After 10 days of market freefall in October, President William D. Adams sent an e-mail to faculty and staff outlining how the financial situation had affected Colby and what employees could reasonably expect, recognizing the volatility and unpredictability of the markets.
“The bottom line is this: the financial condition of the College is stable, and we expect to have the resources we need to meet our most important commitments,” he wrote. Adams credited Colby’s conservative financial practices. “In recent economic downturns, this cautious approach has served us well. We have not had to resort to layoffs to balance our budgets, nor lowered the quality of our core programs, nor made reductions in financial aid. As things stand today, I see none of this changing in the near future.”
Still, Colby is concerned about the possibility of a severe recession and the potential effect on Colby’s financial aid budget and on the charitable giving that Colby relies on for its endowment and operating expenses.
Click here for an update from President Adams on the topic