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From President Robert Wild, S.J.
As we scan the current headlines about job losses, financial rescue packages and shrinking investment portfolios, it is easy to become discouraged. And not without reason — such things are discouraging. But in such times, it seems to me that for most people, their children and family become that much more important. Even if the future seems threatening, children still continue to be the spes gregis, the true hope for the future. Their lives lie in front of them; their futures still undefined.
As I walk around campus, I see this hopefulness reflected in the faces and the enthusiasm of students. They are young men and women of great promise, ambitious, idealistic and eager; and their studies are aimed at preparing them for their life’s work, whatever course it may take. They are not naïve; they are well aware of the challenges they must overcome, but they are convinced they can and will make a positive difference in the world.
It is our responsibility — and our privilege — to help facilitate the journey of our students to that hoped-for future by educating them well and by assisting them to become the very best they can be. Certainly one thing on the minds of our current students is having sufficient financial resources to pursue their educational goals. Not that such a concern affects just those students and their families; no, our world is also affected, for those young people really are the hope of the future, the world’s future.
Consequently, when I consider the present economic landscape, I view our top priority as doing whatever we responsibly can to assist students threatened by the present downturn to stay in school and complete their degrees. While we don’t have the resources to solve every problem, we are increasing our financial aid budget under the assumption that as families wrestle with their household budgets, more of them will need such help.
To be able to do that the university must remain fiscally solid. Because of careful administrative planning and capable oversight by our Board of Trustees, the university’s finances are in good shape. Our balance sheet is sound, our cash reserves strong and our endowment, while down certainly from where it was last June, is diversified, well managed and performing ahead of benchmarks.
In terms of applications to Marquette, we have every reason to be optimistic. We received more than 17,000 applications to next fall’s freshman class. I am encouraged by the continued strong interest in a Marquette education on the part of students and their families.
To be sure there are always further ways in which we can financially tighten our belt. During my time in office we have constantly been looking for such savings, a practice that continues to serve us well. In 1998 we established a committee of faculty and staff called the “Renewal Task Force” and asked that group to identify areas in our day-to-day operations where savings could be realized. The savings to date from this effort are now over the $10 million mark.
The capital projects already begun, including construction of Eckstein Hall, our new law school building, and our new student services/administration building, are proceeding on schedule. With our solid credit rating, we were able to secure the necessary bridge financing for both projects. As for the new facility for engineering that is now in its design phase, we have raised $60 million of the $100 million goal and are in active pursuit of the remainder.
Having said all that, there nonetheless is still a great deal that we cannot anticipate about the deepening financial crisis and how it will change our lives and our way of doing business. However, one thing that can be said with certainty is that we remain fully committed to our educational mission. Here at Marquette, students continue to learn the importance of pursuing all one’s endeavors, whether professional or personal, with a passion for excellence. They continue to learn what it takes to be ethical leaders. They learn why service to others is vastly more fulfilling than a narrow attention to “self-fulfillment” and self-aggrandizement. They gain an adult understanding of what it means to have faith in God, certainly an important resource in these challenging times. In short, Marquette’s educational mission remains focused upon the four central values of Excellence, Faith, Leadership and Service that have characterized a Marquette education for more than 126 years. It seems to me that the world has never been more primed than it is today to benefit from college graduates who bring to the table a genuine commitment to such values.
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