October 2002 Board Report

Board Report: October 2002

Dear Friends of Union:

The College's Board of Trustees met on campus recently for its October session, and I'd like to report on our activities. Because the Trustees are eager to participate as fully as possible in the life of the campus, we scheduled our meeting to coincide with Family and Homecoming Weekend. It worked out well, and we all spent enjoyable and productive time talking with students, faculty, alumni, and parents.

The Friday of our two-day session included a lunch with students and faculty; a talk by Professor Steve Berk on the conflict in the Middle East; a two-hour dialogue with student leaders and admissions interns; dinners with students at three theme houses and a fraternity; the volunteer appreciation dinner; and the 80th anniversary Homecoming Celebration with students, parents, and alumni.

Saturday included a pre-game picnic, the 100th football meeting between Union and RPI (I'm happy to report that we decisively beat RPI, 32-14); the Union-William Smith soccer match (won by Union, 1-0), a post-game reception for alumni and parents; a Dean's List reception; a harvest reception and dinner; and the first Athletic Hall of Fame dinner and induction ceremony.

It may have been tiring, but it was also exhilarating, and I know that the Trustees left the campus with a great sense of connection to our college and to the people who make it so special.

Each of our committees met before the full Board meeting. Highlights include:

The Academic Affairs Committee heard a stimulating update on the Department of Electrical and Computer Engineering from Professors Cherrice Traver and John Spinelli. The session touched on everything from student and alumni achievements to recent scholarship and research. The Committee was impressed with the thoroughness and positive tone of the report, and expressed its eagerness to conduct similar reviews with other departments. The range of other topics before the Committee included a report on the 15 tenure-track faculty members who began this fall (the most ethnically and nationally diverse group of faculty ever hired); an update on converging technologies and the many initiatives under way, including the recent appointment of Professor Doug Klein of the Economics Department as the director of the Center for Converging Technologies; and the results of a student survey on information technology (96 percent of Union's students own their own computer, for example).
The Student Affairs and Admissions Committee spent considerable time discussing residence life, including an overview of the College's housing maintenance program and an update on the House System. Senior faculty members have been identified to lead each of the seven houses, renovation work has begun on South College, and Chi Psi, Psi Upsilon, and Sigma Phi have selected their new residences (Davidson North, Fox North, and Davidson South, respectively). The Admissions Office received its third-largest number of applications, and nearly 60 percent of our first-year students graduated in the top decile of their high school class.
The Investment Committee reported that our endowment, as of June 30, was approximately $245.3 million. The total return for the fiscal year ending June 30, for the managed portion of the endowment was down -4.8% which outperformed the College's custom benchmark of -7.0%. We have only preliminary indications at this time, but we are very confident that our endowment return for this period will have outperformed many of our peer institutions as well. It is also very clear that the College's endowment, as is the case for nearly every institution, has been negatively impacted by the stock market's performance in the quarter since June 30. This area is always a high priority, but especially so in this current economic environment, where we have experienced an eight trillion dollar meltdown in the stock market over the past two and half years.
The Facilities and Environment Committee noted that the first phase of the Athletics Master Plan - replacement of the seating at Frank Bailey Field - was complete. Thanks very much to a devoted group of alumni for providing the funds necessary to support this work. A consultant has been hired to do an analysis of space in the Science and Engineering Center and to create a master plan to more effectively organize space in the complex. Renovations are under way to the former Parker Rice estate, which will open in the spring as Abbe Hall - the College's alumni center with space for the Office of College Relations. We'll see you there for the dedication at ReUnion Weekend.
The College Relations Committee reported the good news that nearly all fundraising categories performed better than expected in the last fiscal year, despite an unfavorable economy and decisions about the House System and civil engineering. Total fundraising for the year reached $15.5 million, and more than 6,000 alumni participated in more than 60 Union events during the year. My personal thanks to all of you who made Union a priority in your gift giving.
The Administration and Finance Committee reported that the College ended its most recent fiscal year with a modest surplus and accepted the auditors' report from KPMG. Given the state of the general economy which directly affected the reduction in capital gains and interest income in the endowment, Union will continue implementing prudent 'belt-tightening' measures as we look potentially toward a 'slow-growth' economy in the foreseeable future.
The Nominations Committee approved the awarding of an honorary Doctor of Science degree to Philip Ball, a science writer and internationally recognized expert on converging technology, to be presented at Founders Day in February. We also discussed potential nominees to the Board of Trustees.

As the Trustees visited a variety of activities, from the Alumni Council to the Hall of Fame dinner, we were taken with the Spirit of Union we continually encountered. We were stimulated by the give-and-take, recognizing that we all have one desire - to make our great college even better. I look forward to future meetings and to making more reports to you.

