Growing Our Endowment
Faith for the Future
A letter from President Heather J. Knight
For the past two years, Pacific Union College has been on an upward trajectory with an increasing enrollment, multiple on-campus renovation projects and a general positive atmosphere on campus shared by faculty, staff and students. Most exciting is the spirit and commitment of our students, who are eagerly engaged in service projects, locally and globally, as well as leading multiple Bible study groups. This generation of Seventh-day Adventist young people is truly inspiring in their motivation to serve their community and to serve their God, and it is a privilege to be part of a distinctive Seventh-day Adventist learning community that is preparing them to, indeed, change the world.
Yet even as we are on a path of growth and progress, PUC must make some important decisions in the next few years to ensure our fiscal viability for future generations of PUC students. In truth, we are asset rich but resource poor. Among the pressing issues that we need to address is the need for more scholarships for our students, our institutional debt, many years of deferred maintenance ($49 million worth), and an inadequate compensation plan for our dedicated faculty and staff. In the end, increased enrollment and philanthropy alone will not correct these long-standing systemic problems. Additionally, while PUC alumni have great affection for the “College on the Hill,” perhaps due to the current economy, less than 10% give annually.
While many colleges face similar financial challenges as PUC, fiscally healthy colleges and universities invest in their endowment, a fund that will provide steady income to an institution for perpetuity. An endowment alone is not a solution, but it is a long-term investment in fiscal viability and sustainability along with continued sound financial management of the College.
In the effort to be good stewards of the College’s assets, the PUC Board of Trustees voted in 2002 and again recently to liquidate property that is non-essential to our core educational mission. If land is sold, 100 percent of the net proceeds will go into the college's endowment—another board voted decision that will ensure that the investment is secured for posterity and not simply utilized on immediate operational needs.
The property listing encompasses the property east of the airport and Belleau Field—all of which is zoned agricultural or ag/watershed, so the main campus could not ever expand into this area. This property has not been used by the College, is currently not in use by the College and is not being planned for use in our long-term Campus Master Plan, which was completed in June 2011. We have listed all available property in order to give a possible buyer flexibility, but the College, like any other potential seller, reserves the right to determine which portions will ultimately be liquidated.
Furthermore, one important aspect of our listing is the stated desire of the PUC Board of Trustees and the College administration to preserve and protect into perpetuity the 900 acres of wonderful woods and trails enjoyed now by faculty, staff, students, as well as our local community. In considering our stewardship of this resource, we are examining different options on how this goal can best be accomplished. Surely there will be disagreements about this decision, but if you are concerned, I urge you—in the spirit of Christian fellowship—to first ascertain the accurate facts so as not to inadvertently share any misinformation.
As president, I care deeply about PUC, and the decision to list a portion of our property is not something I take lightly. It is also important to understand that this decision is very important for the PUC Board of Trustees, most of whom are alumni, and they have a deep connection to the property as well. We have thoughtfully examined the situation and prayed for months—some even years—and we feel that at least exploring this opportunity is the right decision for PUC at this critical time.
Please continue to pray for the College and for God to guide us in His infinite wisdom. I have faith that the Lord will open or close doors, depending on what is best for our dear College. Ultimately, I leave the final decision in His wonderful Hands.
Sincerely,
Heather J. Knight, Ph.D.
President, Pacific Union College