Endowment, Capital Rise Due to Stock Mal Cam -Ket, .Paign Gifts
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CTHEMedford, MA 02155 TUFTSWednesday, November 6,1991 .DAILY?Vol XXIII, Number 45 Endowment, capital cam.paign rise due to stock mal-ket, gifts by PATRICK HEALY verse affect on fundraising. to the financial growth. Daily Editorial Bimtl Director of Development Mandevillenoted the endowment While possible reinvestment Roger Broome. who presented additions came mostly from “ex- in South Africa was the focus of the campaign report to the Trust- pected“ resources this year. the Tufts Board of Trustees meet- ecs.couldnot be reached Porcom- “It was a mix of a number of ing last weekend. I he Trustees ment yesterday. things. doniltions, bequests. Als~. also discussed at length the Lrunbert also pointed to "ins- there was a lot of good progress University‘scurrent fiuiruicialcon- .jorgains”inadcdur~igfiscal 199 1 from new gifts.“ Mandeville ex- dition, as well as approving fac- in the University endowment,say- plained. “We can’t project the ulty members for tenure and ex- ing the endowment increase of bequests. Sometimes these come mining new academic Initiatives. approximately 16 percent was as a complete shock.” Trustee Overseer Joe Lambert “very. very heavy.” Maideville commented that. soid Monday that a review of the Nicole Mandeville. Univcrsit y because of the “volatile year” in University‘sfinancial growth dur- vice president for finance who the stock market, the University ing the fiscal 1991 year ending was also appointed Tufts trea- was “unsure” how the Tufts in- li~tJuly 1 showed Tufts “doing surer during the Trustees meet- vestmetits would do. extremely well in economic ar- ing. said yesterday the endow- “In the first quarter of the year. eas.” Lambert said members of ment as of June 30. lY91 was with Iraq’s invasion of Kuwait, the Development Office reported figuredat a market value ofS167.6 interest rates rose. In the quarters over the weekend that. withTufts million. The university endow- following,with the US‘sdefeat of concluding its $250 million five- ment as of June 30, 1990 was Iraq. the Fed eased interest rates year capital campaign in 1992. $155.6 million. and the markets rallied,” fundraising had reached $207.4 “We were very pleased with Mandeville said. She added al- million as of last July 1. our performance this year,” though she was unaware of the “The Board felt this was an Maideville said. She said during specificsof the capital campaign, excellent increase, especially in fiscal 1991 new additions to the the Development Office “still these hard tiines,“ Lambert said, endowment totaled $8.5 million, expects to reach the campaign noting the national and state re- while the market appreciation see TRUSTEES, page 2 cessions could have had an ad- added the remaining $3.5 million Photo by Karl Scharz Academic Vice President Melvin Bernstein said Ile expects the State funds for higher education Tufts Lesbian, Gay and Bisexual Community’s rally Monday to prompt discussion between the TLGBC and the Administration. Bernstein, II’Pustees bv CHH1STC)PHEH BODEEN the past two years. TenEast Co:at Nevada. with dramatic increase states. compared to only three in in enrollment at its colleges and For the third time in as many the rest of the country. actually universities, has for the second discuss A&S budget years. Massachusetts has regis- cut total spending on higher edu- year had the highest increase in cation from two years ago. The by PATRICK HEALY Benistein noted he is currcntly tered the largest two-year decline state support (up 3 1 percent from Daily Ilditonnl Bimd meeting with individual academic in state funding to higher educa- Illinois report is widely regarded two years ago). Other states that Academic Vice President departments to discuss concerns tion, leading a nationwide trend as the most accurate indicator of chalked up large increases were Melvin Bernstein said yesterday and issues faculty members have that has seen ai overall reduction stale funding and carries signifi- Idaho (up 24 percent), Kentucky hedetailed the planning for Tufts‘ regarding Arts atid Sciences. from a year ago in the anoutit can1 weight in budget discussions (up 23 percent) and Montana (up Arts and Sciences budget to the “I am hdfway trough with the states provide to institutions. in academic ‘and political levels. 