Presentation on theme: "Speaker: Janice Hilbrink Associate Director of NY State Programs And Endowed Funds Pace University."— Presentation transcript:
Speaker: Janice Hilbrink Associate Director of NY State Programs And Endowed Funds Pace University
. Families are saving less annually for college. (The New York Times). Students borrow more than ever for college. (Wall Street Journal). Students are faced with credit crunch and higher interest rates.
. Financial crisis affects stock markets and investments world wide.. Endowments at all universities nationwide are affected drastically.. Families’ savings and retirement funds are significantly reduced.
. Award competitive financial aid packages in order to recruit and retain students.. Be sympathetic to families having more financial need.. Run a university while maintaining a budget with so many funds underwater.. Facing an uncertain future.
Make Important Decisions About:. Packaging strategies for students.. Renewing endowment scholarships for continuing students.. Turning off our endowed scholarship website.
. There are different accounting rules for principle accounts and spending accounts.. You can not touch an account whose principle is underwater. (Underwater means account is now less than principle investment.). You can spend money from spending accounts that currently have funds and/ or that are above water.. Financial Aid, Finance and Philanthropy are the three departments that need to work together.
. Awarded larger need based grants.. Renewed all endowment scholarships to continuing students, who met criteria. (whether fund was available or not.). Turned endowed website off, so funds that may not be available are not advertised for new awards.
. Due to extremely generous financial aid packages, many Pace grants were reduced by the endowed scholarship renewal.. Pace University committed to match donor funds that were renewed and underwater.. Students are still receiving more gift aid than last year.. Students were sent letters explaining why their Pace grant was reduced, along with the benefits of remaining in the endowment program.
. Students are getting more money.. Retention of students is strong.. Appeals are less.. Students work hard to maintain a G.P.A. of 3.0 to stay in the endowment program. (University criteria). Thank you notes to donors were higher than usual due to letter sent to students.. Donors are pleased by student thank you notes.
. Endowed funds are growing.. Our enrollment is up.. There were waiting lists for dorm rooms on all campuses.. We are focusing on one awarding year at a time…. What is your school doing?
Please feel free to contact me: Janice Hilbrink Associate Director of NY State Programs and Endowed Funds Pace University One Pace Plaza – W-100A New York, New York (212)