Pepperdine University Annual Report 2008

annual report 2008

a con versat ion about t he fut ure of Pe ppe rdi ne U ni v e rsi t y

Where there is no vision, there is no hoPe. —George Washington Carver

the mission

OF PEPPERDINE UNIVERSITY

Pepperdine University is a Christian university committed to the highest standards of academic excellence and Christian values, where students are strengthened for lives of purpose, service, and leadership.

A

t Pepperdine, we plan and prepare for the future as well as anyone. Each year I gather some of the best strategic thinkers at the University and ask them to identify and evaluate new opportunities. Planners from every corner of Pepperdine submit proposals designed to improve our current offerings or introduce initiatives that will attract new students.

Our planning also prompts us to find ways to minimize exposure to risk. Thanks to heads-up thinking from people like Rick Leach, director of facilities management, we implemented a brush abatement plan in the event the Malibu campus was threatened by fire. Last fall, we were hit, not once but twice by firestorms that destroyed millions of dollars of property throughout Southern California, but only scorched a tool shed on our campus.

Those who manage our finances and our investments were forward thinking enough to see the dark clouds of this current financial crisis building and made important and timely adjustments to our investment portfolio to minimize exposure. The damage to the endowment has still been significant, but not disabling.

Andy Be nton

P RE S ID E nT

This kind of planning both preserves and advances our mission. As I said, we plan and prepare as well as anyone. Yet, as strong as our planning process is, there is a weakness. Too often we develop and test our ideas among ourselves.

Though our planners are bright and forward thinking, my concern is that this will lead to a kind of myopic, self-reinforcing vision of our future.

Pepperdine University annual report 2008

To overcome this impulse, a few colleagues and I set out across the country last year to meet with friends, alumni, and community leaders to envision Pepperdine’s future. These small group sessions, usually held around a dinner table or in a living room, exceeded my expectations. I met creative men and women who have given considerable thought to Pepperdine and its potential. Some of their ideas have confirmed the course we have already charted for ourselves. Others have challenged us to think differently about our potential. Others have given me reason to believe we are still aiming too low. Each of their ideas has influenced my own thinking about Pepperdine.

At the same time we were traveling the nation, members of our alumni association also scattered across the country to engage alumni in the same kind of discussion. The ideas generated through these sessions may very well change the future of Pepperdine in a dramatic fashion.

Through the pages of this edition of the annual report, I invite you to participate in an envisioning session. Several friends, alumni, students, and faculty recently gathered at my and Debby’s home on campus for a candid conversation about Pepperdine’s opportunities and risks.

Like other envisioning sessions, this one both affirmed and challenged my thinking. As you read the comments and responses, I am sure you will agree that opening a dialogue about Pepperdine’s future was the right thing to do.

experience the conversation 

a conversation about the future of Pe ppe rdi ne U ni v e rsi t y

AnDY

ďƒ‚ I feel that every day when I wake up, I have spread before me the most remarkable buffet of things that I can do, things I can raise money for, new programs we can begin, new faculty we can hire. But one of the most important things that I do is decide which of those wonderful opportunities I’m going to pursue. So when you think about Pepperdine University, when you think about the unique qualities of this institution, what do you think we ought to emphasize going forward? What are the mountains that we should claim?

Pepperdine University annual report 2008

SETh hAYE alumnus, Class of 2002; member, Alumni Leadership Council; former staff member  One mountain I think we have the opportunity to climb has to do with community. As a student at Pepperdine, I felt like the University mastered the sense of community. You come to the school and you’re embraced. I don’t think there’s anything else like it. But I believe when we graduate, if we were to poll alumni around the country and ask them if they still felt that same level of connectivity, of value, of community and family, I don’t think they’d have that same connection. So I think forming a sense of community with alumni would be a major undertaking that would impact the entire University.

AnDY  What we hope to do, Seth, is call our alumni home through service, and I’m really excited about that. I hope we’ll never get so large that our faculty members don’t know their students by name, and that will always be a distinguishing element of this institution…Other mountains?

JOhn KATCh alumnus, Class of 1960; member, Board of Regents and Seaver Board of Visitors  One of the things that’s always struck me about Pepperdine, going back even to the days of George Pepperdine College and its inception, has been what Seth is talking about—community, connection— specifically with faculty. That interconnection as you’re going through the college years is just as important when you become an alumnus of this school. I think that idea of building the alumni connection is tremendously important for the University and for the future.

AnDY  I’ve often said, John, that when I am finished being president of Pepperdine, the thing that would make me proudest is if we could have

a vibrant alumni association because that will support us, and that will drive us forward in the future more than anything else. If we could take our 80,000 alumni and harness them productively through service and through engagement with Alma Mater, it would ensure our future because those people understand us and love us, and hopefully we’ll always be a part of their lives.

Let me change direction a bit. Catherine, when you came here—now five years ago—what do you and your parents expect from your education? how did they expect you to be changed?

CAThERInE WhITTInGhILL alumna, Class of 2008; member, Alumni Leadership Council  I think my parents and I were both initially drawn to Pepperdine because it promised that it would deliver all of what so many other schools promised—academic excellence and teaching to become a successful professional person in the real world. But Pepperdine also promised that faith would shape teaching when I came here.

I knew I would learn from people who knew really what my main goal in life is—to glorify God—in all of the things I’d be trying to do.

AnDY  I know your work and I know that you could have gone anywhere. Any regrets about coming to Seaver College?

CAThERInE  not at all, and I say that with confidence. I attended an alumni gathering with a bunch of kids from my high school recently, all of whom had gone to other colleges, and very few of them were graduating on time, first of all, and then secondly they couldn’t figure out what their plans were in life. I certainly can’t pretend that I

have all of mine nailed down, but I know that it’s all going to be okay and that I have been prepared to succeed professionally and also just to be happy. I feel very close to my family, which is, I think, rare at this stage in life. I feel very close to my friends. And I think that the things that enrich my personal life were fostered and encouraged here at Pepperdine as much as any other part of my person.

faculty and administration in partnership AnDY  Shelley Saxer has sent one child to us.

She is a professor in a profession that I admire very much, and now she’s an administrator.

We have a partnership. Shelley teaches, Shelley leads, and the administration provides and encourages. I know she does her part.

But what’s our part? What’s the University administration’s role in encouraging the law school and encouraging you as a faculty member?

ShELLEY SAxER, JD alumna, Class of 1980; associate dean, academics and professor of law, School of Law  I think that one of the things that Pepperdine certainly does well is to allow people to dream, to allow individuals to have great ideas and then encourage those ideas. That is a blessing, but it can also be a curse because some of what we have to deal with is if we have these dreams, how do we support getting to those dreams? It’s the infrastructure, the resources.

I think that’s how the administration can be there—not only to allow the dreams, but then also to come alongside the dreamers and say, “This is how we can help you do that.”

AnDY  Donna, what’s my part in this equation?

Shelley Saxer

AnDY  I don’t know if you would agree with this or not, but I think the only thing that stands in our way is a vibrant endowment that provides us sustaining support year in and year out and lets us move confidently toward excellence. Would you agree with that?

ShELLEY  Partially. I think we have to be concerned not only about endowment but about our people resources. We have to continue to encourage the people who are actually making the things happen. Those are the people who aren’t necessarily at the top with the dreams, but they’re the people who are keeping things moving forward and keeping support for those things that we’re doing well.

DOnnA nOfzIGER-PLAnK, PhD associate professor of biology, Seaver College  Though there are times there’s been tension between faculty and administration, of course, I feel like I speak for the other faculty when I say that we feel very much in partnership with the administration.

So, just keep the dialogue open, continue to bring us in when you make decisions. But that’s the way Pepperdine operates, and that trickles down to the students because I think the faculty then partner with the students in the classroom.

It’s all connected. The tone of the University is going to be about how we treat each other. If we are a team, how do we treat our teammates?

Though I don’t always agree with the administration, I know they hear me, and I know they listen to me before those decisions are made.

In terms of what you want from us or what we would want from you is to continue to consult us and value our opinion. But also, continue to find ways to support where we want to go and appreciate what development does. Let us know what we can do to help development as well.

AnDY  Mike, you’re a professor at the Graziadio School of Business and Management, and it’s an important school with a reach all across the United States and around the world. When you greet your graduate students in business for the first time, how do you hope to influence their lives when they’re in your classroom?

MIKE WILLIAMS, PhD assistant professor of information systems, Graziadio School of Business and Management  Well, there are a variety of

mechanisms that I think are useful for cultivating meaningful relationships with the students. What I like to do is just be transparent. Because I’m working with graduate students, it’s a different setting, of course, than probably undergraduates, but I establish upfront a rule where they don’t have to call me Dr. Williams or Professor Williams. Of course, many of them have a hard time getting beyond that, but just having a relationship where we can call each other by our names—that fosters a sense of transparency and relationship that I think sets a good foundation.

