Good afternoon! It is wonderful to see so many of you here in Schneebeck Hall as we embark on another academic year at Puget Sound! Welcome also to those members of our community who are tuning in via livestream. Please note that a transcript of today’s remarks will be made available on the university website following this address for those who are not able to join us in-person or online.

Before we begin, I want to first acknowledge that University of Puget Sound is located on the traditional homelands of the Puyallup Tribe. The Puyallup people have lived on and stewarded these lands since the beginning of time, and continue to do so today. We recognize that this land acknowledgement is only the first step toward true ally-ship, and we remain committed to uplifting the voices, experiences, and histories of the Indigenous people of this land and beyond.

The fall semester is upon us. I know you have all been busy preparing for the return of students to campus and I appreciate you taking time to gather as a community. I’d like to start by celebrating the arrival of our new provost. Drew Kerkhoff joined us in July from Kenyon College in Ohio and I could not be more thrilled to have him here, bringing his extensive experience in student support and faculty development to guide our Academic Division into the future. Please join me in a round of applause to welcome Drew to our community.

I’d also like to thank our Dean of Experiential Learning Nick Kontogeorgopoulos for serving so ably as our interim provost last year and for his thoughtful leadership during this time of transition.  Please join me in a round of applause to express our gratitude to Nick.

As we look ahead to the 2023–24 academic year, I am filled with optimism for the future of Puget Sound. Through social, political, and economic turmoil over the past 135 years, we have persevered, guided by our values and mission, to provide our students a liberal arts and graduate education second to none.  Our past has shown that this university is strong, resilient, and adaptive.

While we still face significant headwinds, I remain confident that together, we will keep ascending to the heights. We are moving forward because of each and every one of you, and I am grateful every day for your hard work and dedication to this outstanding university. Puget Sound remains committed to investing in you and advancing our Leadership for a Changing World strategic plan goal to support and inspire faculty and staff. This year, we anticipate making significant progress on our total compensation and benefits project so we can further position ourselves as an outstanding place to work. Our success depends on each of you, especially as we navigate the challenges facing not only Puget Sound, but the entire higher education sector.

Like many small, independent, primarily residential liberal arts institutions, several factors have impacted our operating budget in recent years, including declining enrollments, stiff competition for students, remote learning, and increased discounting of undergraduate tuition. Some of you may recall that when our operations were first disrupted by the pandemic, the Board of Trustees granted us an exception to our longstanding practice of staying within the bounds of a balanced budget. This thoughtful approach provided us valuable time to ride out the worst of the global health crisis (and its wake) without facing drastic cuts to our programs and services. But with that extra time came the requirement that, in order to ensure the long-term financial health of the university, we return to a balanced operating budget by June 30, 2026.

With prudent financial management, we are projected to close out Fiscal Year 2023 with an operating loss of $4 million, which is significantly less than the $6.8 million deficit that was budgeted for and approved by the Board of Trustees. This is an excellent indicator of our improving fiscal health as an institution. We expect our budget deficit to peak in Fiscal Year 2024 and then gradually decline until we reach equilibrium in Fiscal Year 2026. Through further expense reductions and revenue-generating efforts, I am confident we will reach both our budgetary and target total enrollment goals.

Let me talk more specifically about how we will accomplish these goals:

We will continue to advance institutional excellence, academic distinction, and student success.

By following the strategies outlined in A Sound Future, all of which are designed to support our Leadership for a Changing World strategic plan, we are on a path to best position Puget Sound, our program offerings, and our finances for long-term stability. Over the next year, we will continue to invest in our high-demand graduate and undergraduate programs… enhance those programs, including athletics, that are a draw for prospective students… expand revenue generating opportunities… and dedicate additional resources to support the success of our students. By continuing to move forward with diligence and purpose, we will reach our goal of returning to the annual surpluses that have long been the norm for Puget Sound.

