The Five-Point Case for Financial

THETHE CAMPAIGN CAMPAIGN FOR FOR SMITH SMITH THE CAMPAIGN FOR SMITH

FRONT COVER

THE FIVE-POINT CASE FOR FINANCIAL AID Women for the World: The Campaign for Smith will strengthen our generous financial aid program now and for the future, supporting continued academic excellence and diversity and making a Smith education accessible to any talented, qualified woman who seeks it. With a goal of $200 million, financial aid is the largest priority of the campaign.

For students today, one of the biggest barriers to pursuing higher education is cost. According to U.S. Census data, the median household income in the United States is just over $50,000, and about 90 percent of families earn less than $150,000 a year. Meanwhile, the cost of attending a top-tier liberal arts college like Smith hovers around $57,000 a year, with figures expected to rise an average of 4 percent annually, according to the College Board.

In the face of this, Smith has pledged to continue to meet the demonstrated need of all its students, in essence charging each student only what she and her family can reasonably afford. This is an expensive endeavor, especially as the college tries to control costs while continuing to develop programs that meet the expectations of students today.

The Women for the World campaign initiative to raise $200 million toward the financial aid endowment will add nearly $10 million a year to the college’s operating budget, freeing up funds to support other priorities across campus.

Here are five reasons to consider this important effort. WITH YOUR SUPPORT, WE WILL

Make a Smith education more accessible We want to extend the promise of a Smith education to any talented woman who seeks it, regardless of her ability to pay. A gift to financial aid creates opportunities for amazing women to accomplish great things.

MM: For middle-class and continuous economic opportunity, upper-middle-class families, the where it’s possible to work your economic landscape has changed way up. But, sadly, opportunities dramatically. Many families used to are often not available to all. So nance college for their children what nancial aid does is it gets a with their home equity. That’s a broad and very quali ed group of source that many families no longer women into an opportunity-rich Most Economically have, following the downturn of environment, whether those MostDivers Economicallye Top-Ranked Diverse 2008. This, coupled with the rising opportunities are educational, a 1Top-RankedLiberal Arts C Liberalolleges Arts Colleges cost of tuition and fees, has cre- network of people, a network of PercentagePercent of Un ofd eUndergraduatesrgraduates Receiving Pell Grants ated a whole new picture, one that employers or simply the people Receiving Pell Grants presents complicated decisions you live with. for the college and a real need One other really important Smith College 25 The federal Pell Grant program provides to be careful about its nances in thing to remember is that for many need-based grants to help low- and Vassar College 23 general, all while maintaining our women Smith is less expensive moderate-income individuals pay for a commitment to access. That is the than most other colleges and Amherst College 22 college education. Of the top 25 ranked reason Smith would be enhanced universities; less expensive, even Bryn Mawr College 22 liberal arts colleges in the country, Smith has by having a greater portion of its with a $57,000 price tag. And that is the highest percentage of students receiving Grinnell College 21 nancial aid budget endowed. The because of the aid we offer. So the federal Pell Grants. campaign’s nancial aid goal of idea that for less money, because Wellesley College 21 $200 million will help us do that. of aid, you can get more oppor- ■■ Nearly 20 percent of Smith students are tunities is really extraordinary and Williams College 20 the first in their families to go to college. JS: I want to add to what Maureen makes us more competitive. Pomona College 18 ■■ Among the class of 2017, 94 women just spoke about. We all want Wesleyan University 18 are the first in their families to attend to think of the U.S. as a land of MM: We don’t want to forget, ei- ther, that this is all in the service of Macalester College 17 college. women’s education and women’s achievement. It is so worth the FromFrom ddataata c ocompiledmpiled by Uby.S. U.S.News News funding that nancial aid provides && WorldWorld R Report,eport, 20 12010–110–11 to nd the talent wherever it is and to help women nd their power in The federal Pell Grant the world. program provides need- based grants to help AS: Endowed funds ensure that low- and moderate-income a certain portion of our budget is individuals pay for a college invested in nancial aid, and that education. Of the top 25 gives us, as an institution, exibility ranked liberal arts colleges to shift priorities as they change. in the country, Smith has We really want to be sure that we’re the highest percentage of preserving the mission of nancial students receiving federal aid into the future. We can’t fully Pell Grants. envision future economic changes, so having exibility is critical.