I also have a practice of having the students over for dinner every semester. That gives them a chance to meet my wife and my children, and that’s such an important thing, especially for business students, to see, “hey, you can have a balanced life where you continue to honor your family and honor your commitments to those things and yet work hard and achieve success in many ways.” So those things help me create a rich soil for the relationship to grow.

measures of success AnDY  Steve, I want to ask kind of an unusual question. You’re a successful businessman. I work in a setting where sometimes success is hard to measure. You can do it based upon getting into graduate school or professional school or how many graduates are employed. how do you think I should measure success in my work? What should success look like for the professorate and for the administration of Pepperdine University? how should we measure whether or not we’re doing a good job?

blog at www.pepperdine.edu/annualreports/2008/

STEvE LEhMAn member, University Board  I think by virtue of the students that you are turning into productive members of society. It really starts, Andy, with you as the leader, as the foundation of the University, and I believe that the message that you send is positive in so many areas. There is—fortunately or unfortunately—a measurement to success in the hierarchies of universities, and I think some of those are subjective, and others maybe not so. But the professors that you bring to this institution set the tone for what we now see as one of the most successful universities in the country on many different levels.

AnDY  Robert, you’re very involved with us. When you think about the future of a place like Pepperdine University, what does success look like to you?

ROBERT KATCh alumnus, Classes of 1984 and 1991; member, Alumni Leadership Council and Seaver Board of Visitors; former staff member  My wife Jan and I have sponsored seven students over the past few years and they’re wonderful human beings. We’ve heard people in the past talk about their students who have graduated from Pepperdine, and some of the wonderful things that they’ve done, so we all kind of dream through our students.

AnDY  Donna, I was out on the recruiting trail for new students in Denver and I met a young man named Cameron. his sister is already here.

It’s a remarkable family: eight children, a ninth on the way, and they’re all homeschooled.

Cameron’s a special young man. I said, “Cameron, where are you in your decision about coming to Pepperdine University?’ And he said, “Well, I’ve got it down to harvard or Seaver.” And he chose

Pepperdine University annual report 2008

Seaver. You’re going to give him a great education; I know that. But what would success look like for a young man like Cameron, for whom the sky is the limit?

DOnnA  Cameron is absolutely fantastic, curious and bright. I feel like my responsibility is to keep that flame going and then fan it and get those flames out of control where they’re curious, and they’re excited, and they know how to use the gifts that they’ve been given, and then provide them opportunities to use it now. I think too often we think of the future, which is very important, but they’re living their lives now.

So in terms of Cameron and students Steve Lehman (l) and Robert Katch like him, like all those students out there, I need to help them—teach them to be enrich what they’re learning in their art class? It intentional, think about what they want all can go together, and it all can be cohesive in out of life, not just in terms of a job, but what type helping them develop their worldview and their of person do they want to be. What type of life do opinion of themselves and of the world and of God. you want to live? And then, what type of job will allow you to be that person you want to be? What I think Pepperdine’s a perfect place for it because type of job will help you live that life you want to I’m not required to artificially compartmentalize live? And then that’s thinking more holistically. my faith with my academic subjects; that’s not Another thing: students like Cameron are so capable the way the world works. We’re there to help mentor them and guide them and help them of so much, and if I just teach straight lecture, then own their own faith and their own worldview we’re not teaching these students. We’re teaching and their own vision of what they want to be. these students to be compartmentalized thinkers, where they don’t integrate what they’re learning in the different classes together. have them bring what they learn in their religion class, their philosophy AnDY  I feel like every day of my professional class, their humanities class, and bring it into my life is a tightrope walk. There are people in science classroom. Let’s see if it fits together. how higher education who think you cannot be both does what they’re learning in the science class

creative tension

academically excellent and faith-based at the same time.

I will confess to you that there are days when I feel like I’m leaning one way, and there are days that I’m leaning the other. My job is to make sure we don’t fall off and that we strike that middle ground. I’ve often said that we must aspire to be both good by anyone’s standards and true according to what George Pepperdine had in mind, and to fail at one is to fail. We can’t just satisfy ourselves with being successful in one area. We’ve got to be successful in both.

Donna Nofziger-Plank

ROBERT W. P. hOLSTROM member, University Board and Seaver Board of Visitors  I think the creative tension of trying to balance those two is what brings excellence.

We’ve almost put competition upon ourselves, as opposed to others, to truly be excellent at something that is very unique in the United States, which already has such a wealth of universities and college systems. So I think we need to keep that there, and I think that will continue to propel the University forward of that creative tension.

What we’re in the business of doing is creating students who are successful but understand that they also have to have a significance in this world.

And I think just too many institutions really push on success. And here in Southern California, in hollywood—this is a place that’s all about success

and the bling and the glitz.

What I want for kids coming here is success, yes, but significance. I think a life of success without significance is a life wasted, and that’s what the University really does a fabulous job of communicating, molding and teaching that, and modeling that through all of its programs.

MIKE  I think the challenge before us is to continue to maintain this creative tension that Robert talked about, where we fully embrace our Christian heritage and values-based education and yet also fully embrace the research and cutting-edge teaching and cutting-edge curriculum that we should be pursuing as a major university. I think we are committed to that, and I think you are committed to that, and that’s clear to me and I think to all the faculty. But the tension remains. There’s always going to be that tension.

I continue to believe that a critical mountain for the future of this school is bringing in faculty who are comfortable in the paradox that lies between our faith tradition and important research and teaching that’s current and contemporary in terms of curriculum. I know that if you take for granted that we have accomplished that, we can start to fall very quickly back down to a place where we’re not holding that paradox in our hands.

DOnnA  The thing I appreciate about Pepperdine is that it is a courageous place. Oftentimes people have the opinion that to be a person of faith, you can’t be open to intellectual inquiry. It is a tightrope at times, but that tightrope needs to be embraced. So I would encourage you to let us continue to be fearless when it comes to open inquiry and seeking the truth and not being scared to open up different avenues of research because if you hire the right people, they’re going to go down the right path. Don’t buy into the idea that if you get good researchers, good academics, good scholars, that somehow you’re going to get rid of the faith element. There are a lot of good people of faith who are great scholars who welcome the opportunity to come to a place like Pepperdine where both are valued.

students and faculty: the heart of our story AnDY  I consider myself more chief storyteller than anything else. As I tell the story of Pepperdine College and Pepperdine University, what do you think are the really important attributes that I should emphasize?

JOhn  People. It’s the student, the character of the student, the character of the administration, the faculty, the people involved here who engage the students. That’s been the continuity of Pepperdine over the years. The thing that needs to be captured in your storytelling is the passion of people who are employed or who are associated with Pepperdine, who engage the students as they come through here.

Pepperdine University annual report 2008

blog at www.pepperdine.edu/annualreports/2008/

AnDY  What story should I tell to describe the faculty of this University?

ShELLEY  I think the story that you need to tell is about an energetic faculty, about a faculty that probably works beyond their capacity most of the time, maybe teaching more than at other schools, spending more time with students and encouraging students than other faculty do across the country, doing research and writing, at least as competitive as other schools. And so I would say a hardworking faculty that is hardworking because of their love for the students. That’s the number one quality that when, as a member of the faculty and working with a group of faculty, we go to interview somebody to come for a job, we’re looking for someone who wants to be with the students, wants to care about their teaching and do their very best and have that energy level.

they get out because a piece of paper is a piece of paper, but when they start talking, they see what the difference is between you and the other person in life or the job.

Catherine Whittinghill and Robert W. P. Holstrom

AnDY  Steve, what do you think the broader community would be surprised to see us accomplish in terms of mountains that we might claim?

AnDY  hunter, as a student, how do you react to all this?

STEvE  What I think Pepperdine has been so successful at is balance. As somebody who has employed a lot of people, I’ll take a look at resumes, and one of the things that they probably don’t teach you in filling out a resume is balance. And Pepperdine has a great balance between the intellectual- and the spiritual-based elements of this institution.

hUnTER STAnfIELD current student, Class of 2009; president, Student Government Association  It’s very encouraging from a student’s standpoint to know that people still care even after they leave, and they’re not only worried about Pepperdine but about the students and their lives both at Pepperdine and outside of Pepperdine. I don’t think you find that a lot of places, and I’m very thankful because I have a lot of friends back home where they just go through college, leave with a piece of paper, and that’s it. And I’m leaving with more than a piece of paper; I’m leaving with character. I think that’s what’s most attractive about Pepperdine students to employers once

SETh  I think there’s one more way that I’d love to see Pepperdine grow in the years ahead, and it relates to internships and ways that alumni and friends of the University can serve in terms of helping students to find wonderful jobs. My business partner and I have hired just over 25 interns from three different schools at Pepperdine over the last six years, and we’ve found some wonderful, wonderful students, and some of them are still with us, and some of them we’ve helped to work in different worlds. But when we interview the students for internships, one thing that we find in a Pepperdine student that we usually don’t find in a non-Pepperdine student

is Pepperdine students always say the reason why they’re here and what they want to do after graduation is not just make money; they want to make a difference. They want to help. And that can be making a difference in many different areas.

So I would love for Pepperdine to be a place where when you’re a senior, you have people waiting for you to welcome you into the family of whatever industry or field you’re wanting to get into, and there’s no reason why that can’t and shouldn’t happen because it’s in line with the core values of the University, in my opinion.

AnDY  Tell you what: if I could get every alumnus to take on 25 interns (laughter), we’re done.

SETh  It’d be a done deal. It’d be a done deal.

