Board Assesses Fiscal Status, Picks Connors as Chairman

Board Assesses Fiscal Status, Picks Connors as Chairman

By Jack Dunn
Director of Public Affairs

An update on the Church in the 21st Century initiative, a report on the fiscal status of the University and the election of new members highlighted the Sept. 27 meeting of the Boston College Board of Trustees.

In his opening remarks, University President William P. Leahy, SJ, briefed the trustees on the Church in the 21st Century initiative, drawing praise from board members supportive of the University's leadership role on this issue.

Following Fr. Leahy's remarks, Academic Affairs Committee Chairwoman Marianne Short reported on the academic profile of the freshman class, the most selective in University history.

In a presentation to the board on behalf of R. Michael Murray Jr., chairman of the Finance and Audit Committee, Financial Vice President and Treasurer Peter McKenzie reported that the University ended its 2002 fiscal year on June 30 with a balanced budget for the 30th consecutive year, with net assets of $1.434 billion, a $44 million increase over 2001.

In his report, Investment and Endowment Committee Chairman Robert Morrissey noted that the University's endowment had fared well despite the recent economic downturn, holding above the $1 billion mark thanks to a diversified portfolio of investments. Of the 32 educational institutions with endowments of $900 million or more, 28 were reported to have experienced negative returns ranging from 2 percent to 12 percent.

Development Committee Chair Kathleen Corbet reported that the University had raised $8 million in cash gifts and $7.7 million in pledges towards its 2003 goal of $60 million.

Student Life Committee Chairman Rev. Brian Paulson, SJ, announced that the University had achieved gender equity in its athletic programs and was in compliance with Title IX. This year, he noted, Boston College had 800 student athletes - 400 males and 400 females - participating in 33 Division I sports and granted 125 athletic scholarships apiece to males and females. Fr. Paulson said Boston College is one of the first major universities to achieve full compliance with Title IX.

The trustees also selected their officers for the next two years, naming John Connors Jr. as board chairman to succeed Charles Clough Jr. Patrick Stokes was elected vice chairman and Rev. Edward O'Flaherty, SJ, was elected treasurer. The board also approved the creation of a new trustee committee called Mission and Character that will be chaired by Clough.

In addition, the board voted to elect seven trustees to four-year terms: Robert Devlin, Francis Doyle, Mary J. Steele Guilfoile, Peter Markell, Kathleen McGillycuddy, Nicholas Sannella and Solomon Trujillo. The board also approved additional four-year terms for Geoffrey Boisi, Darcel Clark, Joseph Corcoran, John Harrington, Rev. John Murray, SJ, John Powers, Michael Price and Rev. Jeffrey von Arx, SJ.

Four trustees, Patrick Carney, Emilia Fanjul, Richard Jalkut and Thomas Vanderslice, were also elected to three-year terms as trustee associates.

The meeting adjourned with a tour of the new Higgins Hall facilities.

 

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