JS: Endowment ensures that Smith remains among the group James Shulman is president of of institutions that can continue to ARTstor, a nonprofit that provides provide an extraordinary educa- software, services and more than tion. Inevitably, there will be institu- 1.3 million images to colleges, tions that can afford to do more, universities and museums around to offer more, and then there will the world. He has an array of be places that can’t, that will drop experience writing about educa- programs and cut support. When tional policy issues and nonprofits. people consider gifts to the nan- Currently, he is chair of the Smith cial aid endowment, they have to College Board of Trustees’ ask, “Do I want Smith to continue Campus Life Committee. to be exceptional?” If they don’t, there will be other alternatives for needy students. There will be a lot 2 DRAFT

bitious young women eager, as Sophia Smith trusts designated for student aid, and from envisioned, to increase their “power for good.” gifts and grants for scholarship support. The The campaign focuses on financial aid and a slow pace of the economic recovery contrib- range of investments under the broad theme of uted to a 6 percent increase in financial aid reimagining the liberal arts. over the prior year. The college’s discount rate, which compares institutional scholarships to Undergraduate Discount Rate Statements of Financial Position comprehensive fee revenue, increased to 39.2 Scholarships/GrossWITH YOUR Comprehensive SUPPORT, WE WILLCollege assets grew approximately $144 mil- percent and the average institutional award to Fee Revenues, in percentages lion during fiscal year 2013, due primarily to undergraduate students increased to $21,300 earning a 14.3 percent investment return on for the year. 39.2 long-term investments. Liabilities declined by 40 38.1 37.0 37.2 nearly $11 million due to an increase in the Investments 35.8 35.9 fair market value of swaps on the college’s vari- The market value of the college’s endowment 35 Support diversity inable its rate many debt. dimensions was $1.56 billion on June 30th. The college’s investment return of 14.3 percent reflected the 30 Financial aid allows the collegeStatements ofto A ctivitiesattract a remarkably strong performance of investment markets accomplished and diverseUnrestricted group net of assets students, increased by making $45.4 during the year. While Smith’s returns fell million in 2012–13 largely due to the positive short of the portfolio’s one-year benchmark 25 each student’s learning returnexperience on the college richer’s investments. and more Smith’s (14.3 percent versus 15.4 percent), the college’s rewarding. revenue sources are diversified, with 46 percent returns exceeded the benchmark over five-year 20 of revenues coming from student income net (6.1 percent versus 5.6 percent) and ten-year A giftof financial to financial aid; 37 percent fromaid investment is (10.3 percent versus 8.1 percent) periods. 15 return; 11 percent from gifts; and 6 percent The long-term investing horizon for the an investmentfrom other income sources. in Smith’s endowment allows for a large allocation to Sixty percent of Smith’s 2,673 students equity-oriented strategies where the potential 10 sustainedreceive need-based excellence. grant aid as part of for long-term capital appreciation exists. Other the college’s commitment to providing an strategies are also used to reduce risk and 5 outstanding education to qualified women of volatility while optimizing performance. At June all economic backgrounds. The college meets 30, 33 percent of the portfolio was invested in 0 eligible students’ demonstrated need through a global equity, 33 percent in private partner- 2008 2009 2010 2011 2012 2013 combination of grants, loans and work-study, ships, 25 percent in alternative equity, 6 percent based on an application process that considers in fixed income and 2 percent in cash and cash CostCost vs. vs. Price Price of a of Smith a Smith Education Educationfamily income and assets. The college expended equivalents. 2012–13 $56.9 million on undergraduate financial aid The board of trustees approves the annual 22012–13 endowment spending level and its investment through income from endowment funds and committee oversees investment strategy and 70,000 Every Smith student, regardless of her $71,500 financial situation, receives a significant Cost per undergraduate subsidy from the college toward the real 60,000 student cost of her education. Without funding from the college’s own resources, few

50,000 $55,320 students could afford a Smith education, Comprehensive fee/ regardless of their potential. “sticker price” (includes tuition, housing ■■ More than 60 percent of Smith 40,000 and meals) students receive need-based financial aid. 30,000 $32,175 ■■ The actual cost of educating Average price paid net of each Smith student exceeds the institutional scholarships, comprehensive fee by more than 20,000 Pell and state grants 20 percent. Endowment earnings (all undergraduates) and generous philanthropic support