T

he longer I serve at Pepperdine the more apparent it becomes that we are engaged in a truly extraordinary calling. To cultivate the hearts, minds, and souls of students is as exhilarating as it is audacious. It is not an easy task, but it is more needed now than when we started in 1937.

Interestingly, the work of educating hearts and minds together, simultaneously, is one of the most enduring cultural projects in the Western world. It is what animated the founders of the universities of Oxford and Cambridge, of Paris and Bologna. It inspired the builders of harvard and Yale, and the hundreds of Methodist, Baptist, and Presbyterian institutions that have dotted the American landscape over the last two centuries.

The task of deepening faith while acquiring knowledge continues to be relevant today, though many institutions have lost their way. In the words of a former provost of notre Dame, the leaders of Christian universities are “sensitive to the longlived values represented by this 2,000-year-old tradition, the oldest cultural and educational heritage in the Western world; [they] sustain belief in a supreme being, which gives anchor to these values and this heritage; [they] exemplify by their lives their deep belief in the dignity of man made invaluable by Him who died for us; [they] dedicate their total selves to this endeavor; [and they] have a love for mankind, particularly students, which is sensed and acknowledged by all who come into contact with them.” Provost Burtchaell’s words from the last century succinctly summarize the Pepperdine mission in this century.

Darryl Tippens

PROvO S T

PEPPERDInE IS An ESPECIALLY GOOD PLACE TO ExERCISE OnE’S MInD, TO GET OnE’S BEARInGS, AnD TO fInD OnE’S WAY.

Once Pepperdine’s students graduate and begin to compare their experiences with their peers in the workplace, they often are made aware that a Pepperdine education is truly a rare experience.

Sometimes it is different because of the way we teach. Sometimes it is different because of what we teach. Most often it is different because of who we are and how we view our mission.

The dignity of the student is bedrock at Pepperdine.

Our desire to acquire knowledge is not an abstract ideal. Rather it is grounded in an ethos of hospitality, respect, moral commitment, and spiritual care. We are not about knowledge for its own sake, at least not primarily, but we are passionate about knowledge that is a constituent of wisdom that ultimately benefits others.

Pepperdine University is populated by threedimensional persons who believe that heart, soul, and mind deserve respect, attention, and nurture. for us, faith and reason are as complementary as sunlight and sky, as compatible as a foundation and solid ground: “If you do not stand firm in faith, you shall not stand at all,” the prophet says (Isaiah 7:9). for us, faith is the way of reason, not an impediment to it. In a time when social institutions are crumbling, when some prefer power to virtue, and greed trumps the common good, Pepperdine is an especially good place to exercise one’s mind, to get one’s bearings, and to find one’s way.

perspectives

Rick Marrs D e a n – S ea v er C o lleg e Seaver College continues to attract some of the brightest and most creative students in the world.

Their energy and desire to make a difference in their communities and in the lives of others is matched only by the dreams and ambitions of the faculty and staff with whom they come to study. Bringing these constituencies together creates an exciting and dynamic energy.

We ardently desire to produce students who will bring their faith to bear upon the pressing needs of our world.

—Rick Marrs

At Seaver College, we aspire to develop and mature in our students not simply competencies and expertise in a variety of fields of study and disciplines, but also to transform lives through the inculcation of wisdom and discernment. In a world fraught with daunting challenges and changes

Pepperdine University annual report 2008

occurring at warp speed, it is imperative that we develop in these bright students the virtue of wisdom and discernment—wisdom to understand the issues at hand and the multi-various implications of those issues, and discernment to make solid ethical decisions that will bless those impacted by the challenges presented.

Seaver College refuses to be content with educating and graduating students who simply compete well for jobs or aspire to secure futures that are comfortable and free of challenges. We aspire to educate and graduate students who have a passion for making a difference in their local communities, in their workplace, and in the larger global marketplace. We aspire to graduate student-scholars who refuse to be content with simply thinking deeply about contemporary issues; we hope to graduate students who actively engage the multitudinous social, cultural, and spiritual challenges of our day.

We ardently desire to produce students who will bring their faith to bear upon the pressing needs of our world. We work daily to assist and empower our students to bring their Christian convictions to bear upon the needs of their communities, especially manifesting a passion for those less fortunate and in need of help.

In an age of narcissism and self-absorption, Seaver College aspires to produce lifelong learners who first and foremost think of others, loving the Lord their God with all their heart, soul, strength, and mind…and their neighbors as themselves.

Linda Livingstone Dean– Gr aziadio S cho o l o f Bus ines s and Manag ement “Coming to Pepperdine was like coming to the Land of Oz. I came as the Scarecrow hoping to find my brain; when I got here I realized it was as much about Tin Man finding his heart. It completed me as a person.”

These words, from an alumnus of our Master of Science in Organizational Development (MSOD) program, describe the holistic learning experience that is a hallmark of the Graziadio School. While focusing on both personal and professional development, we seek to develop values-centered leaders and advance responsible business practice.

We affirm a higher purpose for business practice than the exclusive pursuit of shareholder wealth.

We believe that successful management seeks collective good along with individual profit, and is anchored in core values such as integrity, stewardship, courage, and compassion.

Our students, faculty, staff, and alumni live out this mission daily. Students in Wayne Strom’s Presidential Key Executive MBA class participate in the Civic Leadership Project, addressing issues of personal empowerment and technical competence for unemployed, but employable, homeless men and women. full-time MBA students initiated the valuesCentered Leadership Lab, creating opportunities to more effectively integrate responsible business practice into organizations. Mark Chun, who teaches in our fully Employed MBA

ideas and concepts that generate value for business and society; establish a Center for Teaching and Learning Excellence, a Center for Applied Research, and an Institute for values-Centered Leadership and Responsible Business Practice; continue to cultivate an engaged and vibrant learning community among alumni, students, faculty, While focusing on both personal and and staff; and build professional development, we seek to dedicated corporate develop values-centered leaders and and community advance responsible business practice. program, challenges partnerships to students to “volunteer to —Linda Livingstone support student volunteer.” Our MSOD recruitment, program works regularly career resources, with nGOs in China, recently cosponsoring a and applied-learning experiences. conference there on promoting sustainable communities around the world.

Through these efforts, we will continue to Alumnus Bill Clausen (MBA ’82) was named national Disaster volunteer of the Year for the American Red Cross for his instrumental leadership in helping people recover. noteworthy examples abound of Graziadio School students and alumni emerging as courageous leaders, compassionate global citizens, trusted stewards, and people of integrity—the future of business.

As we look to the future, the Graziadio School will continue this legacy of developing values-centered leaders and advancing responsible business practice. We will ensure that our curriculum is closely aligned with our mission in every program; lead in the creation, promotion, and application of

enhance our reputation globally for advancing knowledge and developing leaders that create value for both business and society.

Ken Starr D e a n –Sc ho o l o f La w I have the great privilege of working alongside a remarkable group of faculty colleagues who demonstrate every day the distinctive character and ethos of Pepperdine University School of Law. Professor Akhil Amar, the Southmayd Professor of Law at Yale and a Distinguished visiting Professor at the law school, has described the law school as a place of “excellence and

humanity,” a description that aptly captures the uniqueness of this community.

Excellence and humanity. Teaching and scholarship.

Rigorous instruction and personal care. I’m forever thankful to work alongside such a committed group of faculty colleagues who serve as the living embodiment of the law school’s distinctive mission.

—Ken Starr In the world of legal education, the primary responsibility of faculty, according to conventional wisdom, is to produce books and articles. faculty scholarship is the currency of the realm. At the law school my faculty colleagues take seriously their responsibility to be active and engaged scholars, but we continue to lift up teaching and mentoring as their primary responsibility.

While many talk about the accessibility of their faculty, we seek to practice it; and we found a deep measure of satisfaction in being named number One by the Princeton Review in the category of “faculty Accessibility,” an affirmation

Pepperdine University annual report 2008

of our continuing commitment to students as the heart of the educational enterprise.

distinctive mission of strengthening students for lives of purpose, service, and leadership.

Yet teaching and mentoring does not tell the whole story, as I am surrounded by faculty colleagues who are actively engaged in influential and trailblazing scholarship. Engaged scholarship sustains and enhances good teaching. In recent years the law faculty has significantly increased the quality and quantity of its scholarship, placing articles in the best law journals, publishing books with prestigious academic presses, and speaking at conferences and symposia around the world.

Margaret Weber

In the spring of 2008, the law school’s outstanding record of faculty scholarship was recognized when it was elected for membership in the Order of the Coif, the Phi Beta Kappa of law schools. We were the first law school admitted to the Order since 2004 and we gained admission on the strength of our record of scholarship—more than 185 law review articles, 35 scholarly books and book chapters, and more than 40 conferences and symposia hosted by the law school in the last seven years.

D e a n –G ra du a te Sc ho o l o f Educ a ti on a n d Psy c ho l ogy Too often the work of higher education is limited to theoretical exercises, and fails to connect with the lives of ordinary and underresourced people. The Graduate School of Education and Psychology (GSEP) believes in the scholarpractitioner model of education and is a leader in this field of making connections.

The scholar-practitioner model we practice at GSEP helps our student find meaningful purpose in life and engages them in leadership development.

