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Leslie Garner
President
Cornell College
October 2008
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To read part 1, click here
To read part 2, click here
Is it reasonable to view the college as a stakeholder in each of its students?
Yes, an important stake, both while they are students and after they leave us. The overall experience is a product of the individual experiences. We should make each individual's experience the best we can while he or she attends. Each alumnus is so very important to us. Their success reflects on their college, an we depend on their support in many ways.
Can you suggest tangible ways a school can show it's serious about its stake?
It's very well demonstrated to students when faculty are accessible to them outside the classroom. A campuswide Student Success Committee can spawn a remakable number of helpful initiatives. One example is provide direct help to students during the transition from general education to a major - the right major. Another is the creation of requested living and learning communities in the residence halls.
Is it reasonable to view a graduate's first employer as a stakeholder in his or her education?
Absolutely. The first employer is a primary stakeholder in a student's higher education. What we need to master is the ability to capture it in a tangible way. An employer rarely knows who it will be employing until after graduation. Ditto for most students. Internships are a very tangible way to bridge that apparent gap.
We operate 35-40 internships per year. Many of the interns who are not intent on graduate school have been hired by the fellowship sponsor and have advanced rapidly in their jobs. They also help us keep abreast of what employers are looking for in the hiring marketplace.
Are there other ways for employers to give evidence to their stake?
Clearly corporate philanthropy is a tangible way in which they do so. Iowa corporations regularly provide operating support and scholarships for liberal arts colleges through the Iowa College Foundation. The foundation has strong business leadership, and it's been doing its work for more than fifty years.
What rules are in place for managing the college's $75 million endowment?
We have a forma investment policy, which puts ultimate stewardship responsibility on the Board of Trustees and its business affairs committee. Included in those responsibilities are asset allocation, our annual spend rate, and ovrall endowment objectives.
How is the recent Wachovia/Commonfund freeze-up affecting Cornell?
We had $6 million in the CommonFund that was partially frozen recently. We've been able to withdraw 40 percent already, and we have a workable schedule for withdrawal of the remainder. We were quite surprised to learn that a fund we rely on for liquidity was in fact, not liquid.
Your colleague at Mount Mercy College expressed some interesting comparisons between higher education and the restaurant industry. Would you care to offer one?
The diversity among higher education institutions is very much like the diversity in the restaurant industry. A considerable difference exists between choosing where to have one meal and choosing where to spend four years. The college purchase is a big complex decision that bears almost no resemblance to any dining purchase.