As a tuition-dependent university, the most salient factor in achieving our budgetary goals is enrollment. As of today, we are projected to have an incoming first-year class of 460 students, which is a 10% increase from last year (well done, Dr. Boyce, along with your great team in the enrollment division). This notable increase translates into $11.5 million in net tuition revenue. However, once students arrive on campus, we must also be able to keep them engaged and ensure their success. Currently, our retention rate is 81%, meaning that of those 460 incoming students, 78 of them may choose to leave Puget Sound before next fall.  Seventy-eight students represent nearly $2 million in annual revenue. When we fail to retain students, there is a direct and demonstrable effect across campus, impacting our campus community in myriad ways. We must do better and we will do better.  For an institution of our caliber, we should have a retention rate north of 90%. We must do better for each individual student this represents and for the overall student experience. And we must do better for our fiscal well-being, for our ability to invest in our faculty and staff, and for the success of our programs and services.  So, with that in mind, I am asking for an all-hands on deck effort to strive for a 90% retention rate this year and beyond. 

Student retention is something everyone in this room can influence. In support of this effort, we recently hired two student success coaches who are charged with helping first-year and transfer students acclimate to Puget Sound. With this investment in direct student support, working in close partnership with our academic advisors and other staff in the Center for Student Support, we expect to see stronger retention as students receive assistance to build connections and develop the skills necessary to succeed in their first year on campus.  And each of us has a role to play as well: as educators, supervisors, coaches, residential life leaders, club advisors, mentors, helpers, friends, and even just friendly faces.  As a community, we are making important strides toward creating a campus where all students are welcomed, challenged, and supported through their personal and educational journey and able to depart with the knowledge, skills and confidence to make a difference in the world.  Student success is our top institution-wide priority; we are striving for a 90% student retention rate this year…and I believe we can achieve it.

This academic year will also involve planning for the implementation of our reimagined core curriculum in Fall 2024, which many members of our faculty spent much of last year creating. This is exciting news! The new core curriculum will ensure students at Puget Sound continue to receive a broad, interdisciplinary education in the liberal arts, gaining an understanding of the arts and humanities, natural sciences and mathematics, and the social sciences, while developing an enhanced appreciation of the connections between these ways of interpreting the world around us. The new core curriculum will allow students to choose their own path and also ensures they are mastering the fundamental skills of writing, speaking, conducting research, and developing cultural competency: the hallmarks of our rigorous and renowned Puget Sound liberal arts education.

Additionally, the Enrollment team is working diligently to expand our recruitment of transfer students, graduate students, and high school graduates across the country, and right here in Washington, in order to reach our target of 2,300 students on campus by 2030. Over the coming year, we will continue to discuss strategies to offer the right mix of programs at the undergraduate and graduate levels to move us among the top 50 liberal arts colleges in America; meet our revenue goals; and attract and retain the accomplished, curious, and talented students who will thrive as members of our Logger family.

Oh, and speaking of enrollment, as I indicated earlier this summer, Puget Sound will adhere to the law as interpreted by the Supreme Court in its recent rulings on race-conscious admissions.  We will also continue to be driven by our mission and guided by our values to appreciate and support the ability of every student to have the opportunity to reach their fullest potential through a Puget Sound education. So, to be clear, our commitment to admitting, supporting, retaining and graduating a diverse student body remains steadfast and resolute.

This summer, we transitioned Athletics from Academic Affairs to Student Affairs, allowing us to continue to prioritize academic achievement while providing more holistic care and support for our student-athletes. Together, these structural changes will help us recruit more students, build greater support for our athletics teams, and create a stronger sense of community, all of which will encourage more of our first-year students to continue their education at Puget Sound.
 

We will pursue entrepreneurial and other opportunities to fully leverage and expand our assets.

One of the ways we will secure the long-term financial future of the university is by growing donations to the Puget Sound Fund and securing meaningful and transformative philanthropic investments across the university. I’m pleased to share that the Greater, We Ascend campaign is now in the leadership phase. This means members of the University Relations team and I are meeting regularly with donors, but we are not yet publicly announcing our campaign. Our work is proving successful. During the last fiscal year, we raised $26.1 million in gifts and pledges, surpassing our annual goal of $25 million. The funds raised for the campaign will advance the university by growing our experiential learning program, increasing access to a Puget Sound education, and promoting a lifelong love of learning. Thank you Victor Martin and our talented staff in University Relations for exceeding our fundraising goals. These strategic investments are already paying off in the form of distinctive programs, like the recently announced Legacies Project led by the Office of Institutional Equity & Diversity, that set Puget Sound apart from other colleges in our region and across the country.  The three campaign pillars of experiential learning, access, and lifelong learning embody the values of Puget Sound, and I will be traveling much over this upcoming year championing these pillars and values as I continue to garner support from a wide range of donors for this important fundraising campaign.