Social purpose is put into direct practice, and students transcend their own development even as they support others. The scholar-practitioner model provides a dialectic, that vigorous conversation where scholarship informs practice and practice informs scholarship; the result of which is improved and enhanced lives of the clientele of our students.

The Graduate School of Education and Psychology believes in the scholar-practitioner model of education and is a leader in this field of making connections.

—Margaret Weber

Perhaps the most remarkable part of this story is that my faculty colleagues have achieved these significant milestones despite a student-teacher ratio that is significantly higher than our peer schools and despite having heavier than typical teaching loads.

Excellence and humanity. Teaching and scholarship. Rigorous instruction and personal care. I’m forever thankful to work alongside such a committed group of faculty colleagues who serve as the living embodiment of the law school’s

can live only one life. I can contact only a few people. I can influence only a small number. I can do only a limited amount of good work…

Therefore I am counting on you, the alumni, to live long after I am gone and continue the ever increasing waves of good citizenship and Christian influence embodied in the ideals of our college.”

George Pepperdine emphasized this calling in his founding address: “On many occasions I have said to groups of students that I am counting on them after they graduate from Pepperdine College to multiply my work in the world. I

Our new Urban Initiative—which seeks specifically to make students into scholar-practitioners who are motivated to create the connection between theory and need by becoming teachers and mental health professionals in the inner city—has been launched to enhance the opportunities for these students to better serve the under-served.

The complexity of working and serving within the inner city is so great that it threatens to

overwhelm those who would take up the challenge to make a difference; the Urban Initiative serves to prepare those future educators and mental health professionals called to urban communities.

We believe that God’s kingdom is made up of people from every tribe, tongue, and nation, which informs the high value we place on diversity. We also believe that our work is linked to God’s kingdom “on earth as it is in heaven.”

So the practice of our profession includes the work we have been engaged in for decades.

The work is set within a collaborative model of engagement impacting all human beings that will sustain supporting those with fewer resources to meet their greatest aspirations. As Gandhi said, “Be the change you want to see in the world.”

Jim Wilburn D e a n – S ch o o l o f Public Policy A host of studies of organizations facing seasons of rapid growth, intellectual ferment, or environmental change reveal an almost predictable outcome: those organizations with a strong sense of core values, focused mission, and intentions that have been distilled from lively conversations and passionate commitments, not only survive storms of change, but are comfortable with and strengthened by the innovations that are demanded by altered circumstance.

As Pepperdine was made stronger by surviving rapid changes to its campus and facing national questions about the purpose of higher education, so the School of Public Policy has found a focus that is rare in academia through its passion for a

new vision of public policy. Specifically, Pepperdine’s program has rediscovered the refreshing and permanent vitality that courses through civic life in state and local organizations, in nonprofit initiatives, in churches and synagogues and mosques, in families, and in the business and labor associations Graduates of the School of Public Policy will be uniquely, intentionally, and carefully prepared with a core of faith, and a heart of concern that thrives on change.

—Jim Wilburn that have, through times of change, nourished the real strength of American society.

To be sure, graduates of the School of Public Policy have had no problem in competing for positions of influence in Washington, D.C. This year there were nine at the White house. Others hold positions of influence and responsibility in the Departments of State, Treasury, Education, homeland Security, and in the federal Trade Commission, while still others are writing in think tanks and stewarding the interpretations of the courts, crafting a message heard by millions.

But just as importantly, others have founded their own nonprofit citizen-led organizations to work with gang members in Philadelphia, to launch two dozen clinics for AIDS sufferers in Africa, to bring electricity to schools and orphanages in the Republic of Georgia, or to work with the Grameen Bank in Bangladesh to provide microloans to women in Asia.

The 21st century will experience dangers and opportunities that no one can predict or avoid. But graduates of the School of Public Policy will be uniquely, intentionally, and carefully prepared with a core of faith, and a heart of concern that thrives on change, energizing a new model for others to follow. The school is fortuitously prepared for each moment, nourishing roots in ancient wisdom and ageless faith and thus providing students with wings actually buoyed higher by winds of change.

This will be its role because a foundation that is intact actually thrives on change, recognizing ways to leverage the most unexpected uncertainties as opportunities to extend personal liberty and to focus the human spirit—which is the point in history where one may, when the cross currents of time and space coalesce just right, most often discover that we are in the image of God.

Pepperdine in 2008

Pepperdine University annual report 2008

Message from Ed Biggers

ChA IR, BOARD Of REGEn T S

hen historians eventually write the chapter on the financial crisis of 2008, there will be a tremendous debate over which events or practices triggered the meltdown. One thing they will agree upon: This crisis has touched virtually everyone in the country and much, if not most, of the world.

Like so many institutions, Pepperdine has been hit hard by the freeze of the credit market and the collapse of the stock market. Students who depend on loans to pay for tuition and books find that they have few options. Our endowment, which provides scholarships for such students, has sustained significant losses. Many in higher educations have called it the “perfect storm”.

If this metaphor applies, then it is a storm that Pepperdine is prepared to weather. Thanks to years of steady, conservative leadership provided

by President Benton and his administration, Pepperdine has minimized its exposure to the fury of this financial event. The loss to the endowment is painful, but not devastating. I am confident that our aggressive plans to advance the mission of the University will not be deterred.

This is not an attempt to understate the challenges that are before us. Prior to the financial crisis, Pepperdine was already stretched by its ambitions to compete with the nation’s leading universities.

This is an especially difficult challenge since Pepperdine is a much more dependent upon a steady flow of revenue generated by full enrollment than are other universities. no one knows what to expect in the coming months; but it is clear that

we need to continue with our plans to build the endowment so that our mission is not at risk.

Even with this current fiscal crisis, you will see in the pages of this report that Pepperdine has had a very strong year. You will read about the good work that our faculty, students, and alumni are doing around the globe and you will see that Pepperdine is changing the world one student at a time. very few Universities combine scholarship and teaching with an exploration of faith and reason like Pepperdine. This combination is producing competent students with the capacity to think creatively and to act upon convictions based upon Christian values. As the chair of the Board of Regents, I have no greater responsibility than to see that Pepperdine remain faithful to its mission. The world needs Pepperdine graduates more than ever.

Again, I commend President Benton for his balanced approach to management and his vision for Pepperdine’s future. Though he may be proud of all that has been accomplished over the past several years, he is not satisfied.

In truth, none of us are. As good as Pepperdine is, a better Pepperdine lies ahead.

experience the year in review 

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year at Pepperdine University is far from ordinary.

As the seasons change, they reveal academic development, athletic achievement, and meaningful service among students and faculty. Distinguished guests bring knowledge and expertise to our campuses, while outstanding Pepperdine people share their gifts with the world. Each extraordinary moment highlights an element of what makes Pepperdine so special. here we pause to look back at a few of the memorable things that happened in 2008.

To learn more, watch Pepperdine’s 2007–08 Year in Review View the video at www.pepperdine.edu/annualreports/2008/

ThE YEAR In REvIEW 

THe Graziadio ScHool of BuSineSS and ManaGeMenT The drescher Graduate campus Malibu, california

the year in review Notable authors, scholars, aNd lecturers Defense Attorney Alan Dershowitz Discusses Law and Public Policy with Dean Starr Acclaimed criminal defense attorney ALAn DERShOWITz visited Pepperdine this year and spoke candidly on law and public policy. The felix frankfurter Professor of Law at harvard Law School conversed with School of Law dean Ken Starr, who holds notably opposite viewpoints from Dershowitz. “It was wonderful to have a scholar and a professor of Dershowitz’s reputation and renown join us here at Pepperdine,” remarked law professor Samuel Levine, who moderated the conversation.

“The interaction between Professor Dershowitz and Dean Starr was lively and informative for the students and faculty who attended. Dershowitz expressed legal and political viewpoints that aren’t always heard at Pepperdine.”

Wilson Explores Genetic Basis of Political Beliefs in Annual Lecture JAMES Q. WILSOn, Ronald Reagan Professor of Public Policy, explored the possibility that people gain their political views not from their parents’ teaching, but from their genetic makeup in his annual lecture, this year titled, “The Genetic Basis of Political views.” “for generations scholars have assumed that young persons

Pepperdine University annual report 2008

learn their political views from their parents, but new evidence suggests two ways in which this view may be wrong,” Wilson says. “first, our genes have a large influence on our politics and second, the effect of the environment comes largely from friends rather than parents.”

“Justice Thomas’ visit to Pepperdine was definitely one of the highlights of my legal career, if not my life,” said Jerren Wright (class of ‘09), president of the Student Bar Association. “While attending lunch with the Justice, I was profoundly impacted by his broad wisdom, candid anecdotes, and passion to serve. Overall, it reflects very positively on our community to attract such an amazing jurist and person to share his time with us.”

School of Public Policy Celebrates 10th Anniversary with Former Florida Governor Jeb Bush

Supreme Court Justices Address Pepperdine Audiences The School of Law continued its tradition of bringing Supreme Court Justices to Pepperdine by hosting ChIEf JUSTICE JOhn ROBERTS and JUSTICE CLAREnCE ThOMAS. Roberts served as a judge for the vincent S. Dalsimer Moot Court Competition and headlined the 31st Annual School of Law Dinner. Thomas delivered the second annual William french Smith Memorial Lecture. Thomas spoke in conversation with litigation attorney Charles R. Eskridge (JD ‘90) and Shelley Saxer, associate dean for academics at the School of Law. Dean Ken Starr moderated the conversation.

