|
There are really only three ways you can get money: You can earn it,
someone can give it to you outright, or you can steal it. Since we are
not in the business of stealing money, someone must give to us what we
do not earn through our programs. Smith is part of a public institution,
so you may wonder why our success depends on giving from our alumni,
corporate partners and other friends. Although there was a time when the
state provided nearly our entire budget, today we rely on the state for
just 10 percent of our funding. So fundraising is essential.
Furthermore, at the upper end of the business school environment –
where Smith now stands – there is no significant difference between
private institutions and public schools in terms of cost structure. To
compete for the best faculty, we must pay them the same as if they took
a position with the top private institution. And it was no less costly
to build the North Wing on University of Maryland ground than it would
have been on Harvard or Wharton ground. Our competition is made up of
the best business schools regardless of their public or private status.
Are we competitive? Absolutely, and with the support of our alumni and
friends, we can become even more so.
We attract remarkable students, such as those building the university
composting center featured in this issue of Smith Business. Our
faculty is exceptional – the fifth best of any business school on earth
according to the Financial Times. And our facilities are
first-rate with the addition of Van Munching Hall’s new North Wing.
I am confident that the momentum we have seen at Smith over the last
decade will continue. But fundraising is essential if the Smith School
is to realize its destiny as one of the world’s truly great business
schools. To provide the most advanced learning environment, we must
constantly invest in facilities and new technology. Since I arrived at
Smith, we have funded more than $60 million in facilities, so part of
our fundraising goal is to pay for those improvements. To attract and
retain world-class faculty, we must create endowed chairs and
professorships. And to provide the best opportunities for students, we
must deliver scholarships and create innovative programs. The school’s
new capital campaign touches each of these important areas in a very
real way.
This fall, the Great Expectations campaign will reach an
important milestone as we mark the halfway point of our $90 million
goal. You will be hearing much more about our progress over the next
year. I hope you will join me in supporting this effort as we work to
earn our place among the world’s great business schools.
|
