A strong endowment for a strong future. Issue 5 The Newsletter of The Campaign for Scripps College
Ensuring that future generations of Scripps students receive the same high-quality education, benefits, and opportunities as todayâ€™s Scripps students.
Table of Contents
Tomorrow and Beyond A Conversation with Michael P. Archibald
New Endowment Gifts by Campaign Priority
Endowment Gifts at Work The 2015-2016 Samella Lewis Scholar: Chelci Houston-Burroughs ’17
Scripps Faculty: Endowed Chairs
Support Donors Making a Difference Jean Bixby Smith ’59
Jess Ravich and Zoe Ravich McNitt ’12
Laura Vausbinder Hockett ’85 and Robert Hockett
Mary Munsil Waring ’85
The Scripps Endowment
A Conversation with Michael P. Archibald “Part of my job is to strategically position the College to secure the resources needed to maintain and enhance academic excellence. What collective priorities will advance the College and how best do we articulate those needs?’”
Michael P. Archibald serves as Scripps’ vice president for institutional advancement. He joined the College in 2012, after serving as vice president for more than 10 years at St. Lawrence University. Together with the president and key advisors, Archibald leads Scripps’ ambitious $175 million More Scripps Campaign, which launched publicly in November 2013 and has raised $114 million to date. He met with Molly Olecki, associate director, advancement communications, to discuss the importance of a healthy Scripps endowment. Molly Olecki: Mike, what, exactly, is the Scripps endowment? Michael P. Archibald: The Scripps endowment is a collection of individually named permanent funds established by donors to honor family members, loved ones, classmates, faculty members, staff, or the donors themselves. Each fund is designated to support a particular purpose. The College has a legal obligation to preserve the principal of each endowment fund in perpetuity. MO: How does the endowment support the work of the College? MPA: Picture the endowment as the College’s longterm investment savings account and the operating budget as its checkbook. Scripps spends roughly five percent of the investment returns on the endowment each year to support the operating budget. The goal is to use investment returns and new gifts to grow the endowment’s purchasing power over time at a rate greater than spending and inflation. As of June 30, 2014, Scripps’ endowment was $334 million and produced $15 million in annual spending income. That’s about a quarter of our annual operating budget. MO: What makes the Scripps endowment a wise investment for donors? MPA: Scripps takes a long-range, conservative approach to endowment management, ensuring our supporters that their gifts are an investment in the College’s continued excellence. Donors who give to Scripps College are investing in one of the most wellregarded, selective women’s colleges in the United States. Why? For several reasons. We have been able to leverage our membership in a world-class consortium.
We have used our endowment resources to attract remarkable faculty members and a talented student body. In addition, Scripps has a base of incredibly accomplished alumnae and a growing band of supporters from Southern California and beyond who have become acquainted with the College and have developed an affinity for a thriving organization that supports young women and liberal arts education. However, as one of our trustees said: “We punch above our weight.” Scripps has maximized its existing resources thanks to shrewd endowment management. The only barriers to furthering the excellence and broadening the impact of Scripps College are financial. With more endowment resources, we can continue the great work we do here, and we can do even more. MO: What would more gifts to the endowment mean for Scripps? MPA: More gifts to the endowment would ensure that every student who has earned the opportunity to come to Scripps can do so regardless of financial circumstances. Such gifts would allow us to attract more incredible faculty members to teach and inspire our students and enable us to compensate them more competitively. More endowment will allow our beautiful campus to continue to be supported and enhanced without deferred maintenance. These are just a few of many examples. MO: Does endowment size impact Scripps’ ability to stay competitive in the higher education marketplace? MPA: Absolutely. There is a link between institutional competitiveness and endowment per student levels (see graph, page 4). Colleges with more endowment per student can supplement tuition with a generous subsidy. They can afford to enroll top applicants, regardless of their financial situations. That is why, of the $175 million More Scripps Campaign goal, we’ve targeted $100 million to support the endowment. MO: Why is a gift to the Scripps endowment an attractive option for a donor? MPA: Donors can support a specific aspect of the College, like scholarships, or an endowed chair in a specific academic department. As the endowed fund builds with appreciation and new gifts, the impact of the original gift grows. Donors and their family members receive customized annual reports, including recipient information, market value, and performance of the fund. Often they hear from students or faculty members benefiting from their gifts. Donors are gratified by the direct and lasting impact of their giving.