10,000 make up the difference, providing a “hidden scholarship” of more than $16,000 for every student. 0 WITHWITH YOUR YOUR SUPPORT, SUPPORT, WE WE WILL WILL

Be the college of choice for the world’s most promising women Smith’s commitment to financial aid and access rivals any institution in higher education, yet less than 50 percent of our financial aid budget is endowed. We can do better. 2 DRAFT A gift to financial aid will ensure that the best studentsbitious young will women continue eager, as Sophia to Smith trusts designated for student aid, and from envisioned, to increase their “power for good.” gifts and grants for scholarship support. The chooseThe campaign Smith. focuses on financial aid and a slow pace of the economic recovery contrib- range of investments under the broad theme of uted to a 6 percent increase in financial aid reimagining the liberal arts. over the prior year. The college’s discount rate, which compares institutional scholarships to UndergraduateUndergraduate Discount Discount Rate Rate Statements of Financial Position comprehensive fee revenue, increased to 39.2 Scholarships/Gross Comprehensive College assets grew approximately $144 mil- percent and the average institutional award to 3Scholarships/Gross Comprehensive FeeFee Revenues, Revenues, in percentagesin percentages lion during fiscal year 2013, due primarily to undergraduate students increased to $21,300 earning a 14.3 percent investment return on for the year. 39.2 long-term investments. Liabilities declined by 40 38.1 37.0 37.2 After nearlycalculating $11 million a student’s due to an increase financial in the Investments 35.8 35.9 need,fair the market college value determinesof swaps on the collegehow much’s vari- The market value of the college’s endowment 35 of theable comprehensive rate debt. fee she should was $1.56 billion on June 30th. The college’s have to pay. The difference between investment return of 14.3 percent reflected the 30 her costStat ementsand the of A fullctivities comprehensive fee strong performance of investment markets is theUnrestricted tuition discount net assets increased. The total by $45.4 grant during the year. While Smith’s returns fell million in 2012–13 largely due to the positive short of the portfolio’s one-year benchmark 25 aid givenreturn to on allthe studentscollege’s investments. divided Smith by the’s (14.3 percent versus 15.4 percent), the college’s grossrevenue comprehensive sources are diversified, fee (if allwith students 46 percent returns exceeded the benchmark over five-year 20 paid theof revenues full price) coming is fromcalled student the income discount net (6.1 percent versus 5.6 percent) and ten-year rate. Theof financial more aid; aid 37 granted, percent from the investment higher (10.3 percent versus 8.1 percent) periods. 15 the discountreturn; 11 percentrate. from gifts; and 6 percent The long-term investing horizon for the from other income sources. endowment allows for a large allocation to ■ Each year Smith returns more than ■ Sixty percent of Smith’s 2,673 students equity-oriented strategies where the potential 10 35receive percent need-based of its grant comprehensive aid as part of fee for long-term capital appreciation exists. Other inthe the college form’s commitment of financial to providing aid. an strategies are also used to reduce risk and 5 ■■ Toutstandinghe average education institutional to qualified aid women award of volatility while optimizing performance. At June (tuitionall economic discount) backgrounds. in 2013 The wascollege meets 30, 33 percent of the portfolio was invested in 0 $21,300.eligible students’ demonstrated need through a global equity, 33 percent in private partner- 2008 2009 2010 2011 2012 2013 combination of grants, loans and work-study, ships, 25 percent in alternative equity, 6 percent based on an application process that considers in fixed income and 2 percent in cash and cash Cost vs. Price of a Smith Education family income and assets. The college expended equivalents. 2012–13 $56.9 million on undergraduate financial aid The board of trustees approves the annual endowment spending level and its investment 70,000 through income from endowment funds and committee oversees investment strategy and $71,500 Cost per undergraduate 60,000 student

50,000 $55,320 Comprehensive fee/ “sticker price” (includes tuition, housing 40,000 and meals)

30,000 $32,175 Average price paid net of institutional scholarships, 20,000 Pell and state grants (all undergraduates)

10,000

0 of great online courses and great training academies—but that’s not what Smith is.

