The College has received a $50-million gift the largest in the College's 240-year history from an anonymous donor, the Board of Trustees announced on Friday at its June meeting, the last of College President James Wright's tenure. The Board also decided to proceed with elections for alumni-selected trustees, ending a previous "freeze" on the replacement of the Board's alumni-elected members.
$50-million donation
Dartmouth has received a $50-million gift from an anonymous family for the construction of the proposed Visual Arts Center on the south end of campus. Construction is now slated to begin in 2010, and the center is scheduled to open in fall 2012.
The project was previously under review by the Board pending a detailed financial plan.
"[The fact that] in this environment, a family was able and willing to make this commitment speaks to a love of Dartmouth and feelings they have about the condition of the institution," Chairman of the Board of Trustees Ed Haldeman '70 said in an interview with The Dartmouth.
The family wanted to make the contribution before the end of Wright's tenure, Haldeman said.
Although College fundraising has slowed this year because of the ongoing global recession, alumni support has allowed Dartmouth to do "very well," Wright said in an interview with The Dartmouth.
"The generous gift will enable us to do something we've been talking about for a lot of years, so I'm delighted about that," Wright said.
Friday's gift is part of the College's ongoing Campaign for the Dartmouth Experience, which has now raised $1.217 billion in gifts and commitments. The campaign aims to raise $1.3 billion by the end of 2009.
Alumni Trustee Elections
The Board also announced that it will invite the Association of Alumni to hold elections to fill the two vacant alumni-elected trustee seats, ending a previous "freeze" on the replacement of the Board's alumni-elected members..
The elections will occur in Spring 2010.
The two vacant seats were held by trustee Michael Chu '68 and Todd Zywicki '88. Chu has served his second and final term, while Zywicki was not reelected to a second term, a stark break from past precedent in which reelection was usually pro forma.
The Board announced its decision to postpone elections in June 2008 in response to the Association's 2007 lawsuit against the College.
The decision to move forward with elections comes a month after alumni voted to approve an amendment to the Association constitution to reform voting procedures for the election of alumni-selected trustees. The Board had threatened to take over trustee elections if the amendment did not pass.
Association President John Mathias '69 said in a previous interview with The Dartmouth that further reforms, including an effort to address campaign finance, would be the "highest item" on the Association's agenda after the voting period for the amendment.
"No determination has been made [on campaign finance reform] other than it will be studied and thought about, and the place it will happen within the Dartmouth community is the AoA executives," Haldeman said.
The Association has formed an Election Reform Study Committee to consider whether "guidelines concerning conduct should be changed," Mathias said in an interview with The Dartmouth on Friday.
The committee will seek input from all constituencies, including students, before considering the feasibility of implementing reforms, Mathias said. The committee's recommendation will be finalized before the next Board elections, he said. Mathias estimated that the changes should be finalized by early November.
"I hope whoever is running will keep in mind [that] we are going to be in the process of studying reforms and implementing them," Mathias said. "I hope there is no early campaigning, and they wait to see what the rules are for everybody."
Charter Trustees Announced
The Board also approved two new charter trustees at its Friday meeting, Denise Dupre '80 and William Helman '80, who will succeed current charter trustee Russell Carson '65 and Karen Francis '84. Both Carson and Francis will step down this month.
Dupre, the oldest of four sisters to attend Dartmouth, comes from "a strong Dartmouth family," Haldeman said. He added that she is an active member of the Dartmouth community and is "well connected" to the Dartmouth Skiway. Dupre and her sisters donated $750,000 to the Skiway to fund snow-making upgrades in December 2008, according to a College press release from that time.
Dupre has previously held teaching positions at Cornell University and Boston University, according to a College press release.
"[Dupre] is a teacher, and that is an important part of what she brings," Haldeman said. "In addition, she's been an active board member and leader for not-for-profits."
Helman is currently a partner at Greylock, a venture capital firm. Haldeman cited Helman's experience as a venture capitalist as a factor in the Board's decision to appoint him.
"Venture capitalists and entrepreneurs think outside the box," Haldeman said. "In addition, [Helman] is incredibly active in Dartmouth organizations and most recently served as chair of the Presidential Leadership Council."
Wright said he did not participate in the selection of these candidates because it was "not necessary or appropriate," given that his tenure ends on June 30.
"I do know both of them, and I'm delighted," Wright said. "They will be exceptional trustees."
Dupre and Helman will officially begin their terms at the conclusion of Commencement.
Other Board Actions
The Board named Wright to be the inaugural Eleazer Wheelock chair, a position for former Dartmouth presidents who return to the faculty. The James Wright Professorship, funded by a $3-million grant on behalf of the Sherman Fairchild Foundation, was also approved.
The Board also approved the operating and capital budgets, as well as the endowment distributions for the 2010 fiscal year at the meeting. The estimated distribution for operating and non-operating activities from the endowment for the 2010 fiscal year is 18 percent lower than the same distribution from the 2009 fiscal year, due to decline in the market value of the College's endowment.
