Board of Trustees Approve Comprehensive Fee, Funding to Renovate Stewart Hall
The Middlebury Board of Trustees at its February 7-8 winter meeting in New York approved a new comprehensive fee for the undergraduate College that brings the total cost of attendance for the 2025-26 academic year to $90,756.
The vote to increase the fee by 4.5 percent brings tuition to $70,120, room and board to $20,116, and sets the Student Government Association fee at $520. David Provost, executive vice president for finance and administration, presented data showing that the College’s cost of attendance remains in the middle of its peer institutions. The board reaffirmed Middlebury’s commitment to providing significant financial support to students. The average net cost of attendance after financial aid last year was $31,483 with the average financial aid offer over $65,000.
President’s Report
On Saturday, Stephen Snyder gave his first report as interim president thanking members of the Senior Leadership Group for their support and partnership during the presidential transition. He also thanked members of the Presidential Search Committee including Chair Kirtley Cameron for making the search process meaningful and for the selection of Ian Baucom as the College’s 18th president. Baucom, along with his wife, Wendy, were officially introduced to the trustees the previous day.
Financial Update
Also on Saturday, Provost told trustees that the Fiscal Year 2025 deficit now stands at $14.1 million, higher than the $8.9 million projection in October. The Middlebury Institute of International Studies accounts for $8.7 million due primarily to low enrollment, resulting in less than anticipated tuition revenue. The majority of the remaining deficit of approximately $5.4 million was attributed to the College and the Schools, including slightly lower than anticipated tuition revenue from the Language Schools, Bread Loaf, and Schools Abroad, growing health care costs, higher than expected costs not related to salaries or employee benefits, and interest and depreciation. The board directed senior leadership to bring forth plans to achieve a balanced budget for FY26 and FY27, and this work is ongoing.
Construction Update and Motions
During the meetings on Saturday, trustees approved spending up to $13 million for the renovation of Stewart Hall, a first-year residence hall. The timing of this project is driven by two important factors: First, significant improvements are needed, including bathroom facilities, HVAC and building envelope systems, accessibility and life safety systems, and a new elevator serving all five floors. Second, during the renovation period there is an opportunity to house students in the existing Battell Hall before it is torn down. This critical housing space would not be available if the project is delayed to some time in the future.
The board also agreed to allocate up to $3 million for the renovation of Armstrong Library in Bicentennial Hall to fully convert the space to a Quantitative Center, and $2 million to upgrade the Kirk Alumni Center.
Trustees approved the recommendation of the Building, Grounds, and Lands Committee and the Resources Committee to name the new 87,000-square-foot residence hall, located on the north side of Battell Beach, as Battell Hall—keeping the name of the nearby residence hall that stood for almost 70 years. This is in keeping with how current students and alumni refer to the new residence hall.
The board also authorized the purchase of Perry Farm—a 54-acre parcel located in Cornwall at the corner of Cider Mill Road and Route 125—for a total $525,000, using funds from the sale of other properties. The property is close to campus and adjacent to a property that will ultimately be gifted to the College.
MIIS Update
Michelle McCauley, executive vice president and provost, updated trustees on a comprehensive plan to make the Middlebury Institute financially viable within three years. During the past year, MIIS underwent a reorganization of programs and staffing, resulting in cost reductions of just under $3 million. The plan included the phasing out of under-enrolled specializations, creating enhanced digital tools for students to track their progress, and the addition of three degree programs that will be taught by current faculty.
McCauley shared that the Institute will launch two new online programs in the next fiscal year and create more connections and coordination between language offerings at MIIS and the Middlebury Language Schools and CV Schools Abroad. The Institute also will partner with other schools. McCauley highlighted a new study-away program, a plus-one master’s degree program in global security and environment, and recent changes in the office of Executive and Custom Programs.