News

Capital Campaign To Be Announced in April 2009

Phillips Academy’s current capital campaign will most likely be announced to the public in April 2009, Secretary of the Academy Peter Ramsey said at Monday night’s faculty meeting. Ramsey said that the school hopes to have $150 million, half of their $300 million goal, raised by the time of the announcement. He also said that the campaign, which plans to allocate $60 million to financial aid, has raised around $110 million since its commencement in July 2005. Also at the faculty meeting, Head of School Barbara Chase announced a $2 million grant from the Andrew W. Mellon Foundation awarded to Andover’s Institute for Recruitment of Teachers (IRT), in honor of its work since its inception in 1990. The IRT, headed by Kelly Wise, a former Dean of Faculty, was founded with a mission to “deepen the pool of talented minorities entering the teaching profession in our country.” It focuses its recruiting efforts on outstanding African-American, Latino and Native American college students. The Mellon Foundation, which provides grants in areas including higher education and museums and art conservation, also contributed to the capital campaign. The foundation does not typically provide grants to secondary schools. These announcements were part of the biannual faculty meetings to update Andover’s teachers on its finances. Ramsey, Chief Financial Officer Stephen Carter and Director of Financial Aid Jim Ventre gave presentations covering current expenses and the sources and future uses of donations. The meeting focused largely on the financial implications of Andover’s new aid commitment. According to Maqubela, the meeting assumed greater significance and furthur interested the faculty after the need-blind announcement. “There is a need for realignment or some modest adjustment of priorities since the need-blind decision. While I suspect this does not change anything significantly, there is value in demonstrating to the faculty how going forward the school plans to finance need-blind,” wrote Dean of Faculty Temba Maqubela in an email to The Phillipian. “The faculty, through AdCom [Faculty Advisory Committee], requested this meeting to discuss Academy finances along with senior administration even before the need-blind policy was announced,” Maqubela wrote. “[Need-blind] is something we’ve been working on for a while and we’ve moved the date up and we’re moving forward,” Carter said. Although the decision to go need-blind was only announced at the end of 2007, it has been a goal since 2004 when Andover’s Strategic Plan was published. “All we’re doing in the decision is implementing that [need-blind] policy more quickly than we had initially envisioned,” Ramsey said. “The campaign is much broader than this [need-blind decision].” He continued, “We’ve been counting gifts and pledges. . . in what we call a ‘quiet phase.’” Andover’s resources have also grown through the success of its endowment. According to Barbara Sweeney, Carter’s assistant, the endowment’s value increased by approximately $30 million to $820 million in the three months prior to September 30, 2007. Those three months followed a year in which Andover had a 21.2 percent return on its endowment investments. Though the school meets with faculty regarding its finances twice yearly, Monday’s meeting was supposed to present the information in a different, more relevant way. When she opened the meeting, Chase said that she wanted to establish a “transparent” relationship with the faculty. Alana Rush, Teaching Fellow in Community Service, said, “It was really interesting information that I hadn’t been exposed to and it was really interesting to see the financial side of the academy, which backs up more of the philosophical things being seen here.” “They put a lot of the resources toward all the things that tuition goes for, in terms of students and also faculty salaries and benefits. So it’s a very people-focused institution if you’re looking at where the resources are being put,” Rush said. However, for most veteran faculty, the information was a review. Patrick Farrell, Instructor in Mathematics, said, “I guess the only difference is that there were three different things presented and clearly all of those three are interrelated but typically we only see one.” Teruyo Shimazu, Instructor in Japanese, said, “I was appreciative of how they made the numbers very interesting.”