AS: In terms of return on investment and where Smith women A FIVE-POINT SWITHmith C oYOURllege A SUPPORT,dmit WEend u pWILL, we’re doing a fabulous Rate job. Students are getting a terri c Percentage liberal arts education, they’re getting an unparalleled co-curricular CASE FOR 60 experience, and they’re getting an opportunity to interact with people who are from every kind of 50 Extend Smith’s global reach background. All of this prepares FINANCIAL AID them for leadership, and the In answering the call for women’s leadership 40 accomplishments of our alumnae worldwide, our studentsbear thi smust out. come from

30 everywhere. An investmentMM: Not to mein nat ioSmithn that h astudentving a benefits not just her,libe rabutl ar tsall e duofc atthoseion is e nherrich ilifeng will Securing $200 million in new endowed funds for nancial 20 for one’s mind and one’s family. Audrey Smith is responsible for aid is the highest priority of the Women for the World affect in the future.W hat we know about educated all aspects of undergraduate women is that education has an student recruitment, selection, campaign. These funds will allow us to: 10 iAnu egiftnce n otot o nfinancially on their own aid enwillrol lment and financial aid. lives but on the lives of their She oversees the Admission and 0 cresonatehildren. So pro vthroughoutiding access to theStud ent Financial Services Offices, Make a Smith education more accessible 3 7 8 9 0 1 2 4 6 5 one woman has a ripple effect, providing institutional leadership in We want to extend the promise of a Smith education to any talented woman 1 1 1 1 0 0 0 0 0 0 world. 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 especially among rst-generation the development and implementa- who seeks it, regardless of her ability to pay. A gift to financial aid creates women and women from develop- tion of student recruitment and opportunities for amazing women to accomplish great things. Domestic Admit Rate ing countries. What’s clear is that financial aid strategies. 1 International Admit Rate an investment in nancial aid is an Support diversity in all its dimensions at Smith enormously important one, and Financial aid allows the college to attract an amazingly talented and diverse one with great returns. wasn’t aid, and if there isn’t more Smith College group of students, making each student’s learning experience richer and Smith College money for aid, then a narrower 4AApplicationpplication T rTrendsends more rewarding. A gift to financial aid is an investment in excellence. JS: I think nancial aid is also a group of students will get to go to 2 Interestmoral im pine rSmithative to isth egrowing degree globally.Smith . They will be extraordinary that schools like Smith are trying people, but what aid does is bring Be the college of choice for the world’s most promising 4,000 Into eachpromo ofte theopp opastrtuni tseveny, in the years, Smithin a gre ater diversity of popula- women hasclas sreceivedroom but arecordlso, and numbersperhaps of tions, and that’s an advantage for Smith’s commitment to financial aid and access rivals any institution in higher applications.more importan tInternationally, outside of it. applicationsWe every S mith student. education, yet less than 50 percent of our financial aid budget is endowed. learn a lot from our teachers, and 3 have more than doubled in the past We can do better. A gift to financial aid will ensure the best students will 3,000 decade.I think pe oTheseple fee ltrends strongl yhave that allowedMM : That’s exactly right. Endow- continue to choose Smith. Domestic they learn from their peers—but if ing nancial aid endows hopes Applications Smith to be a more selective and more diverseyour pee institution.rs are exactly like yourself, and dreams. It leads to positive Extend Smith’s global reach you’re going to learn less. If there change for women. Supporting the 2,000 In answering the call for women’s leadership in the world, our students must ■■ The class of 2017 includes a recordcampaig n’s nancial aid endow- come from everywhere. An investment in a Smith student benefits not just number of international students:ment i nitiative says that you believe her, but all of those her life will affect in the future. A gift to financial aid will 17 percent of students in thei nclass Smit h’s mission to educate 4 resonate throughout the world. 1,000 come from other countries. women for the world and that you Interest in Smith is growing see the potential for women to International ■g■lobForally. theIn ea pastch of ttwohe p ayears,st seven Smith m hasake profound change and be Strengthen Smith for the future Applications yearhads Sm ititsh h lowestas recei vadmited a re coraterd sincerol e models for their families, their With a secure and consistent source of funding for financial aid, we can make num1969.ber of applications. Interna- communities, and for the next additional investments in our faculty, programs and physical campus to tional applications have more than generation of women who want to meet the evolving needs and interests of current and future students. A gift 004 005 006 007 008 009 010 011 012 013 2 2 2 2 2 2 2 2 2 2 doubled in the past decade. These come to Smith. 5 to financial aid will make Smith a better institution. trends have allowed Smith to be a more selective and more diverse institution. WITH YOUR SUPPORT, WE WILL

