Trustees Weekend, Briefly:

Andover Inn The Andover Inn will progress toward renovations, the Trustees decided this weekend. Phillips Academy has yet to hire a firm for the Inn’s redesign . However, according to Stephen Carter, Chief Financial Officer, the school has commissioned Erland Construction, Inc., to conduct a preliminary study of the Inn. He said, “The business plan says that we should run the restaurant, but also balance that with doing events such as weddings, christenings, bar mitzvahs, and showers. You have to balance the pure restaurant business with the event business.” Carter speculates that the cost of renovation would be between $10 and 12 million. The Trustees will revisit the issue in October. Endowment According to Amy Fallls ’81, Chief Investment Officer, Andover’s endowment has held up despite turbulent economic conditions. “An important thing for the Trustees is that this has been an extremely turbulent time, and we are still positive for the year. In our January meeting, we put in a lower number for the return expectation so that we were prepared. Right now, we’re slightly ahead of the lower number,” said Falls. In the last fiscal year, Andover’s endowment resulted in a 21.2 percent return, but the stock market was also up by 20 percent according to Falls. But, Falls said, the endowment was up about 2 percent this year with the stock market down 10 percent. “So in a way, I’m more proud of this year than last year, but nobody’s going to get excited about a 2 percent return,” Fall said. Falls attributes much of the endowment’s stability to its 5 percent allocation in cash, which gave the endowment a margin of safety amid an erratic market this year. The Trustees also voted this weekend to draw 5.4 percent of the endowment to fund next year’s budget. Task Force on Outreach and Institutional Identity The Board of Trustees accepted a report from the Task Force on Outreach and Institutional Identity and adopted its mission statement to incorporate Andover’s outreach programs, such as Summer Session, Institute for Recruitment of Teachers, Andover Bread Loaf, PALS, and (MS)2, into the school’s identity. Tang said, “We’re institutionalizing something that has come out of the spontaneous expression of the tradition of service and leadership.” Budget The Trustees approved a budget for next year of $92 million, an increase from last year’s budget of about $86 million, according to Carter. The major components of the $6 million increase in the budget can be attributed to the rises in financial aid, as well as compensation for faculty and staff, which the Trustees determined in their winter meeting. –JULIET LIU and MELISSA YAN