We will also finish our campus master planning process this year, and look to enhance and capitalize on our physical assets going forward to assure the highest and best use of our beautiful campus.

 

We will support and inspire our faculty and staff.

As I mentioned earlier, we want to visibly demonstrate our care and support for you…and inspire you in your work at the university.  In addition to the substantive work ahead on our total compensation and benefits project, we are also making strategic investments in both the physical and technological infrastructure of our campus to create a learning, living, and working environment that allows our students, faculty, and staff to do their best work. Our Facilities and Technology Services teams are hard at work executing a coordinated plan to upgrade buildings, like the recent remodel of Seward Hall, and enhance the performance of our campus network. In the near future, you can expect to see improvements to other campus spaces, including Wheelock Student Center, Kilworth Memorial Chapel, and many of our classrooms.  We will also continue to seek and implement creative efficiencies and heightened effectiveness in our work, so that our faculty and staff will experience enhanced job satisfaction and connection to our institutional mission.

This is the work that we will prioritize this year.  I know much of it reflects the good work that is happening every day, and I want you to feel empowered to continue to offer and implement improvements in the work you do.  Thank you for all that you have done and continue to do to support our students and make Puget Sound the incredible place it is. As I look ahead to 2024 and beyond, I know that our best days lie ahead.

Each August it feels like the university is new again.  We come back refreshed to start the academic year, and we joyfully welcome a new group of eager and enthusiastic Loggers and returning students. This year is no different in that regard.  But we should also recognize that we are in fact wise and sage experts in this work.  As I mentioned earlier, Puget Sound is 135 years old this year.  That is impressive. In fact, we are one of the oldest universities in Washington – even before Washington was a state.  In May, we celebrated the one hundredth anniversary of the groundbreaking of Jones Hall—the very first building on our North End campus following our move from the Hilltop area. Much like the cornerstone that was laid a century ago, we are tasked with laying a strong foundation for the future. This campus has been a beacon of learning and connection for generations of Loggers. Today, we carry on that legacy, and strive to ensure that the University of Puget Sound will remain a pillar of liberal arts education for another hundred years.

It will not always be easy, but neither are most worthwhile undertakings. The students, faculty, and staff who walked from the corner of Sixth and Sprague to break ground on a new campus in Tacoma’s North End in 1923 could not have imagined how this institution would grow and change to become what it is in 2023. Similarly, we cannot possibly imagine how Puget Sound will evolve to adapt to the changing needs of our students, the South Sound community, and the world. As we look to the future, we are equipping our students with the tools they need to navigate an ever-evolving landscape; to borrow a phrase from Provost Kerkhoff, we are also providing them with “real intelligence” to harness the power of artificial intelligence; and we are cultivating within them the essential skill of engaging in mature and constructive dialogue with individuals holding diverse perspectives. Together, we can shape not only the next century of liberal arts education but also empower our graduates to address complex challenges and lead with empathy, innovation, and a commitment to the common good.

As we leave Schneebeck today, know that the work you do today – this year – and throughout your career – is paving the way for that future. The courses you teach; the art and music you craft; the research and scholarship you pursue; the programs you nurture; the teams you coach; the food you serve; the buildings, grounds and technology you look after; the questions you answer; the money you raise; the community connections you make; the sense of belonging and welcoming you provide; the students you support, mentor, and serve ALL MATTER.

You have chosen work that has a rich purpose and deep impact.  What you do meaningfully serves the public good. You have been called to a vocation that changes lives. In this effort, each of us and all of us are connected and integral to the mission of the university. We all have a part to play in our success. I am grateful to have each of you here with me and I am honored to serve as Puget Sound’s president at this crucial moment in our shared history. I continue to believe that I have the best job in higher education.

Thank you again for being here today and every day.  Our ongoing work together means that Puget Sound will continue to thrive.  But right now, I hope you will all join me for a reception on Karlen Quad to reconnect and celebrate the start of the academic year.  For those of you tuning in via livestream who cannot join us for the reception, please know we look forward to seeing you on campus soon.

And to all of you, Once a Logger…always a Logger!