Trustees Welcome New Members, Discuss Finances

Trustees Welcome New Members, Discuss Finances

By Jack Dunn
Director of Public Affairs

Meeting for the first time this academic year, the Board of Trustees gathered on Sept. 28 to elect new members, review the University's finances and hear an update on the Ever to Excel Capital Campaign.

New trustees Rev. Robert Lawton, SJ, Thomas P. O'Neill III, Sally E. Pingree and Randall P. Seidl were elected to four-year terms, while Rev. Francis R. Herrmann, SJ, Peter S. Lynch, and Robert J. Morrissey, were re-elected to serve for an additional four years.

In his remarks to the board, Boston College President William P. Leahy, SJ, outlined the University's successful response to the Sept. 11 tragedy, offering praise to students, faculty, administrators and staff for their handling of the crisis. He said the University will sponsor a memorial Mass on Oct. 10 at St. Ignatius Church in New York City for those who were lost at the World Trade Center, and is planning a memorial Mass for local victims and their families in Boston later in the fall.

Fr. Leahy reported that searches are in progress for a new vice president for development to assist Mary Lou DeLong, who was promoted to senior vice president, and for a successor to W. Paul White as associate vice president for government and community affairs. He also informed the trustees that he had given five-year contract extensions to Athletic Director Gene DeFilippo, Men's Hockey Coach Jerry York and Head Football Coach Tom O'Brien, and a seven-year extension to Men's Basketball Coach Al Skinner.

Also, Fr. Leahy said trustees Peter Bell and Peter Barber had agreed to serve as co-chairs for the Ever to Excel campaign, supplementing the leadership of trustees John Connors and Geoffrey Boisi and University Chancellor J. Donald Monan, SJ, who had served as chairs since the campaign's inception.

He concluded by asking the board for a resolution of gratitude to former Executive Vice President Frank B. Campanella and late Trustee William Connell for their years of unwavering and dedicated service to Boston College.

In committee reports, Academic Affairs Chairman Thomas Vanderslice led a discussion of financial aid, noting Princeton University's decision to eliminate student loans among its undergraduates. Vanderslice raised the concern as to whether such a policy might threaten to put BC at a competitive disadvantage against other elite universities. He said Boston College would meet with other institutions before formulating its own course of action.
Building and Grounds Chairman Joseph Corcoran outlined the University's building activities and future needs, and secured passage of a $250,000 allocation for the preliminary design of the new athletic facility attached to Conte Forum.

Investment Chairman Robert Morrissey noted that the University had experienced a -2.2 percent return in its investments last fiscal year ending June 30. As expected, he noted that the University's investment portfolio is also down this fiscal year, due to a slowing economy.

Michael Murray, chairman of the Finance and Audit Committee, reported that the University had ended the past fiscal year with a balanced budget for the 29th consecutive year with net assets of $1.39 billion, a 3.8 percent increase over 2000.

Development Chairman Patrick Carney reported that the ninth annual "Pops on the Heights" event was expected to raise $1.3 million, an accomplishment he attributed to Trustee Associate James Cleary. He said that fiscal year 2001 was the most successful fundraising year in University history, with $50 million in cash and $84 million in pledges raised. Through Sept. 30, he noted, the University has raised $5.5 million in cash and $84 million in pledges.

Connors told trustees that the Ever to Excel campaign had raised $307 million towards its goal of $400 million. The trustees have reached 110 percent of their allotted goal and have helped to set a record of 63 million-dollar commitments to Boston College.


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