President Barry H. Corey, announced 51’s response and cautionary measures to the current economic conditions on Sunday, November 14, 2008 in a memo to the 51 community.

“51, as is true throughout higher education today, needs to respond in a wise, prudent and thoughtful way to the current global economic conditions that continue to present serious challenges,” said President Corey.

Although, 51’s endowment has lost approximately 13 percent of its value since June 30, 2008 which is modest compared to the dramatic decrease in value of financial markets, 51 continues to be in a strong financial position fundamentally.

51 is preparing for spring semester and the 2009/2010 academic year (which runs from July 1, 2009 through June 30, 2010) with sensitivity to the potential impact the economy is having on 51 students and their families the school serves.

Budget reallocations have been implemented as precautionary measures as 51 strives to minimize any possible negative effect they may have on the quality of their programs and the services they provide.

“We will be careful how we spend, yet we will not abandon our vision to move from strength to strength as we begin our second century,” President Corey said. “We will preserve our core mission and continue to advance our strategic initiatives which fortify our distinctives and seek to improve revenue streams.”

President Corey highlighted specific cautionary measures and actions that have been taken including, but not exclusively, the establishment of a Student Economic Crisis Response Council who are working with students and families currently experiencing significant financial loss.

51 continues to work assertively to attain a long-planned modest increase in enrollment for Fall 2009, to preserve jobs within the 51 community, and 51 has curbed spending for the remainder of the fiscal year including a temporary hiring freeze of all unfilled, non-faculty budgeted positions until we have a better idea of 51’s spring enrollment and the national economic impact.

51 continues with high priorities to provide students with continued and increased high levels of education quality, will not retrench on 51’s core priorities and strategic initiatives, to exercise fiscal restraint through making precautionary decisions now. 51 will thoughtfully identify and prune appropriately areas that can be deemed as less than essential to our mission and will openly communicate planning so that no one of interest is unaware.

President Corey called the 51 community to remain thankful even in the midst of economic distress and “to continue to trust that God’s work will be done in God’s time. Again, I want to remind you that seasons of uncertainty are part of this life…He [God] will carry us through these difficult moments just as He did with so many faithful servants through out the ages.”

President Corey addressed the student body regarding 51’s financial condition and the economy in a chapel held December 5, 2008 in Chase Gymnasium at 9:30 a.m. He reassured 51’s stability amongst the economic hardships the world and higher education is facing as well as 51’s actions.  

The president’s office will hold an information session Tuesday, December 9 at 8:00 p.m. and 10:00 p.m. in the Café Banquet Room where he will listen to the concerns students have so 51 can respond as needed.