Wednesday, October 4, 2017

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SINCE 1891

THE BROWN DAILY HERALD WEDNESDAY, OCTOBER 4, 2017

VOLUME CLII, ISSUE 79

WWW.BROWNDAILYHERALD.COM

Endowment grows 13.4 percent Paxson outlines U. Strong performance in response to crises global equity markets takes endowment to all-time high

U. has offers to host scholars, students from University of Puerto Rico, Paxson says

By HATTIE XU UNIVERSITY NEWS EDITOR

The University’s endowment rose to nearly $3.5 billion over the 2017 fiscal year, according to a University press release. It grew by 13.4 percent, surpassing a preliminary benchmark of 11.1 percent. Compared to 145 peer colleges and universities, the endowment had strong returns, according to data from Cambridge Associates. The median return this year was 12.9 percent, though this number is subject to change as more universities report their returns. In the past three-, five- and 10-year periods, the University’s “returns have exceeded the threshold of the top quartile of that universe,” wrote Joseph Dowling, chief investment officer, in an email to The Herald. Including Brown, only five Ivy League universities so far have publicly released their endowment returns. Brown’s endowment returns outperformed Harvard and Cornell, which saw returns of 8.1 percent and 12.5 percent, respectively. Dartmouth led the Ivy League for fiscal year 2017 with

By ROSE SHEEHAN SENIOR REPORTER

MATT BROWNSWORD / HERALD

a 14.6 percent gain followed by Penn at 14.3 percent. “While these are excellent results and it is important to be accountable to independent benchmarks such as peer

returns, the essential goal is to provide the University with the financial support and flexibility it needs to achieve its goals,” Dowling wrote. » See ENDOWMENT, page 2

President Christina Paxson P’19 outlined the University’s response to the hurricane in Puerto Rico and other recent crises at the faculty meeting Tuesday. A motion to establish a Master of Science in Global Public Health was also passed, and Provost Richard Locke presented updates on the budgets for fiscal years 2017 and 2018. The University, along with other institutions in the Leadership Alliance, has offered to host scholars and students from the University of Puerto Rico, Paxson said. Faculty members may be asked to volunteer housing for these academics and students should they decide to come to Brown, said Marisa Quinn, chief of staff to the provost. In the wake of recent crises, “the most important thing we can do as a community is to make sure our undergraduate students are okay,” Paxson said, adding that the University

has been paying special attention to “students from areas that suffered a lot of trauma.” The Master of Science in Global Public Health will “emphasize public health in low- and middle-income countries” and “address global health inequities,” said Don Operario, professor of behavioral and social sciences and associate dean for academic affairs. The program, which was presented to the faculty after over two years of planning, will require 12 courses, a thesis and an eight-week fieldwork experience in a low- or middle-income country, Operario added. A $3.7 million surplus is currently projected for the fiscal year 2018 budget, Locke said. This follows the surplus — rather than the expected deficit — that resulted from the fiscal year 2017 budget, he added. The endowment saw a 13.4 percent return for fiscal year 2017, said Joseph Dowling, chief investment officer. The University hopes to grow the endowment by reducing the payout that Brown receives from it each year, Locke said. This growth is necessary because of the University’s dependence on tuition and fees, which account for over half of Brown’s revenue, he » See FACULTY, page 2

U. hopes to open performing R.I. Gov. urges women to engage in politics Gov. Gina Raimondo arts center by fall 2021 UEL students, faculty members hope performing arts center will carry on legacy of sustainability By KATHERINE BENNETT CONTRIBUTING WRITER

Over the summer, the University has continued its work developing plans for the new performing arts center after announcing its conception spring 2017. The project’s architecture firm, REX, has begun its work researching and exploring ideas for the new center in partnership with the Brown Arts Initiative and other University representatives after a summer of team development. The development team is set to move into the designing phase of the project in the beginning of 2018 and hopes to begin construction by Dec. 21, 2018. The University plans to open the new center by fall 2021. Over the summer, the University worked to build an “absolutely superb project team,” said Collette Creppell, University architect. “This team not only includes the architecture firm

INSIDE

REX, but (also) our general contractor Shawmut, who has done the last six to seven major projects. … Additionally, we have a renowned group of consultants … that are recognized around the world for the work that they do on performing arts.” To create the new performing arts center, the University is utilizing a new approach to the collaborative design process known as “integrated project delivery.” “This project is being done in a very different way than a lot of the previous buildings have been done,” said Joseph Rovan, director of the Brown Arts Initiative. Rather than dividing the project between architects and contractors, the University built one team that will be involved in each step of the process. “It’s very emblematic of the way Brown thinks and what it means to be at Brown,” Rovan said. “It’s very collaborative, and it’s very transparent,” Rovan said. Through this process, the University hopes to develop a space that is flexible but uncompromising in its function. “The demand is for a » See CENTER, page 2

encouraged students to work in Providence, run for public office

By ANNA KRAMER AND COLLEEN CRONIN SENIOR STAFF WRITER AND CONTRIBUTING WRITER

Rhode Island Gov. Gina Raimondo encouraged students — and women in particular — to participate in the political process during a discussion hosted by the Watson Institute for International and Public Affairs Tuesday evening. She also voiced a keen interest in incentivizing University students to remain in Rhode Island post-graduation. Raimondo discussed political involvement and her political leadership in Rhode Island during a conversation moderated by Cathy Russell, former U.S. ambassador at-large for global women’s issues. Students and faculty, as well as University and Providence community members, attended the event in the Metcalf Research Building. One of only six female governors in the country, Raimondo told The Herald “it’s very challenging to be a

SARA RUNKEL / HERALD

The governor emphasized her desire to see students living, working and contributing to the betterment of Rhode Island after their graduation. female chief executive, particularly in the public sector.” While Raimondo knew before running for office that few women hold positions of power in politics, “it’s surprising to live it,” she said. Women succeed to the same degree as men in school, but once they reach the business or political world, female participation

drops, she added. Both Raimondo and Russell said that women need to take more prominent roles in top positions. “It’s really important to get in the game and stay in the game,” Raimondo said, adding that women will only enter government if they see other women leading and » See RAIMONDO, page 2

WEATHER

WEDNESDAY, OC TOBER 4, 2017

ARTS & CULTURE ‘Lumen’ gallery in Granoff Center to provide unqiue space for daily meditative refuge

ARTS & CULTURE Peter Markus incorporates lyrical rhythms to enhance his narration of his book ‘The Singing Fish’

COMMENTARY Kim ’19: Twitter’s change in character limit will ultimately prove insignificant

COMMENTARY Wayland ’19: The history of the U.S. flag should be considered when evaluating flag as symbol

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