Scripps’ Endowment — A Peer Comparison Of these 19 top 50 U.S. News & World Report ranked institutions, 8 have a higher endowment per student than Scripps. Noticeably, the wealthier schools are more highly ranked.
Harvey Mudd College
Claremont McKenna College
Endowment per full time enrolled student in dollars
Data source: U.S. News & World Report Education Rankings/Reviews 2013-2014 and institutional web sites.
â€‰(as of May 11, 2015) Goal $11M
Faculty Academic Excellence Goal $11M
Student Academic Excellence Goal $8M
National Leadership/Internships/LASPA Center Goal $9M
Unrestricted Endowment Gifts $18M
Other (Including Campus Preservation, gifts to be designated, and gifts that enable facility projects)
Total Gifts to Endowment
The 2015–2016 Samella Lewis Scholar:
Chelci Houston-Burroughs ’17 Dear Samella Lewis Scholarship Donors:
I was thrilled to learn of my selection for this honor, and I am deeply appreciative of your support. By placing myself in a diverse selection of organizations, my engagement has allowed for many positive impacts on our community. I have used resources at Scripps College to not only fuel my passions but also build my character. By awarding me the Samella Lewis Scholarship, you have lightened my financial burden, allowing me to focus more on my academics and community-based projects. I can’t wait for the day when I will be able to give back to the Samella Lewis Scholarship fund, which will continue to help students achieve their goals just as you have helped me achieve mine.
Chelci Houston-Burroughs FROM:
South Los Angeles
Engineering/Physics via the 3/2 program with Columbia University ACTIVITIES:
Intern, Los Angeles Unified School District; Steering Committee Member, LASPA Center; Chair, Admission Advisory Board; Team Leader, Peer Mentor Program; Wanawake Weusi; Café Con Leche; Member, Society of Women Engineers
The Samella Lewis Scholarship FUNDED BY:
Former students and admirers of Dr. Samella Lewis — artist, trailblazing art historian, curator, editor, and beloved Scripps faculty member emerita (1969–1984). ESTABLISHED:
2002–2003 AWARDED TO: One
outstanding African American student per year, based on her academic merit and campus leadership. DETAILS: Funds are
loan-relieving for the year in which the student receives the scholarship, helping reduce the loan-debt burden on students once they graduate. TO HELP: To support
this or other scholarship funds, contact your personal Scripps advancement officer, or call 909.621.8638
Transformational Gifts Donors can help continue Scripps’ legacy of faculty excellence by providing the transformational gift of an endowed chair in the discipline or department most important to them.
In addition to providing compensation, each named chair typically awards the recipient with an annual research fund for academic scholarship and enrichment.
The College is seeking 10 newly endowed chairs through the More Scripps Campaign. To date, only two of the 10 have been secured: the Elizabeth Hubert Malott Endowed Chair for the Core Curriculum in Interdisciplinary Humanities and the Weinberg Family Dean of Science Endowment Fund. This funding priority is not being fulfilled at the same rate as others; it is an important focus going forward.
Income from newly endowed chairs can allow the College to re-allocate operating budget funds currently being used for faculty compensation. To learn more about endowed chairs, please contact your personal advancement officer or the Scripps Office of Institutional Advancement at 909.621.8638.
Named chairs will provide additional resources for the faculty, and will attract top faculty members nationwide. These resources will also help move the College toward its strategic goal of being among the top third of its peer institutions in terms of competitive faculty compensation.