21 percent), statcs whichhavenot Board of Trustees last weekend, department meetings. They have The figures. compiled by the In the article in the Chronicle, fared tremendously better than ruid he offered comments on the been very useful. very intercst- Center for Higher Education at administrators from several US Massachusetts in the recession Tufts Lesbican, Gay and Bisexual ing,“ Bemstein said. He charac- Illinois State University,appeared colleges and universities ex- but which have made support for rally Monday as well as the an- terized these rneclings like “dis- in the Nov. 6 edition of The pressed dismay at the figures. but higher education a matter of bud- nouncetneiit of Dean of Adminis- cussions with students.” explain- Chronicle of Higher Edircatiun. also a sense of requital to the getary priority. tration Lany Ladd’s surprise res- In a letter accompanying the re- harrowing financial crunch -be- A large number of states have i mat ion. see BERNSTEIN, page 2 port. the director of the study. cause although the universities reckoned the need for student fi- L Bernstein said he presented his Illinois State professor Edward continue to offer financial aid to nancial aid to be too important to plan for a “pause budget” for Arts R. Hines, blamed the decrease in students, the states do not lend reduce. New Jersey, which in- arid Sciences for fiscal 1993to thc funding on the continuing effects any finaicial support. Private in- creased expenditure for higher . Trustees. Bernstcin has said the of the nationwide economic re- stitutions are receiving the brunt education only one percent more pause budget will not involve any cession. effects felt strongly in of the cuts. In New York, funding than two years ago, increased stu- changes in current academic pro- Massachusetts. is being cut 13 percent; however, dent aid 25 percent. In the grams or departments because he Altogether, states this year will funding to private schools is be- Chrorricle. a state official in New wants to further familiarize him- provide $40.1 billion to higher ing slashed 35 percent. Jersey explained that state lead- self with coinponents of Arts and education. a full $80 inillion less “I don‘t care whether you’re ers “waited to protect the access Sciences since assuming his post than last year and only three per- large or small, this is very, very to higher education for low-in- last July. cent inore than the total two years difficult to adapt to.” stated Patti coine students.especially because “I want to maintain the kinds ago. The decrease inarks the first McGill Peterson. president of St. of the tuition increases we have of initiatives going on right now time states have provided less Lawrence College in New York, seen in recent years.” and balance the budget. Over the money to higher education than in the article. “I don’t know of a Tufts has been affected sig- rest of the academic year I want to in the previous year in the 33 single independent institutionthat nificantly by state cuts in fund- put inprioritiesofthe budget built years the Illinois study has been is not having trouble.” ing,all the inore so becausealutntli on Arts and Sciences strategies,“ compiled. The report notes that 40 states and possible donors tend to be Benistein said. He added he dis- The study reports Massachu- arc providing smaller increases in unwilling to involve themselves cussed these possiblestrategies in Daily Ble phoro setts cut state support to colleges money for higher education than “very general terms.” Melvin Bernstein aid universities 28 percent over those two years ago. Conversely. see FUNDS, page 2 Senate confirms Robert Gates as chibf of CIA WASHINGTON (AP) -- The administration higher-ups. of Iran-Contra. whatevcrpast deficiencieshe may Senate on Tuesday overwhelm- Backed by a solid phalanx of President Bush said in a state- have had. The Community Service Option is a ingly confirmed Robert M. Gates Republicans, Gates benefitted ment issued after the Senate’s “The last thing you want is unique program for Tufts-bound high as head of the Central Intclli- from a split within Democratic action that the “vote is a confir- someone at the helm of ai agency schoolers and a few undergraduates. getice Agency following a six- ranks to survive the longest and mation that Bob Gates has the who really does not have expefi- inonth ordeal that laid bare pain- most controversial approval pro- professional expertise and expe- ence in that field.” said’lntelli- Arts ................................ p. 5 ful disputes within the spy agency. cess ever for a CIA nominee. rience to lead our ititelligence gence Committee Chairman Lily Tomlin’s one-woman movie is a I The vote was 64 to 3 I. a strong Confirmation also reversed the community during these chang- David Boren, D-Okla.. the most bright light in a dark universe, but Black margin despite the taint of the sh,arpest setback in the career of ing times.” outspoken Gates booster in the Robe should be left to rot in adark closet. Iran-Contra affair that clung to Gates, whose swift rise up the Senate supporters campaigned Senate. Sports p. 7 Gates through much of the confir- CIA ladder was stymied in 1987 for Gates on the ground that his “If you’re going b find some- ............................. mation hearings arid charges that when President Reagan named background in intelligence work one who’s never made a mistake, The final installment of the NBA pre- view, men’s soccer MVPs, and -- for he tailored intelligence reports to him to head the agency but he was gave him the know-how to do the -..n I m-” ____a something different -- ice skating.