Our readers wanted more discussion of the new Trustee web page and the documents linked thereto. Day 3.

Again, kudos to the Trustees for transparency! This is a welcome change from the way Williams has been run in the past. Perhaps the most timely document is the notes from the Board Meeting Report from April (pdf).

1) To the extent that the Board has been creating documents like this for the last several years (decades?), it should make them public now. The more that Ephs see how well-run Williams is, the more trust we will have in the people who run it. I realize that the actual meeting notes can include a variety of material — especially the comments made on sensitive comments by names trustees — that should remain secret for years. That is OK! But generic overviews of who presented what can be made public now.

2) There are 15 items in the report. I could spend a day on each of them! Should I? Are there any in particular that people are interested in? Here is an example:

The board approved the remarketing of $50.5M of existing college debt, and the issuance of up to $60M in new debt to fund a number of capital projects.

The College’s debt load is perhaps the single financial I am least qualified to opine on. First, my understanding is that we can’t issue new debt unless it is going to fund new projects. Is Williams really gearing up to spend an additional $60 million? Is that all/mostly the Bronfman replacement? Second, can someone explain what “remarketing” is? This discussion seems relevant but it sure would be nice if someone were to walk through the details. Third, I continue to believe that the College has enough debt right now. Of course, I have been singing that song for 6 years. Levering up the endowment has worked marvelously well over that time period. What could go wrong?

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