Colby and the Economy

How is Colby’s endowment performing?
In a word, it’s down. The market value of Colby’s endowment was approximately $600 million at the end of the 2007-2008 fiscal year (June 30, 2008). From that high, we now project the endowment’s market value will have declined by a third, to approximately $400 million, by the end of the current fiscal year (June 30, 2009). The budget for the 2009-2010 fiscal year, which begins July 1, 2009, is based on the endowment’s projected June 30, 2009 market value of $400 million.

What is Colby doing to reduce costs?
The current year’s budget has been cut by more than $700,000 through a range of measures including holding vacant non-faculty positions open, deferring planned computer purchases, and eliminating some discretionary expenditures. The 2009-2010 budget includes expense reductions of about $1.6 million, or 3.2 percent, in non-compensation areas across the College. These include:

• A freeze on most capital projects;
• Waiting longer to fill vacant staff positions, reducing the number of temporary workers we hire, and cutting overtime budgets;
• Eliminating overnight infirmary care at the health center;
• Placing initiatives identified in Colby’s strategic plan, but as yet unfulfilled, on hold;
• Moving from a three-year to a four-year replacement cycle for computer equipment (the industry standard);
• Reducing dining hall hours on weekends;
• Reducing staff travel, playing host to fewer events, and relying more on electronic communications;
• Reducing work done by outside vendors.

Is Colby planning layoffs?
There are no plans to reduce the number of full-time, continuing employees of the College. The number of temporary employees hired to work at Colby will be reduced and several part-time and/or temporary positions will be eliminated with the end of overnight infirmary care at the health center.

Is Colby cutting student financial aid or eliminating the “no-loan” initiative?
Colby remains committed to the “no-loan” financial aid initiative implemented this academic year. Recognizing that the financial challenges facing the College are shared by many Colby students and their families, the College has increased funding for student financial aid programs in the 2009-2010 budget.

How will Colby help current students and/or families whose financial situations change?
No student should be forced to leave Colby for financial reasons, and the Office of Student Financial Services can review and make adjustments to the financial aid packages of current students whose personal or family financial situations are adversely affected by the current economic situation. In cases where additional grant money is not available, student loans may be an option for financing a Colby education. The Office of Student Financial Services can assist students through the loan process.

How will Colby keep us updated on the financial situation of the College?
President William D. Adams will continue to update the Colby community regularly on the steps being taken to address the financial challenges facing the College. The president’s updates will be available at the president's Web site and on this page.

Is Colby doing anything to assist alumni facing employment challenges?
Colby has an online directory that’s always available for networking purposes. Alumni can sort by location, industry, major at Colby, and more.

Additionally, Roger Woolsey, director of the Colby Career Center, has assembled an online job bank featuring employment opportunities posted by Colby alumni, peers, employers, and executive search firms. Alumni can search the job bank or post employment opportunities via e-mail.