Dear Wofford community,
I continue to be grateful for the ways in which our community has rallied over the past year. COVID-19 has challenged us all personally and as a college. The combination of prioritizing health and safety while preserving the integrity of the academic program made for difficult decisions, and we were constantly referencing our mission and core values to determine the best course of action.
I remain hopeful for better days ahead, and the events of the past few weeks have been encouraging to say the least. Below are details from two of those events:
- The college has experienced another record year in applications (5% increase). We also have seen a 6% increase in the applications of non-white students and an increase in the recalculated GPA among all applicants. The enrollment target for 2021-22 is 485 first-year students.
- We have another allocation of CARES Act funding, and college leaders are waiting for federal guidance on distribution requirements.
- Each committee of the board discussed lessons learned during the pandemic and initiatives to address racial justice. These conversations set a background for the preliminary report from the Justice Equity Diversity and Inclusion steering committee. JEDI will be sharing their report and more information in the coming weeks.
- The Board formally endorsed the Opening of Spring Statement that I issued, which included our commitment to the Chicago Principles on Academic Freedom.
- There were a number of budget increases approved. Because of pandemic uncertainty, we held back nearly $1 million in funds from the FY21 budget year, which we plan to release in FY22. In addition, we are adding about $0.5 million in new investments to the FY22 budget. The compensation pool for 2021-22 is 2.5%, and the board agreed for raises to take effect ahead of schedule in May 2021 instead of waiting until September. There is a 5% net increase in medical costs, which the college is absorbing, and the retirement contribution has been set at 10%.
- Burwell renovations are scheduled for completion in November 2021, and the Mungo Student Center will be complete at the start of the Fall 2021 semester. We are beginning construction on a softball field in late March, and Summer 2021 projects include Marsh Hall renovations, work on a turf field and some road paving.
$150 MILLION ENDOWMENT GIFT FROM JERRY RICHARDSON ’59
The $150 million endowment gift will be divided into four funds. Because of the way our endowment works, the funds will not become fully available for five years.
Jerome J. Richardson Endowed Experiential Learning Fund
Proceeds from this endowment will fund off-campus study opportunities, student and faculty research, internships and entrepreneurial learning opportunities. The fund is designed to give preference to students with financial need.
Jerome J. Richardson Endowed Buildings Support Fund
Proceeds from this endowed fund will be used for the maintenance, repair and improvement of Richardson buildings: the Richardson Physical Activities Building, the Rosalind Sallenger Richardson Center for the Arts, the Jerry Richardson Indoor Stadium, the Jerome Johnson Richardson Hall and the Richardson Family Pavilion. This gift ensures that facilities that carry the Richardson name will always be maintained to a superior standard.
Jerome J. Richardson Endowed Staff Support Fund
The fund will boost the hourly wage for full-time employees making less than $15 an hour. Although distributions from the fund will take time, this compensation increase will go into effect in May. The college has committed to providing additional funds to address any wage compression caused by the higher base hourly wage. Approximately 70 employees from nine different departments will benefit from the endowed staff support fund. Once the wage increases have been fully absorbed into the college’s budget, the remaining principal and income of the fund will be transferred to the Jerome J. Richardson Endowed Experiential Learning Fund (see above).
Jerome J. Richardson 2021 Endowed Scholarship Fund
Proceeds from his fund will provide need-based financial aid. Only students with unmet need will qualify for this enhancement. The college will begin making awards from these funds during the 2022-23 academic year, but the full impact of this momentous gift will not be felt until the 2025-26 academic year. Eventually, hundreds of students each year will benefit. This will allow us to bridge the gap between need and aid. Wofford will become even more affordable for students with great potential but with limited financial resources.
This gift makes Mr. Richardson’s total contribution to the “For Wofford” campaign $257.3 million, one of the largest gifts ever to a college or university in the U.S. Thank you for celebrating this gift and the positive contributions to our world that will come as a result.
Nayef