The School of Public Policy celebrated its 10th anniversary with former florida GOvERnOR JEB BUSh. At the anniversary dinner members of the SPP community celebrated the accomplishments of the last decade and articulated the school’s intent and aspirations for the future.

“Governor Bush impressed upon all of us the importance of family, loyalty, and morality when embarking on a career in politics,” noted nicolas valbuena (class of ‘09). “I was personally inspired by meeting him after his speech. I was able to ask him questions that would relate to my career path. I am grateful for the School of Public Policy’s dedication to exposing us to leaders in government and will remember the 10th Anniversary Dinner as a highlight of my experience at Pepperdine.”

the year in review also in the news:

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Seaver College Hosts Noted Scholars and Authors The W. David Baird Distinguished Lecture Series welcomed biologist KEnnETh MILLER (a) on Darwin and Christian faith, author TOBIAS WOLff (b) on memoir and fiction, theatre historian ChARLOTTE CAnnInG (c) on U.S. theatre and Cold War foreign policy, and evangelical scholar MARK nOLL (d) on the significance of hymnody in American religious history. Business ethicist MARIAnnE JEnnInGS (e) explained what makes really smart and good people do really dumb and unethical things, and scholar STEPhEn POST (f) described why good things happen to good people.

Top Business Leaders Headline Dean’s Executive Leadership Series The Graziadio School’s acclaimed Dean’s Executive Leadership Series featured DEBORAh PLATT MAJORAS, chair of the federal Trade Commission; AnDY BIRD, president of Walt Disney International; BRUCE ROSEnBLUM, president of Warner Bros. Television Group; ROBERT ECKERT, chair and CEO of Mattel, Inc.; ROBERT SIMPSOn, president and COO of Jelly Belly Candy Company; and los angeles Times columnist STEvE LOPEz. All lectures are made available to podcast at http://bschool.pepperdine.edu/dels/.

 The GSEP Multicultural Issues Impacting Community Speaker Series welcomed scholar MOLEfI KETE ASAnTE.  Pepperdine hosted a broad spectrum of conferences and symposia, including “Revolution through Social Enterprise,” “foreign Policy in the Post-Bush Era,” and “free Speech and Press in the Modern Age.”  MIChAEL LEvI, one of the United States’ most respected authorities on the threat of nuclear terrorism, came to speak on his area of expertise.  Stanford economics professor JOhn B. TAYLOR delivered a lecture on international finance in a post-9/11 world.

News aNd achievemeNts Pepperdine Welcomes Outstanding New Faculty The success of any university can be measured most effectively by the people it attracts. This year, Pepperdine welcomed 37 faculty members across all five schools. Each professor possesses unique talents and gifts, a commitment to uphold the highest academic standards, and a common purpose to serve and empower students. for the full list of new hires, please visit www.pepperdine. edu/pr/releases/2008/august/new-faculty-2008.htm.

Five Pepperdine Students Receive U.S. Student Fulbright Awards A record number of Pepperdine students were awarded a fulbright U.S. Student scholarship, leading five recent Seaver College graduates to teach or study overseas for the 2008–2009 academic year.

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Three of the five recipients earned English language teaching assistantships: ALISSA SMITh (‘08) (1) is now teaching in Turkey, ERIn ShITAMA (‘08) (2) in Indonesia, and BRIAn CLARK (‘06) (3) in Spain. The other two recipients were awarded full grants to undertake graduate research: KEITh COLCLOUGh (‘08) (4) is studying language in Germany, while biology major LAURA MERWIn (‘08) (5) is in Australia examining plants in drought and fire-prone ecosystems. The five Pepperdine students are among 1,100 U.S. fulbright scholars who will travel abroad next year.

“We had 16 applicants,” says former Seaver College dean David Baird. “To think that five of the seven finalists received the grant is quite gratifying. It is an incredible affirmation of the quality of our students, faculty, and staff.”

year in review video at www.pepperdine.edu/annualreports/2008/

Pepperdine Faculty Author New Books Several faculty published new books this year.

A partial list includes Pulitzer Prize-winner ED LARSOn, who tells the story of America’s closestever presidential election in a Magnificent catastrophe: The Tumultuous election of 1800, america’s first Presidential campaign (Simon & Schuster, 2007); and SUSAn hALL, associate professor of psychology at GSEP, who looked at the legal and psychological adjustments that can be made for child witnesses in courtroom Modifications for child Witnesses: law and Science in forensic evaluations (American Psychological Association, 2008). other new faculty books include:  Martin luther King and the rhetoric of freedom: The exodus narrative in america’s Struggle for civil rights, by GARY SELBY, Blanche E. Seaver Professor of Communications  faith and law: How religious Traditions from calvinism to islam View american law (nYU Press, 2008), by ROBERT f. COChRAn, JR., the Louis D. Brandeis Professor of Law and director of the herbert and Elinor nootbaar Institute on Law, Religion, and Ethics  The leadership advantage: How the Best companies are developing Their Talent to Pave the Way for future Success (AMACOM, 2007),

by ROBERT M. fULMER, Distinguished visiting Professor of Strategy at the Graziadio School Learn about more faculty authors at www.pepperdine.edu/academics/research/.

Graziadio School Students Win National Ethical Leadership Case Competition Graziadio School MBA students ALInA TOPALA, nIChOLAS MERRIAM, ELIzABETh PASSARETTI, and zAChARY POnD earned first Place honors in Baylor University’s national Case Competition in Ethical Leadership.

Over a three-day period, the teams studied an ethical business dilemma and were given the opportunity to present their solutions before a panel of judges. “The Pepperdine team did an excellent job of identifying the issues both business and ethical and then went on to recommend a restructuring of the organization that would address those issues, being certain that they were ‘doing the right things’ ethically whilst making certain that they ‘did things right’ (financially) for all stakeholders,” said Samuel Seaman, Graziadio School professor and the MBA students’ faculty advisor.

Pepperdine President Andrew Benton Named ACE Board Chair President AnDREW K. BEnTOn assumed the role of chair of the American Council on Education (ACE), the major coordinating body for all the nation’s higher education institutions. “It is an honor to serve as chair of the American Council on Education board of directors,” he commented.

“Maintaining an informed and educated citizenry is one of the foundational characteristics of a free and democratic society. now in its 90th year, the council has made significant contributions to

Pepperdine University annual report 2008

higher education positively impacting students for nearly a century.” ACE represents more than 1,600 college and university presidents and more than 200 related associations nationwide.

GSEP Launches Urban Initiative with Inaugural Event The Graduate School of Education and Psychology has a long tradition of engagement with its urban neighbors. for more than 50 years, the school has prepared teachers, administrators, and mental health workers for service in the Greater Los Angeles area. This fall, GSEP officially launched the Urban Initiative with a ceremony held at the Union Rescue Mission in downtown Los Angeles. Program director RhOnDA BRInKLEY-KEnnEDY addressed attendees about the goals of the new Initiative to strengthen ties with the local community and to deepen the link between GSEP professional preparation programs and the education and mental health needs of those in urban communities.

the year in review Pepperdine Presents 65th Annual Bible Lectures Pepperdine University presented the 65th annual Bible Lectures on the theme “The Upside Down Kingdom: Living the Sermon on the Mount.” The May 2008 lectures were the largest program in Pepperdine history, drawing nearly 5,000 visitors from 40 states and more than 20 countries around the world. During the lectures, speakers led attendees on a journey through what it means to be the kingdom and live as kingdom people. “The kingdom is more than a place—it is a condition, a state, a way of thinking and behaving, a mindset, and a lifestyle,” said the Bible Lecture team. “But above all, the kingdom is a unique Person in whom we live, love, and serve.”

Pepperdine School of Law Joins Order of the Coif The SChOOL Of LAW continued its ascent up the national rankings ladder and was unanimously approved to join the Order of Coif. The Order of the Coif is conferred upon schools that have demonstrated an environment of outstanding scholarship and academic excellence, and Pepperdine School of Law is the first to gain admittance to the society in four years. “I believe that unity of purpose is at the heart of Pepperdine’s dynamic engagement in scholarship and the academic community,” said RICK CUPP, associate dean for research and the John W. Wade Professor of Law. “Led and inspired by President Andrew K. Benton, Dean Starr, and their predecessors, Pepperdine’s faculty has a remarkable level of consensus about the importance of contributing to the marketplace of ideas.”

also in the news  RICK MARRS assumed his role as new dean of Seaver College.  School of Public Policy introduced the JACK f.

KEMP InSTITUTE fOR POLITICAL ECOnOMY.  STRAUS InSTITUTE fOR DISPUTE RESOLUTIOn earned top national ranking for the fourth consecutive year.  ThE GRAzIADIO SChOOL introduced new master’s programs in applied finance, global business, and management and leadership.  GSEP fACULTY secured grants for research and student programs totaling more than $1.6 million.

