The Corporation, which is required to formally accept all gifts of more than $1 million, accepted nearly $22 million in donations to the University. A gift of $3.5 million was given to support Commerce, Organization and Entrepreneurship programs. William Rhodes '57, a trustee emeritus and Citigroup executive, donated $10 million to establish the Rhodes Center for International Economics, which will be part of the Watson Institute for International Studies, and to endow a professorship in international trade and finance.
The Corporation also accepted four gifts that will fund a $15 million renovation of Faunce House as a 24-hour student center. A $5 million gift from outgoing Chancellor Stephen Robert '62 P'91, along with three other anonymous gifts, will fund the new facility, which will be named in Robert's honor. It may include performance spaces, a food court and meeting and study spaces, according to a University news release.
Student support offices currently housed in Faunce, such as the Office of the Chaplains and Religious Life, may be moved across the street to the J. Walter Wilson Laboratory, which will be renovated to accommodate them, the release said.
The Corporation also approved a social choice fund, which will focus on environmental responsibility. The fund will be established and administered through the Office of Advancement, and the University's Investment Office will identify appropriate allocations for the fund.
The Corporation spent Friday in a retreat at the Westin hotel downtown, discussing a strategic vision for the Med School as well as budget and capital issues. Their discussions on the Med School focused on recommendations from a strategic working group that studied the school's growth potential. It also heard a presentation from Charles Vest, former president of the Massachusetts Institute of Technology, on the role of research institutions in a globalized society.
The Corporation also elected a new slate of officers. Thomas Tisch '76 P'07, managing partner of private investment firm Four Partners in New York City, will serve as the University's 20th chancellor. The chancellor is the University's top official - and President Ruth Simmons' boss.
Also elected was a new vice-chancellor, Jerome Vascellaro '74 P'07, a former McKinsey & Company executive who is now a partner with the private investment firm Texas Pacific Group. Reappointed were Corporation Treasurer Matthew Mallow '64 P'02, a New York corporate lawyer, and Secretary Wendy Strothman '72 P'07, a Boston literary agent. Mallow and Strothman will serve one-year terms.
U. responds to slavery and justice reportThe University will raise $10 million to endow a fund supporting Providence public education and will waive tuition for up to ten masters students who serve in the public schools for three years following graduation. The commitment to public schools is a main component of President Ruth Simmons' response to the October 2006 recommendations of the University Steering Committee on Slavery and Justice. The Corporation endorsed Simmons' plan at its weekend meeting.
"One of the clearest messages in the slavery and justice report is that institutions of higher education must take a greater interest in the health of their local communities," Simmons said in a news release. "Lack of access to a good education, particularly for urban schoolchildren, is one of the most pervasive and pernicious social problems of our time. Colleges and universities are uniquely able to improve the quality of urban schools."
The $10-million fund could provide up to $500,000 in its first year, with the amount increasing as the principal grows.The University will also work with local and state officials to discuss memorializing the Rhode Island slave trade. The slavery and justice committee originally recommended a memorial be constructed on campus.
The University will disseminate both its response and the original report by posting the information online and making print copies available.
Brown will also strengthen its longstanding partnership with Tougaloo College and begin relationships with other historically black colleges and universities. The response also calls for sponsoring academic initiatives within the University and bringing in an external team to evaluate how the Department of Africana Studies can be strengthened.
Major Corporation business this weekendSet the budget, raised tuition- Approved a $704.8 million budget - a 6.4 percent increase- Increased total undergraduate fees 5 percent to $45,948- Discussed two-year $190-million capital budget to fund the construction of planned facilities
Elected new Corp. officers- Selected Thomas Tisch '76 P'07 as chancellor and Jerome Vascellaro '74 P'07 as vice chancellor- Reappointed Treasurer Matthew Mallow '64 P'02 and Secretary Wendy Strothman '72 P'07 to one-year terms
Accepted major gifts- $15 million - including $5 million from outgoing Chancellor Stephen Robert '62 P'91 - to fund the renovation of Faunce House into a student center to be named in Robert's honor- $10 million from William Rhodes '57 to fund a Center for International Economics at the Watson Institute for International Studies and an endowed professorship in international trade and finance- $3.5 million in gifts to support programs in Commerce, Organizations and Entrepreneurship- $1.8 million grant to design and build a high-speed 3-D X-ray imaging system for musculoskeletal biomechanics research- More than $1 million in gifts for undergraduate financial aid
Endorsed President Simmons' slavery and justice response- $10 million endowment to support Providence public education- Establishment of Urban Fellows, a program in which Brown will waive the tuition of up to ten master's students in the Department of Education if they agree to serve in area public schools for three years- Communication with local and state officials to discuss memorializing Rhode Island's connections to the slave trade- Online and print distribution of the original committee report and the official University response- Academic initiatives to support the study of slavery as well as a team of outside experts to consult on strengthening the Department of Africana Studies- Strengthening Brown's longstanding partnership with Tougaloo College and building new partnerships with historically black colleges and universities
In addition- Establishment of a social choice fund, which will assure donors their gifts will be invested in environmentally responsible companies- Devoted extra time to discussing a strategic plan for growing the Alpert Medical School
