By Stanley P. Caine, Adrian College President

These are difficult financial times for American higher education. The size of college and university endowments has diminished as a result of the stock market decline. Individual, corporate and foundation gifts have also been adversely affected as incomes and earnings have diminished. Many students and their families have fewer resources to devote to paying the costs of college. Health care costs are rapidly increasing. And many state governments, faced with budgetary shortfalls, have identified higher education as a target for funding reductions. (The Michigan legislature is considering severe cuts in higher education appropriations. A vigorous debate over funding for vital student financial assistance programs for independent colleges and universities is presently underway.)

Like all other colleges and universities, Adrian has been affected by this “perfect storm” of financial challenges. Our trustees have carefully managed our endowment portfolio in an effort to protect its value. The size of our endowment has declined, but not to the degree that many others have. We have worked closely with students and families to develop ways that they can afford to attend our institution. Not surprisingly, we have found it necessary to increase substantially the funds we make available for scholarships and grants to needy and deserving students.

The very good news is that, even in this challenging atmosphere, Adrian College continues to make notable improvements to its campus. We have introduced a new generation of computers, purchasing some 375 new machines in the past few months. Our dining hall has been transformed by new furniture, carpeting and wall treatments. Classroom and residence hall furnishings have been replaced and we have continued to make the campus more accessible for the handicapped. We are also moving ahead with the exciting project that, within twelve months, will transform Ridge Gymnasium into a strikingly attractive and functional student center.

The generosity of alumni and friends has been a primary factor that has allowed us to proceed with confidence. Our trustees have led the way. They have made a commitment to underwrite a large share of our Trustee Scholarships that are awarded each year to some of the best and brightest Adrian College students. They have also taken the lead in the last two major fund-raising efforts, supplying about a third of the funds needed to build the “new” Shipman Library and, thus far, supplying over half of the gifts and pledges for the Ridge Student Center project. With this strong base of contributions, we have been able to secure early support from other alumni, friends, foundations and businesses.

The Ridge renovation has begun. Bulldozers have moved earth at the south end of the building, preparing the way for a new entrance. The block wall that for decades separated the stage area from the rest of the building has been taken down. Within a few weeks, steel beams and other materials will arrive for the construction of a full second floor in the building. By the summer of 2004, Adrian College students will have a new impressive student center and we will have preserved an historic building.

We take pride in our ability to continue to move forward in less than ideal times. If, however, we are to complete the Ridge project, and take the next vital step in our ongoing campus improvements program without incurring additional debt, we will need the support of all of our friends. We are half way to our $5 million goal. We must now meet or exceed the $1 million Arrington Family Challenge and find additional gifts from individuals, foundations and businesses.

With your help, we will weather the storm and continue to broaden opportunities for Adrian College students.

Dr. Stanley Caine