chuckstaben Advancement, On being a president

Advancement after Covid-19

Colleges almost certainly will face funding challenges in Fall 2020 and moving forward. How might this affect advancement, and how should a president prioritize fundraising?

The most important change is to focus on current dollar and immediate use. Donors will recognize the immediate difficulties, and strong supporters are likely to want to help. If you have been working with a donor on a $100,000 endowment gift, encourage them to make a $5000 gift today, or even better to make a $10,000 gift today, and to move the endowment plan into their estate. If the donor is committed to an endowment, suggest they at least “jumpstart” it with a current gift equal to the expected yield of about $5000, as almost all endowments payout in arrears, and you need their support now.

With the decline in the stock market, some endowments, particularly recent ones, may be “underwater” in that the current value is less than the original donated funds (actually, less than the permanently restricted fund). Though foundations have more flexibility today due to changes in UPMIFA, if the underwater endowments are recent, you may be able to contact the donor for permission to alter the agreement or at least to get their approval if you hope to expend from an underwater account (without violating any restrictions, laws, or covenants!)

During the 2008-2009 recession, many foundations changed spending policies to decrease payout, which put additional financial stress on students and institutions. Of course, a president must work with the Foundation Board or equivalent to ensure prudent use of funds, but it is worth emphasizing to the Board that good spending and investment policies are intended to assure generational equity; it is time to rely on those policies, take a long-term outlook, and keep supporting the institution. Historically, the stock market DOES bounce back.

Of course, many donors are likely to feel alot of uncertainty in the coming months. My experience is that one must stay positive, stay engaged, and that strong supporters will always return to their love of their institution.

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Story telling

Though I love data, I’ve finally become convinced that most of us operate on a more emotional level, and the best communicators recognize this and they are great storytellers. I would encourage you to have specific stories at your fingertips, ready to trot out. These may change depending on the audience, the year, the challenges you face-I just encourage you to spend specific time and energy developing these stories.

What are some examples? Know the name of that great first generation student (and clear with her the use of it) the story of how she had not realized that college was within her reach, and that this young Hispanic woman from, say, Jerome Idaho is now becoming a doctor, and plans to serve her community. Sincere stories, moving stories. You will probably find yourself talking to boosters-be sure you know the name of a football player or a track athlete whose scholarship enabled them to come to school, to excel on the field and academically, and now those boosters have not changed just that student’s lives, but those the student will touch. A successful alumnus. A faculty member who changed the lives of a student or had an extraordinary research success. A startup industry from a university invention or entrepreneur.

You may have the advantages of being a natural storyteller, or having a great communications aide…but even if not, there is great advice about storytelling out there-from TED talks to YouTube videos. Some TED talk advice gems:

  1.       Immerse your audience in the story.
  2.       Tell a personal story.
  3.       Create suspense.
  4.       Bring characters to life.
  5.       Show. Don’t tell.
  6.       Build up to S.T.A.R. moment.
  7.       End with a positive takeaway.

Keep a lookout for great stories, keep a list, practice telling them. And, though you may get bored with the same story-it is surprising how much the same story can be used in different contexts.

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The president’s spouse

The role and expectations of a president’s spouse vary tremendously, depending on the university and the spouse, at least. My spouse, Mary Beth, had her own career (physician) and interests, but participated in many university events. She was unpaid, but her travel costs were generally paid if she had a role at an event (document that role for the IRS, or you may get a very unwelcome tax bill!) I hope some of our experience can inform or reassure you.

I think that the most important issue regarding the spouse is that all parties (president, spouse, board, staff) should be mindful of the role and expectations. A good article on this was published by a former president, Susan Pierce, in Inside HIgher Education. If you are a member of AGB, you can also access a good article by Karen Kaler. There are a couple of books on the topic, but neither my spouse nor I found them particularly useful.

Though I know that your experience will vary, my wife and I met each month with my chief of staff and the office scheduler to discuss events (university and personal) over the next several months; an office staff member kept an Outlook calendar for my spouse and she had a university email account. My wife was not very involved in event planning, such as menu selection, etc-this was done by university staff. She did give feedback on events to staff, and this was generally well-received. My wife developed positive relationships with many donors and their spouses, and enjoyed these interactions. My wife liked interacting with students; she would attend evening dessert receptions we would schedule to talk with residence hall students, Greek students, international students, and other student groups. She enjoyed tours with me (Micron-an Idaho industry, SpaceX-alumnus is chief engineer). Mary Beth attended football games (not her favorite). She attended many musical events (not my favorite-I went only occasionally). She was very active in the community, meeting the mayor, Chamber of Commerce director, etc.

Mary Beth enjoyed participating in the APLU spouse group. I know she would encourage participation in that group, but always wanted more substance and involvement. Her impression is that she was probably more involved than most of the other spouses BOTH in a career and in the university. And, probably much more open and informal-she was amazed that some were shocked she would go to the grocery store in her jeans!

Were there awkward moments? The first day we moved in, a “kindly” neighbor took a picture of our recycling and sent it anonymously to office staff to “help” us realize that our recycling had not been set out properly. Because Mary Beth wanted to practice in a large hospital, she got a position in Boise-300 miles from campus, and bought a small house here. We dealt with the persistent claim that we “lived” in Boise-even though she spent only about 12 days on average there per month, and of course it was important for the University that I travel to Boise frequently-it is the state capital, population center, home to the office of the state board of education, and home to critical industries and many alumni and donors…and we have a campus there! Having a home there made my visits very easy and saved the university thousands in hotel bills, yet was a constant source of disparagement.

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Stats at your fingertips

I may be TOO attracted to knowing stats-and I think that sometimes, using stats makes one appear cold-so be sure to at least complement stats with personal stories-anecdotes about students, faculty, alumni, community members that also illustrate the point. Nevertheless, I think that there are stats you should know-about your university, about your community (region or state), and about higher education. The list below is probably most relevant to public universities-please ignore those irrelevant to your mission.

Some university stats will depend on the mission and nature, but for almost all universities, I think you should have at your fingertips:
*Your retention and graduation rates (4 year, 6 year)
*Cost of attendance, in-state and out-of-state
*Enrollment (undergraduate and graduate), in-state and out of state
*Ethnic diversity of your students
*Research expenditures (if relevant)
*US News & World Reports or other relevant ranking
*Approximate revenue and expenses (tuition, state appropriation, research grants…personnel (typically 80% and all other)
*Endowment (if relevant)
Sure, it is great to know other items, like percentage Pell grants, change (improvement) in some stat over time, postgraduation employment data, ratings relative to peers. And there are likely to be some items specific to your institution (law school, med school…etc) as well as stats you need in a particular context, like salary benchmarks when talking to faculty and staff-but I think this list can get you started…whether you are a sitting president or an aspirant.

I think it is worth knowing some items about your state, as well.
*Per capita income of residents/primary industries in state
*Educational attainment and attainment goal
*Rate of college progression
*State population and ethnic diversity

With respect to higher education, you should know the general rates for the US of:
*4, 6-year graduations (35% and 58%, which includes people who transfer, not just one institutional rate)
*Educational attainment (~35% have bachelor’s or higher)
*Lifetime wage differential, high-school vs college (~$1M)