“Developing a unified Core program takes time and perseverance. The endowed chair has facilitated a different understanding about the position and the time needed to manage and organize the program.” — Core Director David Kawalko Roselli, the Elizabeth Hubert Malott Endowed Chair for the Core Curriculum in Interdisciplinary Humanities
In December 2012, the Malott Family Foundation generously gave $2 million to endow the Elizabeth Hubert Malott Endowed Chair for the Core Curriculum in Interdisciplinary Humanities. The chair recognizes the significant work and effort of the Core Director.
Scripps College is very grateful to the Malott Family for its support of the Core Director and the Core, a central academic experience for all Scripps students.
Glossary of Terms
Endowment 101 by Donna Ng
Endowment. In higher education, this is a common term that isn’t always entirely understood. Whether you’re a Scripps student, donor, alumna, parent, faculty, or staff member, you may impact — or be impacted by — the Scripps College endowment.
The Investment Committee of the Scripps Board of Trustees works with an investment consulting firm to determine the asset allocation for the endowment. Together, they set target percentages for various asset classes such as equities, bonds, alternative assets, and cash to diversify the endowment in exactly the way that an individual might diversify a personal investment portfolio.
The Endowment Defined
Scripps has a strong history of fiduciary stewardship. Despite market volatility — particularly in the early 2000s — College leaders have guided the endowment through the exciting ups and challenging downs of the stock market. When times were especially challenging, Scripps’ conservative fiscal approach resulted in our endowment suffering less of a loss than those of many other institutions.
The endowment is a collection of funds that provide revenues to support the spending needs at the College; this income helps Scripps to achieve and grow its institutional priorities. At Scripps — as at most colleges and universities — the goal is to preserve and enhance the endowment’s real (inflation-adjusted) purchasing power, while also providing a reliable and growing stream of annual revenue (cash) to support the operating budget. This means the investment return, or earnings, on the endowment should equal or exceed the amount that is provided to the operating budget (cash), plus an additional amount for inflation, called the inflation growth allowance. The inflation growth allowance is important; it supports the principle that the endowment will provide future generations of Scripps students the same or more benefits as today’s Scripps students. It is an investment in the College’s future. Nuts and Bolts The Scripps endowment is structured in a similar manner to mutual funds. For each “deposit” or “fund,” a unit of the endowment is purchased. When we ask donors to “give to the endowment,” we are asking them to deposit their gift into a fund that purchases units in the endowment that are invested in various assets. Endowed unit values change over time with investment returns. The endowed unit receives a distribution — or “spending income” — that is transferred to the operating budget and spent in accordance with the donor’s gift agreement terms.
Long-Term Investments, Long-Term Gains
Scripps’ conservative spending policy; also this approach stabilizes the College’s income and minimizes the impact of market volatility. Given that the College expects to continue to educate highly qualified students as it has for the past 90 years, steady and consistent long-term growth is the goal. Donna Ng serves as the Vice President for Business Affairs and Treasurer of Scripps College.
Transformative Giving: Supporting the Endowment
noun hon·or \‘ä-nər\ Respect given to someone who is admired; a showing of merited respect.
Whom will you choose to honor? The faculty member who supported your intellectual growth? The relative who encouraged your dreams? The daughter who became a smart, courageous Scripps graduate? The classmates and friends who inspired you? The mentor who helped you succeed? Your supportive family? Your amazing self?
Academic Excellence/ Faculty Support (Minimum Gift Levels)
Academic Excellence/ Scholarship (Minimum Gift Levels)
National Leadership (Minimum Gift Levels)
Professorship Endowment Fund (Endowed Chair)
Administrative Directorship Endowment Fund
Faculty Compensation Endowment Fund
Faculty Enrichment Endowment Fund
Faculty Research Endowment Fund
Lectureship Endowment Fund
Academic Department Endowment Fund
Deanâ€™s Discretionary Endowment Fund
Scholarship Across the Class Years Endowment Fund (awarded to support one student in each of the four class years)
Full Scholarship Endowment Fund (awarded to support a student receiving financial aid that is nearly the full cost of a Scripps education.)