Strengthen Smith for the future With a secure and consistent source of funding for financial aid, the college can make additional investments in the faculty, programs and physical campus to meet the evolving needs and interests of current and future students. A gift to financial aid will make Smith a better institution. Maureen Mahoney: Let me start MM: For middle-class and continuous opportunity, where it’s by saying that Smith is highly upper-middle-class families, the possible to change class and work committed to access. We provide economic landscape has changed your way up. But, sadly, opportuni- aid to more than 60 percent of our dramatically. Many families used to ties are often not available to all. students. Our financial aid budget finance college for their children So what financial aid does is it gets Endowed Financial Aid is high because the need for aid with their home equity. That’s a a broad and very qualified group Endowed Financial Aid is high. We’re very proud of the source that many families no longer of women into an opportunity- Most Economically 5at SmithSmith extent to which we are able to have, following the downturn of rich environment, whether those Diverse Liberal Arts Millions of of Dollars Dollars meet the full demonstrated need 2008. This, coupled with the rising opportunities are educational, a Colleges Fromof our students. 2008 to 2012, the total amount cost of tuition and fees, has cre- network of people, a network of Percent of Undergraduates 50 of aid Smith granted annually grew by ated a whole new picture, one that employers or simply the people Receiving Pell Grants 25Audrey percent, Smith: Yes,while we arethe very amount for- of aid presents complicated decisions you live with. tunate to have a generous budget for the college and a real need One other really important Smith College 27 supportedfor financial aid—about by endowment $56 million grew by to be careful about its finances in thing to remember is that for many 40 Vassar College 23 16.5annually. percent. Sadly, though, it’s not general, all while maintaining our women Smith is less expensive Total Institutional Aid enough, and we’re turning away commitment to access. That is the than most other colleges and Amherst College 22 Incomestudents who from are Smith’squalified to endowment come reason Smith would be enhanced universities; less expensive, even Bryn Mawr College 22 30 contributesto Smith because less we simplythan halfcan’t of the total by having a greater portion of its with a $57,000 price tag. And that is Grinnell College 21 amountmeet their financialof aid grantedneeds. This annually. financial aid budget endowed. The because of the aid we offer. So the can lead to having to make some campaign’s financial aid goal of idea that for less money, because Wellesley College 21 Thedifficult balance decisions comes in admission. from otherAs dean of the college and vice $200 million will help us do that. of aid, you can get more oppor- 20 revenue sources including tuitionpresident and for campus life, Maureen tunities is really extraordinary and Williams College 20 Aid From Endowment unrestrictedJames Shulman: funds.One thing that A. Mahoney oversees the student JS: I want to add to what Maureen makes us more competitive. Pomona College 18 Smith does not do is something experience, both academic and just spoke about. We all want Wesleyan University 18 10 Anwhich additional in the admissions $200 world million is in co-curricular, from application to think of the U.S. as a land of MM: We don’t want to forget, ei- endowmentknown as “gapping.” for financialIn other aid towill graduation. Currently, she is ther, that this is all in the service of Macalester College 17 words, Smith doesn’t say to a also serving as the interim vice women’s education and women’s generatestudent, “We’re $9.5 going million to admit per year,president the for development. After achievement. It is so worth the From data compiled by U.S. News equivalentyou, but we are of going 17 percent to do so with of a $5518 years at Smith, she will retire at funding that financial aid provides & World Report 0 1 2 8 9 milliona gap between financial what it aidcosts budget. and the end of the current academic to find the talent wherever it is and –1 –1 –1 –0 –0 what you can pay–we can’t help year. to help women find their power in The federal Pell grant 11 10 09 07 08 20 20 20

