Write a letter to your friend asking for help due to some financial crisis
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April 15, 2020
Dear Members of the Trinity College Community,
In the past several weeks, I have written to you many times to share our immediate plans in the midst of the global COVID-19 pandemic. The focus of those early letters, rightfully, was on the public health crisis and keeping our community safe and continuing our academic mission. I write you now to share information about the financial crisis that this pandemic has created for our institution.
The extent of the larger economic crisis that has been brought about by COVID-19 is broad and deep and unlikely to ease in the short-term. You need only pick up a newspaper, follow social media, or turn on the television to recognize that predictions of a profound slowing of world economies abound. For those of us in higher education, it is clear that all of our traditional revenue sources are likely to be significantly and negatively impacted by this pandemic—net tuition revenues (fewer students who will need more financial aid), endowment income, and gifts to the college. The impact of these combined factors is real and serious, and it will last long after the pandemic abates. These are challenging times.
Given these challenges, we have been encouraged by members of the Board of Trustees and our Planning and Budget Council (PBC) to consider our losses over a 15-month period rather than our usual 12-month fiscal year, and that is exactly what we are doing.
Forefront in our minds is maintaining our college’s mission—to educate bold, independent thinkers who lead transformative lives—and making sure that we emerge strong after this crisis. We will be guided by our strategic plan. We also are committed to preserving our resources—people, cash reserves, and facilities—to the greatest extent possible.
As we continue to work toward a budget for the next 15 months, there are things we know now or can predict. There also is much that we don’t know about the path of the pandemic or how people will respond in its wake. Here are some of the things we do know: