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Rhodes well positioned to deal with economic turmoil
William Bruce
Issue date: 11/12/08 Section: News
The recent economic turmoil is being felt by colleges and universities across the country in many different ways. Although the economic backlash continues to spread throughout the education system, Rhodes is currently in a good position to weather the oncoming economic hardships.
The economic crash was topic discussed at a recent trustee meeting. The main subject was how the economic disorder might affect the lives of Rhodes students.
"Coming from our discussions were two resolves- to continue to move forward with our campaign for Rhodes and to pay special attention to unanticipated challenges students may face in light of the current economy," said President William Troutt.
The economic crisis has spread to universities across the country. Many colleges are currently: initiating hiring freezes, putting construction projects on hold, and dealing with large budget cuts.
For the past three decades Rhodes has had a balanced operating budget, and over the years has made fund raising progress. Members of the department of business and finance affairs cite the recent Bond rating upgrade by Standard and Poors as an indicator of the progress the institution has made over the years.
"There is no question that the downturn in the economy will have adverse effects on all colleges and universities and Rhodes is not immune to these effects," said J. Allen Boone, Vice President for Finance and Business Affairs. "That said, Rhodes is relatively well positioned to weather the consequences of this tough economic environment."
Campus construction, specifically the renovations being done on the Burrow library will continue as planned.
"It is possible that some planned renovations could be delayed," said Boone. "Although at this juncture, we do not anticipate any cancellations of future planned renovations."
"We are not in the midst of a new construction project," said President Troutt.
At Williams College President Morton Owen Schapiro wrote that the worsening economic situation has meant some renovation and facilities spending would be reduced and nonessential openings left unfilled.
The economic crash was topic discussed at a recent trustee meeting. The main subject was how the economic disorder might affect the lives of Rhodes students.
"Coming from our discussions were two resolves- to continue to move forward with our campaign for Rhodes and to pay special attention to unanticipated challenges students may face in light of the current economy," said President William Troutt.
The economic crisis has spread to universities across the country. Many colleges are currently: initiating hiring freezes, putting construction projects on hold, and dealing with large budget cuts.
For the past three decades Rhodes has had a balanced operating budget, and over the years has made fund raising progress. Members of the department of business and finance affairs cite the recent Bond rating upgrade by Standard and Poors as an indicator of the progress the institution has made over the years.
"There is no question that the downturn in the economy will have adverse effects on all colleges and universities and Rhodes is not immune to these effects," said J. Allen Boone, Vice President for Finance and Business Affairs. "That said, Rhodes is relatively well positioned to weather the consequences of this tough economic environment."
Campus construction, specifically the renovations being done on the Burrow library will continue as planned.
"It is possible that some planned renovations could be delayed," said Boone. "Although at this juncture, we do not anticipate any cancellations of future planned renovations."
"We are not in the midst of a new construction project," said President Troutt.
At Williams College President Morton Owen Schapiro wrote that the worsening economic situation has meant some renovation and facilities spending would be reduced and nonessential openings left unfilled.
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