FAQ: Understanding Washington College's Financial and Leadership Challenges

What is the current enrollment at Washington College?

Enrollment at Washington College fell to 923 students last year, down from 1,515 in 2011.

How has the decline in enrollment affected the college’s finances?

The decline has pressured finances, leading to staff cuts, furloughs for senior leaders, and a deeper than recommended dip into its $300 million endowment.

What measures has Washington College taken to address its financial challenges?

Measures include eliminating nearly 40 staff positions, reducing cabinet salaries by 7%, requiring furloughs for top-paid administrators, and shrinking faculty ranks through attrition and reductions in visiting positions.

Who is involved in addressing the college’s challenges?

The board of Washington College, led by chair Rick Wheeler, and the vice president for finance, Mark Connell, are involved, alongside alumni and residents concerned about the college’s impact on the community.

What is the significance of the college’s endowment withdrawal rate?

The college drew 8% from its endowment to help close the financial gap, well above the 5% withdrawal rate considered sustainable, indicating financial strain.

How does Washington College’s situation reflect broader trends in higher education?

The college’s struggles echo those of small liberal-arts schools nationwide, facing challenges from the pandemic, demographic shifts, and skepticism about the economic value of a liberal-arts education.

What steps is Washington College taking to improve its appeal?

The college is bolstering its appeal with a new business school, backed by a $15 million alumni gift, and reports an uptick in freshman enrollment this fall.

What role does leadership play in Washington College’s current situation?

Leadership instability, with five presidents or interim presidents in the past decade, has been a challenge, with the next president expected to play a key role in the college’s future.

How does the community view Washington College’s challenges?

Alumni and residents worry the school’s stumbles could ripple through the town, where it serves as both a major employer and cultural hub.

What is the outlook for Washington College?

Much depends on the next president and the college’s ability to align its offerings with current demands, with efforts underway to improve enrollment and financial stability.