases for faculty and staff.
Gregg said that she felt that increasing awards in research, “is a sign of the success of the Plan.” She also pointed out that RPI has renewed or hired 140 professors, saying, “that’s an amazing statistic to renew a third of your faculty.”
In addition, grants for graduate students have gone up. According to Gregg, “We’re seeing increased support for funding contracts for our graduate students.” She attributed it to the switch in graduate tuition several years ago. “We’re seeing very positive results from what was a very difficult cultural change,” she said.
At the town meeting, Jackson said, “Students are at the center of what we do at Rensselaer. Our plans for 2005 contain student-related capital projects that will further transform, and raise the level of, the Rensselaer experience.”
As reported by The Poly last month, much of the spending on upcoming capital projects will focus on athletic facilities. In addition to building the athletic support facility, re-turfing Harkness Field, and upgrading lower Renwyck Field, in upcoming years there are plans to build a second field house for track and basketball facilities as well as a natatorium (an Olympic-size swimming pool). The Trustees approved the construction of the support facility and returfing projects in the budget, but the other elements are contingent on funds raised during the capital campaign.
Among the students who chose to attend were many on the swimming and diving team, who according to Jonathan LaLonde ’07 attended “to see about the east campus sports project.” Six members of the women’s hockey team who attended were recognized during the town meeting when Jackson talked about the process of elevating the team to Division I status.
Total construction expenditures are at $95.8 million dollars for this year, with approximately $60.6 million for the south campus project. Also planned are renovations for Warren Hall, single RAHP townhouse apartments, and the Stackwyck Apartments. In addition to residence halls, West Hall, the Commons, and Academy Hall will continue to be renovated. President Jackson also noted that construction for the Experimental Media and Performing Arts Center will begin this month with completion slated for 2007 and that landscaping work is planned around campus.
On the note of student life, Jackson announced, “In an effort to create more space on and near campus, we are working to attract a coffee house to a space at the corner of College Avenue and 15th Street—this would be a convenient location near the student services center in Academy Hall, as well as near the growing South Campus.” She also alluded to this Thursday’s Guster concert, saying that she would be attending and jokingly adding that she would be there, “not in a skirt, but in clothing.”
The endowment, which can be likened to the Institute’s savings account, is currently at $575 million, which is up $63 million from last year. The Institute is currently attempting to increase the amount of the endowment, and is only spending the interest it is generating. Income from that area represents about 10 to 11 percent of the budget.
Overall, Gregg said she is very happy with the budget and is pleased with all of the outcomes. “This budget reflects the President and the Board’s support in the continued successful execution of the Plan,” she said.
President Jackson ended her presentation by saying, “Remember that the path ahead, while not always easy, is the road to changing the world.” When the floor was opened to questions, senior Janina Hill of the swimming and diving team thanked Jackson for the planned sports improvements and there were no other questions.
