Most of us have never experienced so much financial change, so fast. As I write, the market continues to zigzag and to send messages of confusion and concern. Emerging from our most recent board meeting, held October 24–26, during which we carefully addressed these economic challenges, I want to share my perspective on Emma Willard’s strengths, actions, and opportunities as we head into November 2008 and beyond.

Strengths. During its 195 years of operation, this school has withstood three campus moves, the Great Depression, two World Wars, the wave of coeducation in the economic downturn of the early ’70s, and, nearly in the same league, the closing of the campus tunnels! During all these moments of extraordinary challenge, the vigor and vision of the Board of Trustees, in partnership with strong and resilient administrations, have not only kept our school intact, but have moved it forward decisively. We anticipate nothing less in the current economic storms.

Emma Willard has always practiced conservative fiscal stewardship of the school’s resources, many of which have been built through generous giving. Our recent bond issue was secured at a fixed, not variable, low interest rate. Our Standard and Poor’s AA- rating was affirmed this summer (the first ever assigned to a girls’ boarding school). Our Investment Committee proactively moved the endowment to a defensive position prior to the recent market chaos, so losses have been mitigated to the extent possible. Our Finance Committee had presciently begun a series of data driven, strategic financial planning sessions back in 2007. The Bold Idea, our $75 million comprehensive campaign is on track, having hit the $62 million mark just prior to our October Board meeting.

Actions. We are taking a hard look at every expense to determine needs versus wants. (As you well know if you have adolescents, this is sometimes a challenging distinction to make!) In addition, the Board is convening a task force in early December to restructure the operating budget for the 2009–2010 school year. First and foremost, we want to ensure that the 48 percent of our current students on financial aid will receive ongoing support and that resources are available for the new financial aid requests we anticipate. Any changes in the way we operate the school, and there will be some, will be made by a board and an administration keenly aware of what defines Emma Willard as the extraordinary community it is. You may trust that the fiscal strategies we employ will not impact our mission.

Opportunities. We have already conducted masonry and facilities condition audits to provide the necessary facilities information to plan for the next decade. One of our greatest assets, the place we call Emma Willard here on Mount Ida, is also an extraordinary responsibility. Even in this economy, we must develop a roadmap to address bricks and mortar issues long-term so that we not only use our physical plant with maximum efficiency, but also ensure its preservation for generations to come.

Together, we have a campaign to complete and annual funds to raise in support of our students, teachers, and their work together. Those of you who can and will contribute at this time, please do. We will use every gift wisely.

Finally, our greatest opportunity will always be in the work we do: the education of young women for brave, bold leadership not only in halcyon times, but, more important, when the winds of change intensify. I have such confidence in who we are as a community, in our ability to weather any storm, and in the critical education we deliver that I am already imagining our 200 year celebration of excellence in girls’ education. 

Thank you for being part of Emma Willard. We will continue to communicate with you, and should you have questions or thoughts, as always, do not hesitate to reach out.   

P.S. Over 300 intellectually curious, smart girls infuse the conversations of the day with an intensity and a liveliness that keeps fear at bay and inspires hope for a brighter tomorrow. We are very grateful to them and for them. Thinking about what they and their indefatigable energy will make possible is what compels our faculty, staff, trustees, and all who are part of Emma Willard, to rise to these challenging times and act responsibly, nimbly, and thoughtfully.