Faith aNd service David Lemley Offers Spiritual Care as Pepperdine Chaplain DAvID LEMLEY has been appointed Pepperdine University chaplain after serving in a parttime capacity as associate chaplain last year. As an alumnus and grandson to the third president of the University, Lemley says he’s grateful for the opportunity to fill the spiritual needs of Pepperdine University, where he too cultivated his own faith and character. “The chaplain serves the spirit of an institution, providing care and keeping an open door to the community,” Lemley explained. “I hope to provide students, staff, faculty, and others who serve Pepperdine access to spiritual resources and a deeper sense of God’s presence and work among us.”

year in review video at www.pepperdine.edu/annualreports/2008/

Performers Take the Stage in Smothers Theatre

also in the news:  RUBEL ShELLY presented “Why Atheists Are So Angry” as the 28th annual William M. Green Distinguished Christian Scholar Lecture.  Annual frank Pack Distinguished Christian Scholar Lecture Program featured acclaimed author LAUREn WInnER.  Pepperdine students engaged in service on the 19th annual STEP fORWARD DAY, multiple Project Serve trips, and throughout national hunger Awareness Week.

arts aNd athletics Charles Arnoldi (l) and Michael Zakian

Pepperdine University annual report 2008

Weisman Museum Celebrates 15th Anniversary

The frederick R. Weisman Museum of Art celebrated its 15th anniversary with an exhibit called “Made in California: Contemporary California Art from the frederick R. Weisman Art foundation.” Other exhibits throughout the year included “Charles Arnoldi: Wood,” “Reflections from the Artist’s Eye,” and “Portfolio of Creative Work” by the Pepperdine Public Affairs team. “Each new exhibit and piece adds something different to the museum and its history,” said museum director MIChAEL zAKIAn. “At Pepperdine we want to continue showing ever better and ever more important exhibitions; we want to keep raising the bar.”

SMOThERS ThEATRE came to life with professional and student performances throughout the year. highlights included the fall musical Brigadoon, the flora L. Thornton Opera Program’s rendition of The Bartered Bride, and the theatre department’s production of William Shakespeare’s Hamlet. Other notable performances included pioneering jazz pianist Dave Brubeck and his acclaimed quartet, Richard Alston Dance Company, singer/songwriter Kris Kristofferson, and a special Christmas program by the Kingston Trio.

Waves Athletes Earn High Honors in Another Strong Season PEPPERDInE AThLETES upheld a remarkable tradition of winning two-thirds of the contests in which they competed. Six Pepperdine teams finished the year ranked in the Top 25 nationally, led by men’s volleyball which concluded its season ranked no. 2. nine teams advanced to nCAA championship post-season play and 10 student-athletes earned All-American honors.

“I’m exceedingly proud of the dedication that our student-athletes and coaches continue to exhibit everyday,” said John Watson, the University’s director of athletics. “Their commitment in the classroom and on the field is phenomenal. I believe they present themselves as positive role models to be envious of.”

Waves Alumni Win Olympic Medals in Beijing Pepperdine alumni completed one of the school’s best-ever Olympic showings this year with four athletes bringing home medals in three different events at the 2008 Beijing Olympics. SEAn ROOnEY (‘05), a former national Player of the

Terry Schroeder

Year with the Waves, earned the biggest prize: a Gold Medal with the USA men’s volleyball team. MERRILL MOSES (‘99) and JESSE SMITh (‘05) brought home Silver Medals with the USA men’s water polo team, led by legendary Pepperdine coach TERRY SChROEDER. SIMOn ASPELIn (‘98) of Sweden claimed a Silver Medal in the men’s tennis doubles competition.

Tom Asbury Returns to Pepperdine as Men’s Basketball Head Coach former Pepperdine men’s basketball head coach TOM ASBURY has returned to Malibu to take over as the Waves’ head coach. Considered by many as the architect of one of the best periods in Pepperdine men’s basketball history, Asbury was previously at Pepperdine for 15 seasons.

“There are very few people who have been as much a part of Pepperdine’s success in basketball over the years as Tom Asbury,” John Watson commented. “for 15 years he was a major reason why Pepperdine was at the top of the class in the West Coast Conference, and we’re looking forward to his return to the bench.”

reflections from the administration

The key to Pepperdine’s success, now and in the future, is our people. By making this Gary Hanson

the distinctive and special place it is, our people give integrity to our claims and

Nancy Magnusson Durham

bring life to our mission.

Gary Hanson  executive vice president and chief operating officer.

The key to Pepperdine’s success, now and in the future, is our people. Our quality of character as a University is directly related to those who work here and who support us in so many ways. By making this the distinctive and special place it is, our people give integrity to our claims and bring life to our mission.

There is a museum in victorville, California, that features a large map of the world. victorville is circled as the destination, and hundreds of colorful pieces of yarn emanate from that circled spot on the map and spread to points of origin all across the globe. Each piece of yarn represents a different person with his or her own story. Each had a personal reason for making the journey, and each earned the right to place a piece of yarn on that map. With every string added, you can imagine that the map becomes more colorful and more interesting. If just one piece of yarn is removed, the map will be diminished. So it is with Pepperdine.

Each one of us has earned the right to place a string between our point of origin and this place. for some Pepperdine may be a last stop on their journey; for others, it is a milestone on the way to somewhere else. But each one whose unique journey and colorful life adorns the Pepperdine map has added great value to the University.

Our personal stories are inextricably linked with the others who have been drawn in some way to this destination, and if one piece of yarn were missing, Pepperdine would be less than it is today.

My personal belief is that God has drawn each one of us to the University for purposes beyond our understanding. I came to Pepperdine intent on fulfilling my own agenda and found something greater than I could ever have imagined. I found a career, I found a family of my own, and I found an extended family in this wonderful Pepperdine community. Most important, I found a faith as God’s hand worked in my life at this place. After 27 years I continue to see God’s hand at work, and it is most evident through the people he draws to this place—dedicated, talented, passionate, generous, hard working,

entrepreneurial, creative people who love learning, who love young people, and who love God. The structure of this University is beautiful—with its campuses and facilities in Malibu, and Southern California, and around the globe—but the people of Pepperdine are the heart and soul of this place.

Nancy Magnusson Durham  senior vice president for planning, information, and technology.

The University community comprises a broad array of motivated individuals who are thinkers, problem solvers, experts, artists, entrepreneurs, scholars, and athletes. These individuals have a common characteristic: they all are dreamers who aspire to achieve at the highest levels in their areas of expertise. new faculty members, staff members, and students are invited to join the Pepperdine community based, in part, on their aspirations—aspirations for themselves, for their University, for the country, and for the world. These individuals are determined to impact the world for good.

Pepperdine University annual report 2008

As we go forward in the young 21st

The goals of the University should be built

century I believe our ultimate success will

on the dreams of its faculty, staff, and students. I believe that it is the compilation of these dreams that constitutes the soul of the

be framed and measured by the extent to Jeff Pippin

remain true to our mission as a student-

University.

The administration of this University serves to cultivate the dreams of the faculty, staff, and students. It serves this role by selecting the dreamers, understanding their talents and aspirations, and providing a supportive context and the resources to accomplish their work. One might argue that the dreams of the individual should be sublimated to the goals of the University. I would argue that the goals of the University should be built on the dreams of its faculty, staff, and students. I believe that it is the compilation of these dreams that constitutes the soul of the University.

What are these dreams that lie in the hearts of our faculty, staff, and students? They are dreams to live redeemed lives, dreams for prejudice to melt, dreams that goodness will prevail in the world, and that freedom will reign.

Our dreams prompt us to linger after class to engage a distracted student, to cultivate during class discussion a new and barely formed idea, to be present and hopeful when a student is resentful and resistant, and to be tenacious about asking questions designed to reveal truth.

Because our dreams are anchored in the knowledge of the power of the resurrected Christ,

which we as an institution build upon and centered Christian university.

we are willing to open ourselves to possibilities otherwise unimaginable. We aspire toward wholeness for all people, for justice and mercy, for freedom and prosperity. It is our dreams and beliefs that create in us the desire to give ourselves passionately to our work, to achieve at the highest levels, and to see each other through lenses shaped by hope, compassion, and renewal.

All the dreams necessary to build a great university reside in the hearts of our community members.

The privilege of the administration is to cultivate these dreams. To do so is a worthy calling.

Jeff Pippin ďƒ‚ senior vice president for investments and chief investment officer.

how do we measure success at Pepperdine University? As the chief investment officer my mind often leaps to financial measurements. By that metric Pepperdine has been remarkably successful over the past two decades. Total assets have grown from $157 million in 1985 to over $1 billion in 2007. The support we have received from friends over the years has laid a strong foundation for a future

filled with possibilities, notwithstanding the challenges of the current financial environment.

Do we measure success by what others say about us? Several surveys have recognized our Malibu campus as one of the most beautiful college campuses in the country, and some publications consistently rank Pepperdine in the top tier of national universities.

Our growth in international programs may be another important measurement of success.

Pepperdine has expanded its horizons beyond Los Angeles and now has six international campuses and a new campus at 2011 Pennsylvania Avenue in Washington, D.C. nearly 60 percent of our students attend at least one of our international programs during their college career.

Perhaps a better measurement is the quality of the faculty that Pepperdine has assembled.

Pepperdine’s faculty members are increasingly recognized around the world for their scholarship while maintaining a commitment to their primary focus of teaching and mentoring students.

