To the College community:
Following up on my address in Mead Chapel on February 12, I write to update you on the meeting of Middlebury’s Board of Trustees that took place February 18-20.
During the meetings, we presented the board with the financial model described in my campus address, designed to keep the College’s budget in the black through the 2015 fiscal year. The board endorsed that model, and unanimously approved the one piece requiring a board vote: that the College will limit increases in the comprehensive fee to 1 percent or less above the Consumer Price Index (CPI) as reported at the end of the previous calendar year. A final decision on next year’s comprehensive fee is still to come.
I am also extremely pleased to report that the trustees gave approval to the official integration into Middlebury of the Monterey Institute of International Studies, on June 30, 2010. This vote sets up the final step in a process that began with the Middlebury-Monterey affiliation nearly five years ago. The Institute, which since the affiliation has been headed by our colleagues Clara Yu and now Sunder Ramaswamy, has undergone an impressive reorganization, seen growth in its enrollment, and ended each of the past three years in the black.
Completing the integration with the Monterey Institute and reworking our financial model present further evidence, as I mentioned in my address last Friday, that despite all the challenges, financial and otherwise, of the past 18 months, we have continued to advance important and challenging initiatives. And both achievements demonstrate the unique position in which the College finds itself, with assets—such as Monterey, the Language Schools, Schools Abroad, the Bread Loaf School of English, and the Middlebury-Monterey Language Academy—that allow us to think in new ways about what the future holds for higher education in general and Middlebury in particular.
Much remains to be done, and we surely will face further challenges, but I do want to take this moment to thank all members of the College community for your patience, your good advice, and your hard work.