The University remains committed to increasing its endowment and expanding financial aid even though rapidly rising utility rates, maintenance expenses and other commitments may limit its ability to do so, Provost Robert Zimmer said at a University Resources Committee public forum Monday.
The event, held in Salomon 202, attracted about 20 administrators, faculty members and students.
URC still intends to implement the plan approved by the Brown Corporation last year to raise the budget for transfer student financial aid from $400,000 to $1 million by 2006, Zimmer said. However, offering full need-blind admission for transfer students would cost $4 million to $5 million per year, he said.
Made up of administrators, faculty, students and staff, URC examines the University's budget and offers annual recommendations to President Ruth Simmons and the Corporation. The goal is "to make a set of balanced choices that best meets the needs of the entire community," Zimmer said. URC's recommendations are guided by the University's Plan for Academic Enrichment, which includes the expansion of faculty, infrastructure, financial aid and support for students.
"Right now, we're really having to spread what funds we have," said Beppie Huidekoper, vice president for finance and administration. A large endowment is "critical for long-run stability" and increasing University offerings, she said.
Through entrepreneurship, philanthropy and fund raising, the University needs to increase revenue to keep up with other competitive schools, Zimmer and Huidekoper said. Expanding the masters programs and investing in new research facilities are possibilities, Huidekoper added.
URC's goal is to raise the University's current endowment, about $1.8 billion and the smallest in the Ivy League, by 17 percent within five to seven years. By comparison, Harvard University's endowment was about $22.6 billion last year and Cornell University's is approximately $3.7 billion, according to U.S. News and World Report.
URC plans to hold two more open forums this year, on Nov. 7 at 5 p.m. and Nov. 30 at noon, with locations to be announced.