Stephen J. Ciesinski '70
Chairman, Board of Trustees

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About Union Mission Statement History of Union Office of the President Board of Trustees Presidents of Union College Union Notables Exhibit Traditions of Union What to do AroundU? The Union Campus Great Grads of Union	Board Report: October 2002 Dear Friends of Union: The College's Board of Trustees met on campus recently for its October session, and I'd like to report on our activities. Because the Trustees are eager to participate as fully as possible in the life of the campus, we scheduled our meeting to coincide with Family and Homecoming Weekend. It worked out well, and we all spent enjoyable and productive time talking with students, faculty, alumni, and parents. The Friday of our two-day session included a lunch with students and faculty; a talk by Professor Steve Berk on the conflict in the Middle East; a two-hour dialogue with student leaders and admissions interns; dinners with students at three theme houses and a fraternity; the volunteer appreciation dinner; and the 80th anniversary Homecoming Celebration with students, parents, and alumni. Saturday included a pre-game picnic, the 100th football meeting between Union and RPI (I'm happy to report that we decisively beat RPI, 32-14); the Union-William Smith soccer match (won by Union, 1-0), a post-game reception for alumni and parents; a Dean's List reception; a harvest reception and dinner; and the first Athletic Hall of Fame dinner and induction ceremony. It may have been tiring, but it was also exhilarating, and I know that the Trustees left the campus with a great sense of connection to our college and to the people who make it so special. Each of our committees met before the full Board meeting. Highlights include: The Academic Affairs Committee heard a stimulating update on the Department of Electrical and Computer Engineering from Professors Cherrice Traver and John Spinelli. The session touched on everything from student and alumni achievements to recent scholarship and research. The Committee was impressed with the thoroughness and positive tone of the report, and expressed its eagerness to conduct similar reviews with other departments. The range of other topics before the Committee included a report on the 15 tenure-track faculty members who began this fall (the most ethnically and nationally diverse group of faculty ever hired); an update on converging technologies and the many initiatives under way, including the recent appointment of Professor Doug Klein of the Economics Department as the director of the Center for Converging Technologies; and the results of a student survey on information technology (96 percent of Union's students own their own computer, for example). The Student Affairs and Admissions Committee spent considerable time discussing residence life, including an overview of the College's housing maintenance program and an update on the House System. Senior faculty members have been identified to lead each of the seven houses, renovation work has begun on South College, and Chi Psi, Psi Upsilon, and Sigma Phi have selected their new residences (Davidson North, Fox North, and Davidson South, respectively). The Admissions Office received its third-largest number of applications, and nearly 60 percent of our first-year students graduated in the top decile of their high school class. The Investment Committee reported that our endowment, as of June 30, was approximately $245.3 million. The total return for the fiscal year ending June 30, for the managed portion of the endowment was down -4.8% which outperformed the College's custom benchmark of -7.0%. We have only preliminary indications at this time, but we are very confident that our endowment return for this period will have outperformed many of our peer institutions as well. It is also very clear that the College's endowment, as is the case for nearly every institution, has been negatively impacted by the stock market's performance in the quarter since June 30. This area is always a high priority, but especially so in this current economic environment, where we have experienced an eight trillion dollar meltdown in the stock market over the past two and half years. The Facilities and Environment Committee noted that the first phase of the Athletics Master Plan - replacement of the seating at Frank Bailey Field - was complete. Thanks very much to a devoted group of alumni for providing the funds necessary to support this work. A consultant has been hired to do an analysis of space in the Science and Engineering Center and to create a master plan to more effectively organize space in the complex. Renovations are under way to the former Parker Rice estate, which will open in the spring as Abbe Hall - the College's alumni center with space for the Office of College Relations. We'll see you there for the dedication at ReUnion Weekend. The College Relations Committee reported the good news that nearly all fundraising categories performed better than expected in the last fiscal year, despite an unfavorable economy and decisions about the House System and civil engineering. Total fundraising for the year reached $15.5 million, and more than 6,000 alumni participated in more than 60 Union events during the year. My personal thanks to all of you who made Union a priority in your gift giving. The Administration and Finance Committee reported that the College ended its most recent fiscal year with a modest surplus and accepted the auditors' report from KPMG. Given the state of the general economy which directly affected the reduction in capital gains and interest income in the endowment, Union will continue implementing prudent 'belt-tightening' measures as we look potentially toward a 'slow-growth' economy in the foreseeable future. The Nominations Committee approved the awarding of an honorary Doctor of Science degree to Philip Ball, a science writer and internationally recognized expert on converging technology, to be presented at Founders Day in February. We also discussed potential nominees to the Board of Trustees. As the Trustees visited a variety of activities, from the Alumni Council to the Hall of Fame dinner, we were taken with the Spirit of Union we continually encountered. We were stimulated by the give-and-take, recognizing that we all have one desire - to make our great college even better. I look forward to future meetings and to making more reports to you. Stephen J. Ciesinski '70 Chairman, Board of Trustees
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