20 you make it here financially.” Smith the world. program provides need- 20 2009–10 2010 –11 2011–12 has decided not to make it painful MM: The mission of Smith College based grants to help that way. is to educate women of promise AS: Endowed funds ensure that low- and moderate-income From 2008 to 2012, the total for lives of distinction. That’s alive a certain portion of our budget is individuals pay for a college amount of aid Smith granted MM: What happens when institu- and well. The financial aid that we invested in financial aid, and that education. Of the top 25 annually grew by 25 percent, tions “gap” is that students take are able to offer is what makes that gives us, as an institution, flexibility ranked liberal arts colleges while the amount of aid sup- out loans that go far beyond what a reality. We have an enormous to shift priorities as they change. in the country, Smith has ported by endowment grew by is prudent for a young person. At diversity of students, and Smith’s We really want to be sure that we’re the highest percentage of 16.5 percent. the same time, many institutions history in that is much longer preserving the mission of financial students receiving federal are packaging large amounts of aid than most other highly selective aid into the future. We can’t fully Pell grants. Income from Smith’s endow- based on merit rather than need. institutions. We want to keep that envision future economic changes, ment contributes less than half That is something that Smith has commitment going and ensure so having flexibility is critical. of the total amount of aid an- resisted, and we’re proud of that. that future generations of students nually. The balance comes from are able to have access, if they JS: Endowment ensures that other revenue sources including AS: I want to point out that Smith have the potential, to the fabulous Smith remains among the group tuition and unrestricted funds. invests more in financial aid than education that Smith College James Shulman is president of of institutions that can continue to In comparison, over 80 percent do many of its peer institutions. provides. ARTstor, a nonprofit that provides provide an extraordinary educa- of Wellesley College’s financial software, services and more than tion. Inevitably, there will be institu- aid budget is endowed. JS: That means that there are more AS: What is interesting is that some 1.3 million images to colleges, tions that can afford to do more, people from different economic institutions that spend a lower universities and museums around to offer more, and then there will An additional $200 million in backgrounds coming to Smith, share of their operating budget on the world. He has an array of be places that can’t, that will drop endowment for financial aid will which makes Smith a more diverse financial aid than Smith does are experience writing about educa- programs and cut support. When generate $9.5 million per year, place. Our leadership in the choosing to provide more financial tional policy issues and nonprofits. people consider gifts to the finan- the equivalent of 17 percent of a number of students receiving Pell aid to middle- and upper-middle- Currently, he is chair of the Smith cial aid endowment, they have to $55 million financial aid budget. Grants is extraordinary. income families. This has created College Board of Trustees’ ask, “Do I want Smith to continue a competitive challenge for us and Campus Life Committee. to be exceptional?” If they don’t, is something that we would like to there will be other alternatives for address. needy students. There will be a lot Giving Opportunities

NAMED ENDOWED FUNDS Full Scholarship Fund — $1 million or more A $1 million endowed gift generates approximately the income required to cover the cost of tuition for a student receiving full financial aid. Donors may specify certain broad preferences for the recipients of these funds, such as majors in a particular field of study, nontraditional- aged students, international students or other key demographics. Partial Scholarship Fund — $250,000 or more Donors may specify certain broad preferences for the recipients of these funds as explained above. Unrestricted Scholarship Fund — $150,000 or more An unrestricted scholarship fund supports students with demonstrated financial need as determined by the college.

CURRENT USE FUNDS Designated Core Support Fund A gift of $25,000 or more can be directed in support of Smith’s core financial aid priorities, including: ■■ General Financial Aid Fund ■■ Ada Comstock Scholars Financial Aid Fund ■■ International Students Financial Aid Fund The Smith Fund Providing unrestricted support for Smith’s top priorities, including financial aid and scholarships, Smith Fund donors qualify for recognition in the Sophia Smith Leadership Society at the following gift levels: ■■ President’s Circle Cum Laude ($100,000 or more) ■■ President’s Circle ($50,000–$99,999) ■■ Trustees’ Circle ($25,000–$49,999) ■■ Deans’ List ($10,000–$24,999) ■■ Paradise Club ($5,000–$9,999) ■■ Founders Society ($1,875–$4,999)

A complete list of giving opportunities is available at www.smith.edu/campaign “I graduated as the first African-American valedictorian in my high school’s history. Financial aid is more than money—it is an opportunity to succeed in life.” Mylasha Furlonge ’14

“Attending Smith empowers me by pushing my limits and showing me that all sorts of possibilities are out there for me.” Yasmin Kamal ’14

“Getting accepted to Smith College was the best day of my life. I will use my degree to help other people just like me.” Dawn M. Ginnetti AC ’14

Office of Development 33 Elm Street Smith College Northampton, Massachusetts 01063 (413) 585–2021 www.smith.edu/campaign

“I am truly grateful for the opportunity to get an education at Smith College, where female leaders of the world are born.” Lerato Maphanyane ’15