Trustees Accept Major Gift for Art Museum, Discuss Strategic Plan, and Approve Tuition
The Middlebury Board of Trustees at its virtual winter meeting February 6–7 accepted a transformative gift from Marna O. and Charles A. Davis for the construction of a new arts museum scheduled to open in fall 2028.
The $20 million gift from the Chuck and Marna Davis Foundation allows the College to move forward with construction of the 35,000-square-foot museum, to be located near Battell Hall across from the Johnson Memorial Building. The new facility, which trustees voted to name the Marna O. Davis Museum, will house world-class art collections, multipurpose classrooms, and event space while serving as the centerpiece of a new arts quad.
The gift was one of many contributions from a diverse group of donors that helped For Every Future: The Campaign for Middlebury surpass its $600 million fundraising goal. “Chuck and Marna have dedicated their lives to becoming the largest philanthropists in the history of the state,” said Dan Courcey, vice president for advancement. “We are extremely appreciative of this transformative gift from these dear and generous friends of Middlebury.”
Chuck Davis, founder, chairman, and co–chief executive officer of Stone Point Capital, an investment firm based in Greenwich, Connecticut, delivered the 2025 Commencement address at Middlebury. A native Vermonter, he attended Middlebury for two years, eventually graduating from the University of Vermont. He and his wife, Marna, both received honorary degrees at the Commencement ceremony as well.
We will share more information and updates about the gift and museum project in the coming weeks.
Trustees Approve Comprehensive Fee
On Saturday, trustees approved a comprehensive fee for the undergraduate College that brings the total cost of attendance for the 2026–27 academic year to $94,386. The 4.0 percent increase brings tuition to $72,924, room and board to $20,920, and the Student Government Association fee to $542.
David Provost, executive vice president for finance and administration, said the College’s cost of attendance remains in the middle of its peer institutions. The board reaffirmed its commitment to robust student financial aid, with President Ian Baucom sharing his ambition to raise the family income threshold at which students qualify for free tuition.
Strategic Planning Update
Jessica Holmes, William R. Kenan Jr. Professor of Global Health, and AJ Vasiliou, associate professor of chemistry, updated trustees on Middlebury’s Strategic Planning Initiative—an institution-wide effort and shared opportunity to rearticulate the College’s mission, purpose, and aspirations for the next decade and beyond.
Since the announcement of the strategic planning process in October, 12 working groups have been hosting open sessions for faculty, staff, students, alumni, parents, and friends, as well as holding lunches, interviewing stakeholders, and administering online surveys. Participants were asked to focus on three overarching themes: strengthening the core, connecting the whole, and meeting the moment, exploring the central question: What is Middlebury for?
Overall, 354 people participated in open roundtable discussions, 192 submitted comments through an online form, and 75 attended working group lunches, with hundreds of others offering insight through surveys and small-group discussions. “We wanted this to be an open and inclusive process with multiple touchpoints to ensure that all voices were heard and innovative ideas captured,” said Holmes, who co-chairs the strategic planning steering committee with Vasiliou.
Vasiliou said the next phase of the planning process involves identifying the strategic priorities that emerged from the listening phase, followed by a third phase focused on deliverables, tactics, and implementation.
Baucom asked trustees for input focused on the following questions: “What is Middlebury for? What has Middlebury been for enduringly, over the course of its history? What are we for urgently, now? And what are we for in the future we have the opportunity to shape?”
Financial Update
Provost and Alberto Citarella, vice president for finance and administration, updated trustees on the budget proposal presented in October, which at that time showed a deficit of $8.61 million. As of December 31, the projected deficit had been reduced to $4.49 million, a savings of $4.12 million. Provost attributed the reductions to positive net tuition revenue, increased revenue from auxiliary enterprises like the Middlebury Snowbowl, and savings from the staff retirement incentive. A budgeted deficit of $8.37 million at the Middlebury Institute of International Studies is now projected to be $6.73 million—attributed primarily to endowment support and salary savings following the conclusion of some in-person and online programs.
Citarella presented trustees with five-year budget projections showing a fiscal year 2026 deficit of $4.45 million, followed by a fiscal year 2027 deficit of $915,000, with the potential to reach a balanced budget. The forecast anticipates surpluses beginning in fiscal year 2028 and continuing through 2031. “I see a definite path to a structurally balanced budget and am immensely grateful to everyone who has worked on this effort,” said Baucom.
Caitlin Goss, vice president for human resources and chief people officer, updated trustees on the impact of the 2025 staff retirement incentive. Overall, 53 staff members accepted the offer, representing 30 percent of those eligible. Approximately 40 percent of the total salary dollars associated with vacated positions were used to refill essential roles. As of January, 22 of 32 open positions had been filled, with recruitment efforts underway for several others, she said. Departments met their targets through reorganization efforts that included position changes, efficiency measures, and operating budget adjustments. The Office of Advancement, for example, consolidated alumni engagement into one team and designated the Family Philanthropy Office to oversee parent events and communications.
President’s Report
On Saturday, President Baucom updated trustees on his top priorities, including progress on the strategic plan, development of a multiyear financial plan leading to a balanced budget, and the successful completion of the For Every Future campaign. He also reflected on his recent 24-hour stay in an apartment at Ross Commons. “Spending 24 hours with our students was one of the most inspiring things I’ve done in the past 20 to 30 years,” he said. “I talked with students for hours about everything. It was truly amazing.”
Baucom asked trustees to consider what it would take for Middlebury to become the best liberal arts institution in the world. Achieving that goal—however it is defined—requires the College to be driven by purpose, values, and excellence, he said.
“I believe you have to pursue excellence, but you have to pursue excellence with a purpose in mind,” said Baucom. “It’s not an end in and of itself. What is the purpose that drives our excellence? For me, there are two key things: First, our purpose is our students and the transformation and realization of the possibilities of their lives, and, second, our purpose is the continual broadening of our shared democratic life, which colleges and universities are uniquely positioned to advance. You have to pursue excellence from a foundation of values. We must be values driven and we must name our values.
For Every Future: The Campaign for Middlebury
Dan Courcey, vice president for advancement, informed trustees that For Every Future: The Campaign for Middlebury—the largest and most comprehensive campaign in the College’s history—surpassed its $600 million fundraising goal. Operations for this initiative are ongoing and set to conclude June 30, 2026. Overall, more than 23,000 donors contributed to the campaign, which focused on three primary pillars: access and financial aid, academic excellence, and experiential learning.
Courcey attributed the campaign’s success to a diverse pool of donors and alumni who supported it in a variety of ways. The College typically raises about $40 million in commitments per year, a figure that increased to more than $100 million annually over the past three years, allowing the For Every Future campaign to reach its goal two and a half years ahead of schedule. Courcey said the Office of Advancement will continue to accept gifts through the end of June and expressed optimism about future fundraising efforts focused on financial aid, faculty support, and campus connectivity.
Student Presentation
Francesca Bradley ’25.5, Erick Roye ’25.5, John Burdett ’26, and Zach Utz ’26 presented an extensive report recommending development of a 5 megawatt solar industrial park in support of Energy2028. They identified three potential sites, proposed strategies for community engagement, recommended specific battery types for energy storage, and outlined diversified revenue streams.
Other Business
Trustees approved a 25 percent reduction in the cost of housing at Munras Residence Hall at the Middlebury Institute of International Studies to encourage more students to take advantage of on-site housing in Monterey.