[Alumni-chat] Why we should be rejoicing...

[Gerry Bello (gerrybello at hotmail.com)]

>My understanding as to how the goal was set -- and Risa or Rick or Laura should jump in here to correct me if (as usual) I'm wrong -- Risa was asked by the AB how much could be raised within a year. Based upon her knowledge and experience with Antioch College donors, she replied that $100 million could be raised in one year (not by the end of the year, as misstated elsewhere).
>
>Now, this $100 million goal is different from the $10/40/42/50 million dollar figures we've heard about from the University, which was trying to get a handle on how much would be needed simply to keep the College open. Our goal is to raise not only an amount to keep the College open (once it becomes independent), but also to keep the College healthy for some time to come. We have a unique moment, one where stakeholders have rallied as never before, so the thought is to use this once-in-a-lifetime excitement/focus/commitment to (hopefully) settle the College's acute financial problems.
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>Hope that helped. -- Jason
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>>Would it be possible to get more information about the source and make-up of the $100 million goal?  I had previously seen repeated references to the need to raise $50 million, but like others on this list, was surprised to suddenly find the amount doubled.
>>Barbara Esbin
>>Class of '75
Actually , the 100 million dollar goal doesnt really have to be met in one year.  We will need a significant amount of it the first year.

Keep in mind that the bussiness plan is built in part around having an endowment of of $125,000 per FTE.  This is needed to drive the tution costs down.   Which will in turn drive enrollment up.

So... at 1200 students we need to have an endowment of $150 million.  However it will take 4 years to get there and we have about $35 million now.  

We have 207 students on campus now today, 17 on AEA and another 20 something on coop so about 240.  Our endownment income is suffiecent now... today.

If we graduate about 100 students (counting transfers and early graduation for 3rd years under the current freight-wreck called the office of transistion) AND we meet next years recruiting goal of 300 we will have 440 students.  Under the structure of the plan we will need to add 19 million to the endowment this year.

Each year after that we need to add 37.5 million to the endowment till we get to about $150 million... or 3 years.

The big upfront costs are going to be the massive re-tooling of the physical plant and plugging the hemoraging arteries of the budget for the 1st 2 years.

EVERY BUILDING on campus needs some level of work.  ALL of the buildings waste money through heat.  ALL off them need this to be done now.

The campus looses a million dollars in wasted heat every year. 

People are not going to throw down 100 million in the first year unless they can see that things are being built into a sustainable model.   

The college is going to loose 8 million next year even if we are successful.  Add endowment building and construction to that and you can quickly see how we can reach 100 million in costs.

I'm told the money exists and can be raised.  I frankly speaking dont know a goddamn thing raising millions so I'll leave that to the experts.  Risa looked me in the eye and said it can be done.  At reunion Miguel looked me in the eye and said it can be done.  I went to school with Miguel.... he's not a good liar.  So I know at a minimum that the people that are telling me it can happen and will happen do themselves BELIEVE it.  I dont get to have any more assurances than that.

Anyhow... I was just in YS this weekend, counting broken windows and crawling under things and poking my nose around and talking to people and finding problems.

My job, as I see it now, is to help people communicate with each other (I think I've opened some lines between AB and the faculty) and find places where we can save money of this plan.  Every million I find means a million more in the endowment.   

I'm running out of time on this computer (I'm in the public library in Asheville NC right this instant) but I'll get back with folks later in the week

love for all of you in the Community at home in YS and abroad,
----G