There are many benchmarks of success that Pepperdine would measure up to, but the

greatest measure of success must be the success of our students. When they go out into the world and succeed, Pepperdine succeeds.

In my view, there is not greater measurement of our performance than the performance of a Pepperdine graduate. If that is the case, then by all counts, Pepperdine is doing very well.

As we go forward in the young 21st century I believe our ultimate success will be framed and measured by the extent to which we as an institution build upon and remain true to our mission as a student-centered Christian university.

The fulfillment of the mission to build a world-class Christian university challenges us all in our roles as stewards of this great institution, and as the current generation entrusted with the vision expressed

by George Pepperdine so many years ago.

Charlie Runnels  chancellor emeritus.

I have found Pepperdine students to be talented, articulate, service-minded, and thoughtful. When they attend conferences, meetings, or job interviews they present themselves with confidence and they engage their host with courtesy and respect. I may be old fashioned, but I believe these qualities are as important today as they have ever been.

What qualities should people expect from a Pepperdine graduate? Would you expect a grad to be ambitious and skillful, or talented and creative? Yes! Of course! But people have come to anticipate so much more. friends of mine say that they find Pepperdine graduates to have a deep appreciation of their history

I have no doubt that Pepperdine will flourish if it remains true to its commitment to students. very few universities attempt Charlie Runnels

to educate the “mind and the heart”—as George Pepperdine used to say—the way Pepperdine does.

and optimism for their future. They also find Pepperdine graduates to be filled with a sense of gratitude—a rare attribute in an entitled world.

I am so proud of our students. The contributions that they are making to improve this complicated and troubled world are enormous. They are leaders with the capacity and will to change things. And they are. With their Pepperdine education as a foundation, these young men and women are making a difference every day.

Over the past 40 years there has rarely been a day when I haven’t made a new friend for Pepperdine. how do I do it? I wish I could say it is my personal charm, but I know better. When I introduce people to a Pepperdine student, they see the difference for themselves and they want to learn more. “What kind of education produces a person like this?” they ask. The answer is simple: “Pepperdine.”

I have no doubt that Pepperdine will flourish if it remains true to its commitment to students. very few universities attempt to educate the “mind and the heart”—as George Pepperdine used to say—the way Pepperdine does. As long

this University keeps its focus on the student, Pepperdine will have a very bright future and the world will benefit from its product.

Keith Hinkle  vice president for advancement and public affairs and chief development officer.

A deep sense of community exists at Pepperdine. I still remember my first week of law school at Pepperdine University in 1994. I arrived in Malibu with a great sense excitement and anticipation. Almost instantly, I felt a deep sense of community with my classmates. We were all new to one another, drawn together for friendship, success, even survival through this intense, shared experience. Many of my best friends are people I met in law school.

I felt that sense of community again the first day of work in October 2000. for me it stems from an appreciation of working with those who share my Christian worldview. We come to work each day for more than a paycheck. We don’t always agree with each other (nor do we need to), but we

Pepperdine University annual report 2008

President Benton has challenged the University to have the most engaged Keith Hinkle

and involved alumni association in the nation by our 75th anniversary in 2012, and to build it around service to others.

do share the sense as a community that we are transforming lives that will transform the world.

Unfortunately, I didn’t feel a strong sense of community with my Pepperdine family in my years away from the University. Some of it was my fault. I was busy starting a career and family, and didn’t make time for Pepperdine.

But some of it was Pepperdine’s fault. It didn’t really reach out to me or help me stay engaged.

I don’t even think it did a good job while I was a student, inculcating in me a desire to have a lifelong relationship with Alma Mater. now times have changed. President Benton has challenged the University to have the most engaged and involved alumni association in the nation by our 75th anniversary in 2012, and to build it around service to others. We have much to do, but we are on our way.

We now have over 20 alumni chapters across the nation; they are good and getting better. We have launched a new and thriving Alumni Leadership Council. We have a robust offering of alumni benefits and a new online directory (PAn Online).

We are strengthening our reputation, and creating more opportunities for alumni to be involved in classes, internships, recruiting, and mentoring.

We are building more rituals and traditions during the student experience. We are traveling more to share the exciting things that are happening here.

I pledge that Pepperdine will do its part to engage and excite the alumni. Our alumni deserve nothing less from the institution. My hope and prayer for all Pepperdine alumni is that they will reconsider their involvement and investment with alma mater.

To all my fellow alumni, I invite you to reconnect with your Pepperdine family: attend a local chapter event, get back to campus at your next opportunity, call us and volunteer to speak to a class or be a mentor, attend a University dinner or lecture, play in one of our golf tournaments, tell a prospective student about Pepperdine, or hire a fellow Wave.

Let’s rebuild that sense of community we felt during our student years and make being a Wave a point of pride for our community.

The Pepperdine School of law Malibu, california

a review of fiscal year 2007–2008

Paul Lasiter

I’ve stated in the past that Pepperdine University has been blessed with increasing financial strength. Many of my predecessors faced serious challenges to provide even the most basic services to the University’s students, faculty, and staff. But today, despite the impact of the recent economic downturn, I am fortunate to serve this University during a period of financial fortune. While the University is certainly stronger than it was a decade, or even five years ago, fiscal 2008 began a new period of challenging economic times for higher education, the United States, and indeed the entire world.

What began as a national mortgage crisis has evolved into severe financial market disruptions and a dramatically slowing global economy. virtually every business sector has been impacted.

While the University’s results from operations remain positive for fiscal 2008, the stresses caused by financial market turmoil are evident in the University’s financial statements. During fiscal 2008, the University’s total assets declined $53 million from one year ago, primarily as a

result of investment declines. The University’s investment portfolio staged a dramatic downturn during fiscal 2008, resulting in a net $22 million or near 3 percent net loss in operating and nonoperating items, with further significant reductions in value occurring after fiscal year-end.

In the midst of challenging economic times, particularly during periods of reduced investment returns or losses, it is tempting to abandon longterm investment management principles and seek safety from the financial storm. fiscal 2008 saw the University’s endowment decline $42 million or nearly 6 percent from one year ago to total $674 million. While short-term losses in endowment values can be worrisome, the continued ability of the endowment to distribute funds in support of annual operations is of much greater importance. fortunately, as I write this today, the University’s endowment payout is projected to remain relatively stable for at least the next 24 months.

We’re fortunate this is the case as the University distributes endowment support based on a five-year moving average of endowment value multiplied by a 5 percent payout rate. This payout methodology results in a slower endowment payout growth rate during periods of positive investment returns, and a slower decline in payout rate when investment returns are negative. During fiscal 2008, endowment support for operations totaled $26 million, or approximately 10 percent of total expenses. Since the University’s endowment provides a relatively low level of support for operations, continued declines in endowment value will not have as dramatic an impact on the University as on many other institutions

that rely much more heavily on endowment support to fund their operating activities.

Despite the decrease in assets resulting from investment declines, we continued to invest in property and equipment to better serve our students. Investments in new facilities and refurbishments of existing facilities have been funded through the use of existing reserve funds and gifts from friends and alumni. During fiscal 2008, the University purchased facilities in Washington, D.C., and Lausanne, Switzerland, to provide permanent homes for students in those programs. Additionally, significant renovations to many of the buildings on the Malibu campus were completed or are underway.

The University’s long-term obligations remained relatively unchanged from one year ago, and totaled $209 million. Although certain forms of debt financing have been very attractive in recent months, we have decided to maintain a conservative leverage position rather than take on additional debt. We’ve funded capital investments from internal resources, a prudent move in this difficult economic environment, and maintained a long-term debt to total capitalization ratio of approximately 17 percent at the end of fiscal 2008.

Today, approximately 7,650 students are enrolled at the University’s five colleges and schools. Maintaining an appropriate level of student enrollment is extremely important since approximately 74 percent of the University’s operating revenues come directly from students.

Demand remains strong for the majority of the University’s academic offerings, and during

Pepperdine University annual report 2008

fiscal 2008, net tuition revenues increased $8 million to total $166 million, primarily as a result of increased tuition rates. from a student perspective, net tuition and fee revenues amounted to $27,859 per full-time equivalent student in fiscal 2008. At the same time, expenses that directly affect each student’s experience—such as instruction, research, academic support, and student services—amounted to $26,558 per full-time equivalent student, or approximately 95 percent of each net tuition and fee dollar.

The economic slowdown has also had a negative impact on private gift and grant revenues, which declined 27 percent from fiscal 2007 levels and totaled $25 million for fiscal 2008.

With a decline in the total volume of private gift and grant revenues, the cost to raise each gift dollar has increased to 26 percent in fiscal 2008 from 20 percent in fiscal 2007. It is important to the future of the University that we sustain a higher level of private gift and grant revenues.

This critical source of funding from friends and alumni is vital for making continued strategic investments in academic and capital programs.

Management and general costs have continued to escalate, driven up recently by investments in technology, health care, and employee development. Since every dollar spent at the University is funded largely by dollars provided from student-generated sources, we recognize that every possible effort should be undertaken to limit the growth of these costs.

The past year has been a challenging one, and I foresee more economic difficulty in the

year to come. nonetheless, I am confident that the blessings that have accrued to this very special place will carry us securely into the future. Above all else, God has blessed Pepperdine University with talented faculty and staff, wonderful students eager to learn and serve, and committed friends who support this University in the pursuit of its unique mission.

