In the big business world of private universities, Tufts is not only holding its own, but it's climbing to the top. And by some measures, it has already arrived.
Last September, the Boston Business Journal recognized Tufts as having the fastest growing endowment in the state of Massachusetts. This month, a study by the National Association of College and University Business Officers (NACUBO) found that our university had the most rapidly growing endowment in the nation for the fiscal year ending in 2006. In light of this news (and of the money that our school will soon be seeing), we have a lot with which we can be satisfied and much to which we can look forward.
First and foremost, the administration headed by President Bacow deserves acknowledgement for its ambitious monetary goals and for the continual success that has accompanied them. The recent news from NACUBO is the latest in a string of positive developments on the fundraising front; in November 2005, the University learned of Pam and Pierre Omidyar's $100 million donation, which pushed the school's endowment over the one billion dollar mark, and at the end of the last school year, Jonathan Tisch announced a $40 million gift to endow the Jonathan M. Tisch College of Citizenship and Public Service. Both of these donations were made during the quiet phase of Tufts' current capital campaign, "Beyond Boundaries," which has been underway since 2002.
We are also encouraged by the dedication that President Bacow and his team have shown in working towards a need-blind admissions policy. This newspaper has already extolled the improvements that will accompany such policy: primarily, a more diverse and more talented student body. It's also exciting to envision strength of enhanced faculty which Tufts can attract with more money.
While we as students are often scrounging for money in the budgets of our respective organizations, it can be easy to miss the significant progress made on a larger scale. The fact that our university had the fastest growing endowment in the country last year puts us in a rare and elite category of institutions. The money coming in from this capital campaign is directly affecting the quality of our experiences at Tufts. Thanks to the generous donations of our benefactors, we are enjoying a new music building and a new dorm. Hopefully, we'll soon be enjoying a more socially- and intellectually- rich student body.
It's important to realize that although Tufts should continually strive for such success, the university's endowment is not always going to make headline news. It was during the so-called quiet phase of the capital campaign that we received the Omidyar and Tisch donations. Also, the very nature of profitable investing requires patience and prudence.
The students at Tufts do not have the financial resources to contribute directly to endowment, but that is not yet our role. For now, it is the job of our administration and our alumni to keep up the excellent work they've been doing in the past few years. And it seems we're in good hands.
