Fri 24 Sep 2010
This is the fifth installment in our week-long seminar on President Adam Falk’s letter about the “alignment of senior administrative responsibilities.”
Most interesting omission from President Falk’s letter? Any use of the word “endowment.” If I were Collette Chilton or a member of her staff, I would be concerned. Consider the duties of Suzanne Welsh, Swarthmore’s Vice President for Finance and Treasurer.
The Finance and Investment Offices oversee the financial responsibilities of the College which include the budget, financial planning, endowment and debt management, and stewardship of financial resources.
How about Pomona?
Vice President and Treasurer Karen Sisson oversees the College’s budget and endowment, as well as Office of Facilities and Campus Services, which covers construction planning, maintenance, sustainability, summer conferences, dining, grounds and housekeeping; Human Resources; the Business Office; and Real Property.
I can’t find an elite college (pointers welcome) which has a (highly paid) vice president of finance/treasurer who is not also in charge of the endowment. Can you? Anyone qualified to do all the things that Falk wants the new Vice President of Finance to do would be more than competent to handle the endowment. This would, more or less, simply take Williams back to the structure we had prior to 2006. (Related rants about the Boston Investment Office are here, here and here. Highly recommended for new readers!)
Summary: The Boston Investment Office is a $2-$3 million per year waste of money. We don’t need it. Instead of pretending (unsuccessfully!) to be Yale, Williams should follow the practice of similar elite colleges like Pomona and Swarthmore. Have the Trustees pick the major investments. Hire a VP of Finance who, among her other duties, would keep an eye on the endowment.
Is President Falk heading in this direction? Unfounded rumors and gossip welcome in the comments!
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