Contrast

Dave Marmaros ’01 directed me to a story in today’s Valley News. A few choice quotes:

�We feel that the endowment is there to give you financial strength when you need support in a down economy.”

…

Spending a higher percentage of the endowment — 6 percent in the current fiscal year and 7.1 percent in the fiscal year to follow — is a way to smooth over �a temporary condition of the economy.�

The above concern Vermont’s Middlebury College and quote Middlebury spokesman Phil Benoit.

The article continues:

Further, Middlebury’s actions raise questions about why Dartmouth, with an endowment of $2.2 billion — four times Middlebury’s — is making budget cuts that include eliminating varsity swimming and diving, consolidating libraries, and laying off 30 employees.

…

Dartmouth looked at spending endowment money to bolster its finances, but ultimately rejected the idea, said Julie Dolan, Dartmouth’s associate vice president for financial affairs.

�Over the long term we want to preserve the purchasing power of our endowment,� Dolan said last week. To do that during poor economic times, the college needs to spend less from the endowment, she added.

…

[Middlebury President John] McCardell said Middlebury would also be measured by �our commitment to people, which is a special characteristic of this college, and which I here reaffirm: to students �, to faculty, and to staff.�

In contrast to…