Median Scholarship Endowment Fund
Initial Scholarship Endowment Fund
LASPA Lectureship Endowment Fund
LASPA Center Technology Support Endowment Fund
LASPA Center Internship Fund
LASPA Center Objectives Named Endowment Fund
Program Endowment Fund
Buildings and Grounds Support Named Endowment Fund
(Minimum Gift Levels)
To dedicate a permanent gift at Scripps College that honors someone special to you, contact your personal Scripps advancement officer or the office of institutional advancement at 909.621.8638 | campaign.scrippscollege.edu.
A strong endowment means empowerment for Scripps College. The following donors are among those helping the College to thrive today and into the future. “Every building needs a strong foundation, and so, too, does the College. The Scripps endowment — its financial strength — is its firm foundation.” Jean Bixby Smith ’59 is an esteemed Scripps College alumna, donor, and volunteer; she has been a member of the Scripps College Board of Trustees since 1978. Bixby Smith served as Board Chair from 1996–2004. She shares her early memories of Scripps and her future hopes for the College.
Over the course of my own service as a trustee, I have been aware of the challenges Scripps faces in adhering to its founding vision of providing an excellent and distinctive education to women. This is why my sister and I have followed our mother’s example of contributing regularly to help the College meet its ongoing needs.
My mother, Betty Bixby, attended Scripps and graduated as a member of the third class in 1933. I grew up believing that Scripps was an intriguing, mystical place of possibilities. It was when I first visited the campus with my mother that I fell in love with the College. To this day, each time I visit Scripps, it feels like coming home.
In addition, our mother’s estate plan included an endowment gift that will help to keep Scripps strong. My sister and I have already made similar commitments to help ensure that Scripps can remain a leader in women’s education.
In the College’s early days, there was a street sign announcing, “SCRIPPS COLLEGE FOR WOMEN UNDER CONSTRUCTION.” My mother was very amused by this sign and its unintended double meaning. Evidently others were, too, as the sign was later immortalized on the Graffiti Wall. After my sister Barbara and I graduated from Scripps, our mother became a member of the Board of Trustees. She cherished her service on the Buildings and Grounds Committee where she was committed to Miss Scripps’ dream of a College “…whose simplicity and beauty will unobtrusively seep into a student’s consciousness and establish a standard of taste and judgment.”
As long as there is a campus to maintain and bright young women to educate, Scripps will remain under construction. With the community’s support, the endowment will continue to be the foundation upon which the College — and the women it graduates — build their futures. To learn more about endowed gifts and planned giving , please contact your personal Scripps College advancement officer or call 909.621.8638.
Tia Palermo Endowed Scholarship “My mom understood the benefit of women’s higher education. She loved Scripps and all it stands for. She would love knowing this scholarship helps students as well as the College.”— Zoe Ravich McNitt ’12 When Tia Palermo’s family discouraged her from getting a college education, she did the bravest thing she could: she encouraged herself. “Tia came from a big family in upstate New York; educating daughters wasn’t a priority for them. But Tia was adamant about her education,” says Jess Ravich of his late wife. Tia eventually earned a teaching degree from State University of New York at Brockport. Later, she and Jess raised four well-educated daughters of their own: Zoe Ravich McNitt ’12, and her sisters, Rae (The Wharton School), Ede (University of Southern California), and Ava (Barnard College). Tia was diagnosed with non-Hodgkin’s lymphoma in 2001, which she fought for 11 years. After her death in 2012, Jess and his daughters honored Tia with gifts to each daughter’s alma mater. Zoe honored her mother with an endowed scholarship at Scripps College, an investment in Scripps’ mission to provide young women with a top-notch liberal arts education. The Tia Palermo Endowed Scholarship makes a Scripps education possible for financially disadvantaged students, with a preference given to helping those who reside in the area where Tia was raised.
