May 2023 Board of Trustees Meeting Summary

To: Grinnell College Community
From: Meg Jones Bair, Secretary of the College
Subject: Summary of the May 2023 Annual Board of Trustees Meeting

Dear Students, Staff and Faculty,

The Board of Trustees gathered for their annual meeting on campus May 4-6, 2023. The theme of the meeting was “Votes and Commitments for a Strong Future” and represents the culmination of months, in some cases years, of planning, modeling, deliberation, creativity, and resolution.

On Thursday the Board, joined by Executive Council, Student Government Association leaders, Staff Council co-chairs and faculty members who serve on board committees gathered to hear reports from President Harris and Chair Michael Kahn. Following this general session, Tobi Marcus ’87 led the trustees in discussion with one another about the culture of philanthropy at Grinnell. The session ended with members being able to answer what is the board’s role in the philanthropic work of the College as well as their individual role. With great joy, the board joined members of the Science division for dinner and had the pleasure of listening to Joe Mileti, Professor of Mathematics, offer brief remarks. After dinner, students were invited to join the board for dessert and conversation in the beautiful HSSC atrium.

The board appreciates greatly the time they are able to spend with faculty, staff and students. They were pleased to have a breakfast meeting to kick off Friday morning with the Admission and Financial Aid staff. After breakfast, the board spent the morning in three successive financial sessions, that focused on the Budget for FY24 (both operations and capital budgets) and a 5-year budget forecast, the recommended endowment spending policy, and the annual regular vote on the investment policy statement. The endowment spending policy represents a significant change – arrived at through years of research, deliberation, and collaboration – that will position the College to better weather economic downturns and to morepredictably manage a sustainable budget. These sessions are the board’s commitment to ensure resources are distributed to meet our mission.

Student athletes from Student Athlete Mentors (SAM) and the athletic student-athlete advisory committee (SAAC) joined the board for lunch and if the decibel level in the room is an indication of the enjoyment, both students and trustees enjoyed their time together.

Friday afternoon, the board and administration came together to talk about the strategic plan with the following questions: what are its goals in relation to mission and vision? How will the College be different upon fulfillment of the plan? How willwe know we have been successful in meeting the goals? How does the strategic plan speak to our aspirations for theCollege?

Led by trustee Sheryl Walter ’78, the board in executive session discussed revisions to the by-laws and re-elected Michael Kahn ’74 as chair of the board for a second two-year term.

President Harris welcomed the board to her home Friday evening for dinner to celebrate Joel Speigel ’78 and Karen Shaff on their successful completion of 16 years of service on the Grinnell College board.

During the board’s Saturday morning meeting the following actions were taken:

• Approval of honorary degrees and the approval of awarding of Bachelor of Arts degrees for Commencement 2023
• Election of Michael Kahn ’74 and Shelley Floyd ’72 to another term of service
• Approval of Faculty Personnel Recommendations (Congratulations!)
• Election of new members to the board – Laura Sander ’84 and Steve Sandquist ‘95
• Election of Ken Lee as a non-trustee director of a board committee
• Approval of the IRS 990
• Approval of FY 24 operating and capital budgets
• Approval of Endowment Spending Policy
• Approval oof Investment Policy Statement
• Approval of changes to the board’s by-laws
• With great joy and thankfulness the board voted unanimously to approve the recommendation from the faculty to create the African Diaspora Studies Department

Many of the conversations held at the Board meeting have been informed by campus-wide conversations and will continue to be shaped by them as our shared endeavor in the educational and community mission of Grinnell College endures.

Meg Jones Bair. M.Ed
Director of Board Relations and Secretary of the College
she/her/hers (why I share)
Grinnell College
Office of the President
Grinnell, IA 50112
 

Office: 641-269-3209
Cell: 641-821-5679
jonesme@grinnell.edu
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