May 22, 2014
The Hampden-Sydney Board of Trustees met on May 10 to handle matters both ceremonial and substantive.
The Board, under the chairmanship of Thomas N. Allen '60, is comprised of 37 men and women of whom 34 are alumni of the College. The Board is organized into 13 committees* and meets three times each academic year.
At the May meeting the Board presented resolutions of appreciation to the late Robert V. Hatcher, Jr. '51 (accepted by his son, Lee, pictured with Chairman Allen) and Lacy Ward, Jr., Director of the R.R. Moton Museum, as well as recognized the service of retiring professors Frank Archer '72, Gerald Carney, and George Bagby by granting them emeritus status.
The Board received the news of a $2 million gift to the scholarship endowment and a $3 million gift - the largest single gift in the history of the College - for the planned student center. The student center was approved as a $10 million project and will soon enter the next stage of planning. The renovation of Winston Hall as a fine arts center was approved as a $4 million project. The Board also approved the construction, funded by a donor, of a unique energy research facility. To be built near the Hampden-Sydney observatory, it will be used for student research.
The Board approved the 2014-15 operating budget of $62,149,407. The budget, which provides for a faculty and staff salary increase of 2% and additional funds to improve the compensation of junior faculty, was finalized after a thorough review of all program needs. The budget is based on a freshman class of 318. The Board received the happy news that that number of freshman had been exceeded by the Candidate's Reply Date of May 1 and that the class had been selected from the largest number of applications in the history of the College. This was recognized by a champagne toast to Dean of Admission Anita Garland.
As the result of fund raising and market growth, the endowment is very near $142,375,000, its all-time high, placing the College in the top quarter of private colleges and universities. Alumni giving increased 7% in 2012-13.
According to Chairman Allen, "The first responsibility of the Board is the fiscal strength of the College. The Board is pleased with the work that was done this year both to trim expenses and to increase revenue. Hampden-Sydney is in an excellent place - I might say an enviable place - among independent colleges and universities."
*Admissions, Athletic, Audit, Board Affairs, Budget, Buildings and Grounds, Development, Executive, Faculty and Academic Affairs, Finance, Marketing, Strategic Planning, and Student Affairs