Post on 11-Aug-2020
transcript
Grinnell College:Series 2017 Bond Issue
December 29, 2016
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2Snapshot of Grinnell College
4-year private residential liberal arts college Central Iowa town of approximately 10,000 residents ~1,650 students
Highly selective Applications for Fall 2016: 7,370 Fall 2016 openings: ~440 Admit rate: ~20%
Academically rigorous Average SAT: 1415 >85% in top 10% of HS graduating class
Diverse in many ways 18% international 25% domestic students of color 90% receive financial aid 20% receive Pell grants 49 states and 48 foreign countries
Committed to financial access Need blind Meet 100% of demonstrated need Average indebtedness of 2016 graduates:
$18,780
Growing Demand and Quality
2011-2012 2016-2017COMP FEE $46,362 $60,738
Applications 2,969 7,370Percent admitted 44.8% ~20%Average SAT 1,315 1,415Top 10% of class 61.6% >85%
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Investing in Our MissionPhase I of 20-year Campus Investment Plan
Teaching & Learning:
Humanities &Social Studies
Complex (HSSC)
Attracting Students, Faculty & Staff:
Admission &Financial Aid
Center
Defining our Place:
Landscaping, Wayfinding, and
partial implementation
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PHASE I: Campus Investment Plan (2014-2020)
Investing in Our Mission5
Humanities & Social Studies Complex (HSSC)Teaching & Learning
Essential to our mission to teach the Liberal Arts using the most effective tools and practices.
Creates innovative learning spaces to encourage multi-disciplinary collaboration, active inquiry, and student research.
Bold, exciting, and highly responsive to the mission and vision for academic excellence at Grinnell.
Admissions & Landscaping Attracting Exceptional Students, Faculty & Staff Upgrade campus welcome and ambience.
Augment ability to attract and retain diverse and talented students, faculty, and staff.
Phase I: Estimated Total Project Cost
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Phase I ProjectsOct 2016 Estimate with HSSC GMP*
HSSC $ 112.7MAdmission/Financial Aid Center $ 11.8MLandscaping Plan & Partial Implementation
$ 13.8M
Phase I Estimated Total $138.3M* Construction Guaranteed Maximum Price
includes escalation through May 2019
At its April 2016 meeting, the Board approved a not-to-exceed Phase I project budget of
$140M.
Phase I: 3 projectsProposed Financing Plan
Not-to-exceed
$140M
GIFTS$20M
DEBTUp to $120M
ENDOWMENTCash Flow Support:
Pledges Receivable
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Authorized by the Board at the
October 2016 meeting
The HSSC Program Developed with input from faculty, staff,
and students
~195,000 gross square feet, blending historic and new
33 classrooms (mix of S, M, L, XL)
6 inquiry labs (mixed sizes)
5 learning centers (Global, DASIL, CTLA, Writing, and Reading)
Auditorium seating 160
145 offices
Atrium (~7,000 sq ft)
4 elevators (one per pavilion)
9 stairways
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9Why now?
ARH
Carnegie
“The HSSC is essential to our vision for innovation at Grinnell. This project will place us at the forefront of inquiry-led, interdisciplinary teaching and learning.”
Dean Michael Latham
10Humanities & Social Studies Complex
11HSSC: Where we are today…
Completed Design Development review (DD) Thorough review of blueprints, elevations, and specs (~400 pages)
Completed Summer 2016 site work on time and within the quoted GMP Utility relocation, including IT infrastructure rerouting 3 geothermal test wells
Construction Documents (CD) nearly complete
On track to break ground Jan 2017
Admission/Financial CenterConceptual Design (subject to final review & approval)
Solar panels
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Where we are today…13
Conceptual Design nearing completion
First round of construction cost estimating underway
1. STRATEGIC RESERVE – $25M target As of June 30, 2016: $15.4M PURPOSE: Innovation and strategic investments One-time, pilot, and continuing 2-3 years of funding (time to pilot , test, and refine) Funding ends or transitions to operating budget
2. ZONE RESERVE – $10M target As of June 30, 2016: $0 (newly created reserve) PURPOSE: Investment in our location as an essential part of our future Land banking and development in Zone of Confluence Community partnership Town/gown synergy, etc.
14“Opportunity” Reserves
3. OPERATING RESERVE – $30M target As of June 30, 2016: $10.7M PURPOSE: Protect against unanticipated hits to the operating budget, e.g.
endowment value drop, enrollment dip, compliance mandates, legal expenses, etc.
Adequate support to weather unexpected challenges ~3 months of annual operating expenses
4. BM&E RESERVE – $5M target As of June 30, 2016: $3.4M PURPOSE: Building Maintenance & Equipment (BM&E) Larger facility maintenance and technology projects (typically <$1M) On-going life cycle technology and facility equipment replacement
5. CAPITAL RESERVE – $30M target As of June 30, 2016: $0 (newly created reserve) PURPOSE: Smooth impact of significant, periodic capital consumption Major infrastructure maintenance and modification Potential support for new project planning and construction
15“Risk Mitigation” Reserves
16Endowment Market Value (millions)As of FYE June 30
$0
$180
$360
$540
$720
$900
$1,080
$1,260
$1,440
$1,620
$1,800
$1,980
Fiscal Year
Unrestricted: 68.9% (SOURCE: Note 3 to the audited financial statements)Monthly liquidity: $716 million (SOURCE: Annual bond compliance report to Moodyʼs)
Investment Valuation Summary
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June 30, 2016
June 30, 2015
Operating Investments $22.7 $15.3
Strategic Reserve $15.4 $15.0
Endowment $1,648.8 $1,787.8
Annuity & Life Income Funds $11.0 $13.3
Total $1,697.8 $1,831.4
Outstanding Debt $89.9 $96.6
Revitalizing Grinnell’s Philanthropic Spirit
$10,492,758 $11,073,188$10,011,160 $10,395,292
$12,316,244
$23,352,051
$26,973,773
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
FY10 FY11 FY12 FY13 FY14 FY15 FY16
New Gift Commitments by Fiscal Year
Start of the quiet phase of a comprehensive campaign
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