So Brown just came out with its corporation report today and I was surprisingly pleased. Brown, as in every school, has been hurt by the economy. Overall, I’ve had problems with Brown has dealt with it though. I am an optimist and though I understand the economy is bad, I also believe in focusing on the good (such as the $1.4 billion campaign being 19 months ahead) and discussing the bad in a more positive light (for example, isn’t it good if we can save $30 million by eliminating no positions but eliminating unneeded waste?). I felt that the weekly Brown e-mails were too depressing and really brought the school down. A simple read from them made Brown look like it was surviving by a hair. Sure, it lost tons of money. And Brown’s need-blind admissions, while vital and an amazing attribute, probably cost the school more money than its need-aware peers. But lets also look at the facts. Brown’s endowment is $2.8 billion. Though its not close to Harvard’s $25 billion, it is also much higher than many school’s $500 million. And the e-mails often failed to recognize one thing: the economy is largely cyclic and though it is vital to cut costs, drastic measures are not the way to go. I remember one particular e-mail where Brown seriously considered cutting sports teams. Now, I’m not into sports. But I understand their importance and, to be honest, I don’t know if I could go to Brown if it didn’t have that traditional sports aspect to it...it’d feel too “cheap” for me.
The report that came out today pleased me. Financial aid was increased in both undergrad and med school, all construction is on target, and sports have stayed. Though the corporation falled back onto one of its biggest weakness in not telling every detail of how we saved money, the fact is that Brown managed to not do anything drastic. Ruth Simmons, our amazing president, has been getting lots of flack recently due to her ties with Golman Sachs (she recently resigned) and the university’s hidden investments, but I feel she did rise to the occasion to recognize that Brown is, at its heart, here for us. Sure, life would probably be easier to say “to save money we’re not being need-blind anymore and only admitting those who can pay themselves”. And, just from living here, I can tell you that most likely Brown could fill classes that way. But we’re here to learn, and learning involves living with all different people from different races, economic classes, and backgrounds. So I commend them on that.
My big complaint is the graduate school stipend. The stipend, at $19,000, will be increased to $19,500. Now I would love to get $500, but in the long run, what does $500 extra on such a small salary really do? I may be wrong, but think of working in a job that 500 people have and you got a $1,000 raise from $23,000 to $24,000. It’s nice, but will it really help pay bills in the long run? Not really. And the effects are devastating. About 20-22 employees could have been hired if salaries remained at $23,000. I don’t know about you, but if I was given the option to take a $1000 raise or save my friend’s job, I’d easily decline the raise. If you are going to increase graduate stipends, invest in a signifigant change like making it $25000, not a mere $500 more. That was my big complaint.
Okay, I promise this will be the most “numbered” article for a while! I not only find Brown’s financial health interesting, but also important. I love this school and it has given me so many good things I only want the best for it...
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