Laura Vausbinder Hockett ’85 and Robert Hockett “Sometimes, giving is about the things that aren’t as highly visible, like supporting students and faculty members with endowed funds.” — Laura Vausbinder Hockett ’85 Scripps College trustee Laura Vausbinder Hockett ’85 doesn’t hesitate when asked to share what she loved most about her Scripps education: “I loved that I gained confidence,” she says. “I loved having freedom to think and learn without gender barriers. But the most amazing thing — the thing I wasn’t expecting — was the incredibly valuable relationships made with faculty members. The faculty was — and still is — an incredible asset to Scripps College.” Supporting the College endowment is a priority for Laura and her husband, Robert. The couple established The Laura Vausbinder Hockett ’85 Scripps Fund Scholarship and The Laura and Robert Hockett Endowed Fund for Faculty Excellence. Resources from the faculty fund support new curricular development, faculty research, and other projects that provide a margin of excellence for faculty members in their teaching resources at Scripps College. “Gifts to the Scripps endowment provide the College with resources for continuous improvement so the College can remain vibrant, relevant, and forwardlooking,” says Laura. “Sometimes, giving is about the things that aren’t as highly visible, like supporting students and faculty members with endowed funds. There are so many ways to help Scripps. It’s really important for us to help do so.”
Mary Munsil Waring ’85 “That scholarship and my education are very meaningful to me.” — Mary Munsil Waring ’85 In high school, Mary Munsil Waring ’85 worked at the Phoenix Symphony Orchestra. A colleague’s daughter encouraged her to apply to Scripps College. Mary did and was awarded a full scholarship. “I was too poor to visit campus before enrolling, but I came to Scripps anyway,” says Mary. “That scholarship and my education are very meaningful to me.” At Scripps, Mary studied with like-minded students and professors who challenged her limits. “Suddenly, I was in a place where other people thought like I did; that was huge for me,” she says. After graduation, Mary taught English and writing at Scripps College, and later created a successful dot com business, MouseSavers.com, among other endeavors. Always grateful for her liberal arts education, Mary gave back to Scripps to honor a special person in her life — her grandmother. “My grandmother came of age in the Depression,” says Mary. “Because she couldn’t afford tuition, she never fulfilled her dream to attend art school. I created a scholarship to honor her by helping young women afford a Scripps education.” The Mary Gregory Wiggington Endowed Scholarship became fully funded in 2012. Each year, the scholarship will make a Scripps education a reality for deserving, financially challenged students.
Campaign Commitments by Initiative July 1, 2009 – May 11, 2015* Campaign Commitments by Priority
Academic Excellence: Scholarships
Academic Excellence: Faculty and Curriculum
The Scripps Fund
To Be Designated - Future Bequests †
Campaign Progress to Date
*Amounts are rounded and listed in millions **Includes some endowment and unrestricted gifts that enable facility projects † There is no set goal associated with this category
Dear Scripps supporter,
INTERGENERATIONAL EQUITY is the idea that future students will receive the same high-quality education and benefits as past graduates — at Scripps, it is a promise. Donors who support the endowment help to keep that promise by investing in our students, faculty, and the institution. When donors support the Scripps endowment, they promise future students: You will receive a top-notch academic experience, like those of previous graduates. Your campus will be beautiful and well cared for, as in decades past. Your enrichment opportunities will be plentiful, as they have been for others. Your Scripps experience will be as extraordinary as those before yours. To donors who have already given to the More Scripps Campaign, I thank you. If you haven’t yet made your Campaign gift, I encourage you to do so. And if your plans include a gift to the endowment, I extend heartfelt thanks to you for ensuring the continued excellence of Scripps College for future students, alumnae, and the entire Scripps community. Sincerely,
Lori Bettison-Varga President
Issue 5 Endowment June 2015 Scripps College 1030 Columbia Avenue #2009 Claremont, California 91711
Campaign progress to date Upcoming Campaign Events Washington, D.C. More Opportunity: September 2015 Details to be announced San Francisco More Opportunity: October 2015 Details to be announced
For event information, visit scrippscollege.edu/engage
$175 M Campaign goal
$114M as of May 11, 2015