Financial Future Update Winter 2013

In February 2013, the Grinnell College Board of Trustees approved a historic motion regarding Grinnell College’s financial future.

The vote came after months of open discussion about how Grinnell will financially support its world-class students, who come from diverse financial backgrounds.

Board Resolution: Retain Need-Blind, Reassess in 2015

Grinnell affirms its two closely paired commitments: to need-blind admission, and to meeting 100 percent of demonstrated financial need for domestic students. We will conduct an annual assessment of endowment performance, philanthropic support, net tuition revenue, and cost structure. If we have not demonstrated significant progress toward resolving the structural imbalance in our operating budget by the fall of 2015, we will determine at that time whether to pursue more aggressive enrollment management strategies or become openly need-aware, effective with the entering class of 2017.

The Grinnell Magazine will offer updates on the situation in each issue through the fall 2015 vote. The first update was in the Fall 2013 issue. The matter also has been discussed in President Raynard S. Kington’s speeches, at campus meetings, in Pioneer Fund letters, and in the Grinnell College Honor Roll of Giving. 

UPDATE:

$4 million 

Grinnell College needs an additional $4 million a year in net revenue to continue the current admission and aid protocols.

$203,889

Donations for need-based aid from July 1, 2013 through Nov. 22, 2013 totaled $203,889 from 594 donors. Gains in net tuition revenue, combined with endowment proceeds and philanthropy, must cover a $4 million annual gap if current policies are to remain. 

Fall 2015

In February 2013, the Board of Trustees voted to continue the policy of need-blind admission and meeting 100 percent of domestic students’ financial need. The trustees will revisit the issue at their fall 2015 meeting. Philanthropy will be one of the metrics assessed.