Special Campus Memo: BOT Reaffirms Need-blind Admission Policy Commitment
Dear Grinnellians,
Our distinctive academic community is enriched by a diverse population of students. Our need-blind admission policy for domestic students and our commitment to meet 100% of every student's financial need help ensure that we attract and enroll highly qualified students. At its fall meeting on campus on October 4-6, the Board of Trustees voted to continue the College's policy of need-blind admission for domestic students and to meet 100% of the financial need of every Grinnell student.
Need-blind admission means that a family's financial resources have no bearing on whether we offer admission. In a need-blind context, decisions to admit students are solely based on their qualifications. Fewer than 45 colleges and universities in the United States today are need-blind and meet 100% of every student's financial need. Our need-blind policy is distinctive and an important part of Grinnell's identity.
We are fortunate to have an endowment currently worth $1.99 billion, in large part because of the prudent financial decision-making of previous College leaders. Our endowment funds more than 50% of our operating budget. At institutions similar to Grinnell, endowment support of the budget is closer to 25% to 40%. A primary reason our operating budget is so heavily reliant on the endowment is precisely because of our commitment to need-blind admission and the cost of enrolling domestic students without regard to family resources and meeting the demonstrated financial need of every admitted student.
The Board of Trustees' fiduciary responsibility is to ensure Grinnell's long-term viability and financial sustainability, which requires them to consider intergenerational equity so that College resources will be available for future generations. The Trustees will revisit these policies annually and assess again, no later than 2021, whether to continue these commitments. The Board also will focus on building Grinnell's philanthropic support to help grow and strengthen our endowment for future generations of Grinnellians.
Sincerely,
Raynard S. Kington
President