$1,500,000

1,200,000

900,000

600,000

PAUL B. LASITER ChIEf fIn AnCIAL OffICER

2004

2005

2006

2007

2008

300,000

TOTAL ASSETS (in thousands)

$1,200,000

$800,000 700,000

1,000,000

600,000 800,000

500,000

600,000

400,000 300,000

400,000 2004

2005

2006

2007

200,000

2008

200,000

2004

2005

2006

2007

2008

100,000

NET ASSETS (in thousands)

ENDOWED ASSETS (in thousands)

Consolidated Statements of financial Positions at July 31, 2008 and 2007 (in thousands)

financials

2008

2007

ASSETS Cash and cash equivalents

$

39,193

$

11,391

Student receivables, less allowance for doubtful accounts of $1,012 and $1,089, respectively

4,070

2,967

Other accounts receivable

5,730

4,716

Student loans, less allowance for loan losses of $2,020 and $1,932, respectively

28,005

29,258

Contributions receivable, net

24,762

17,906

Prepaid expenses, inventories and other assets Investments Assets held as trustee or agent Property, facilities and equipment, net Total assets

6,633

6,126

813,148

917,777

112,719

120,414

315,277 ________________

292,288 ________________

$ 1,349,537 ________________

1,402,843 ________________

LIABILITIES AND NET ASSETS Liabilities: Accounts payable and accrued liabilities Accrued salaries and wages

$

22,737

$

19,558

2,985

2,676

Student deposits, advance payments and deferred revenue

10,136

10,180

U.S. government funded student loans

13,838

13,638

Trust and agency obligations Long term obligations Total liabilities

69,239

75,626

209,000 ________________

209,351 ________________

327,935 ________________

331,029 ________________

664,792

715,391

Net assets: Unrestricted Temporarily restricted

75,442

71,752

281,368 ________________

284,671 ________________

Total net assets

1,021,602 ________________

1,071,814 ________________

Total liabilities and net assets

$ 1,349,537 ________________

$ 1,402,843 ________________

Permanently restricted

Pepperdine University annual report 2008 Consolidated Statement of Activities for the years ended July 31, 2008 and 2007 (in thousands)

2008 Unrestricted

Temporarily Restricted

2007

Permanently Restricted

Total

2008 continued from previous table

Total

REVENUES Student tuition and fees

$

Less student aid

226,616

$

-

$

-

$

226,616

$

214,310

(60,968)

-

-

(60,968)

(56,953)

165,648

-

-

165,648

157,357

Room and board

27,250

-

-

27,250

25,550

Private gifts and grants

11,082

8,644

5,009

24,735

33,793

Endowment support

25,901

156

406

26,463

26,023

Government grants

2,693

-

-

2,693

2,458

Sales and services

8,469

-

-

8,469

9,496

Other revenue

6,035

(8)

33

6,060

8,040

999

(999)

-

-

-

248,077

7,793

5,448

261,318

262,717

Net student tuition and fees

Net assets released from restriction Total revenues

Change in net assets before nonoperating revenues and expenses

$

Adjustment of actuarial liability

-

6,145 9,293 7,509

Other

5,139

-

(27)

5,112

1,888

Net realized and unrealized (losses) gains from investments

(37,661)

(3,060)

(9,116)

(49,837)

183,175

Appropriations from endowment

(19,776)

-

-

(19,776)

(14,346)

(4,907)

91

951

(3,865)

1,345

(41,503)

(4,103)

(8,751)

(54,357)

195,009

(50,599)

3,690

(3,303)

(50,212)

216,185

Other

29,862

Student services

43,139

-

-

43,139

40,960

Net assets at beginning of year

Public service

12,443

-

-

12,443

11,829

Net assets at end of year

Auxiliary enterprises

19,811

-

-

19,811

18,344

Management and general

58,946

-

58,946

52,311

Membership development

1,635

-

-

1,635

1,480

6,424

-

-

6,424

6,858

257,173

-

-

257,173

241,541

21,176

(1,840)

6,568

36,049

$

(696)

9,281

-

4,145

(1,144)

7

-

$

21,176

130

36,049

5,448

$

-

Academic support

$

4,145

10

79,897

7,793

$

9,274

78,726

$

5,448

6,428

-

(9,096)

$

Total

Dividends

-

$

7,793

Total

Interest

78,726

Total expenses

$

Permanently Restricted

Investment income (loss)

Instruction and research

Fundraising

(9,096)

Temporarily Restricted

NONOPERATING REVENUES AND EXPENSES

Total nonoperating revenues and expenses

EXPENSES

Change in net assets before nonoperating revenues and expenses

Unrestricted

2007

Change in net assets

715,391 $

664,792

71,752 $

75,442

$

284,671

1,071,814

855,629

281,368

$ 1,021,602

$ 1,071,814

This financial information is summarized from the July 31, 2008, Consolidated financial Statements of Pepperdine University, which have been audited by our independent auditors. The statements were prepared in accordance with generally accepted accounting principles applicable to colleges and universities. A complete copy of the audited financial statements is available free of charge upon request from the Office of the Controller.

In the spirit of the recent Sarbanes-Oxley legislation (not yet required of nonprofit corporations) and consistent with our ongoing efforts to improve corporate governance, the Board of Regents has established an Audit Committee and approved its charter. five independent members of the Board of Regents comprise the Audit Committee, which meets at least quarterly and is responsible for the selection and retention of the independent auditors, as well as the determination of their independence. The Audit Committee also reviews the University’s systems of internal control and oversees the auditing services function. finally, the Audit Committee has established a system to receive and investigate confidential and anonymous communications concerning the processing and presentation of financial information.

university boards The Board of Regents is the legal governing body and chief policy board of the University. Life Regents are recognized and honored for their extraordinary service as past regents.

The University Board is a national advisory group that provides additional guidance and leadership. The University administration, working in tandem with the governing and advisory boards, shapes the direction of the University.

The guidance provided by these distinguished and committed men and women is greatly valued.

PEPPERDINE UNIVERSITY BOARD OF REGENTS 2007–2008 Edwin L. Biggers Chair President (Retired) Hughes Missile Group Robert G. Jackson Vice Chair President (Retired) Ford Motor Land Development Susan F. Rice Secretary Principal SFR Consulting Frederick L. Ricker Assistant Secretary Sector Vice President Northrup Grumman Space Technology William S. Banowsky President Emeritus Pepperdine University Andrew K. Benton President Pepperdine University

Sheila K. Bost Certified Family Life Education Primary Relationships Marriage & Family Intern, Private Practice Virginia B. Braun Charles L. Branch Neurological Surgeon Janice R. Brown Circuit Court Judge United States Court of Appeals for the D.C. Circuit T. Michael Bucchi Retired Vice Admiral, U.S. Navy Jose A. Collazo President Products and Partners BT Global Services Jerry S. Cox President Cox & Perkins Exploration, Inc. W. L. Fletcher III Co-owner Park Centre Properties, LLC Matthew K. Fong President Strategic Advisory Group Linda M. Gage Terry M. Giles Owner Giles Enterprises Glen A. Holden United States Ambassador (Retired) Gail E. Hopkins Orthopaedic Surgeon John D. Katch Regional Manager, Public Affairs (Retired) Southern California Edison Company

Arthur G. Linkletter Chair Linkletter Enterprises

William H. Swanson Chair and CEO Raytheon Company

Eff W. Martin Managing Director (Retired) Goldman Sachs & Company

Augustus Tagliaferri Chair, President Financial Structures, Inc.

Michael T. Okabayashi Partner Ernst & Young

Thomas J. Trimble Senior Vice President/General Counsel and Corporate Secretary (Retired) Southwest Gas Corporation

Timothy C. Phillips Chief Executive Officer Phillips and Company James R. Porter Principal Porter Capital Partners Rosemary Raitt General Partner KVI Corporation and FKC Russell L. Ray, Jr. Airline and Aerospace Companies Executive (Retired) Chair, Exeltech Corporation Chair, THA Foundation Travis E. Reed President Reed Investment Corporation Carol Richards B. Joseph Rokus Chair Packaging Plus Charles B. Runnels Chancellor Emeritus Pepperdine University Rosa Mercado Spivey Physician William W. Stevens Chair (Retired) Triad Systems Corporation Stephen M. Stewart President Stewart Brothers Drilling Company

Robert L. Walker Senior Executive for Development Texas A&M University Marylyn M. Warren Senior Vice President (Retired) eHarmony.com Edward V. Yang Chair Cross Shore Acquisition Corporation

LIFE REGENTS Joe R. Barnett Lodwrick M. Cook Robert R. Dockson Hari N. Harilela Jerry E. Hudson Jerve M. Jones Richard M. Scaife Flora Laney Thornton William R. Waugh J. McDonald Williams Helen M. Young

UNIVERSITY BOARD Pat Boone chair Robert Barbera Thomas J. Barrack, Jr. William W. Beazley Paul F. Bennett Andrew K. Benton A. Ronald Berryman John S. Broome Viggo Butler Rod Campbell

Robert M. Davidson Edmond R. Davis K. Duane Denney Robert E. Dudley (Bob) Maureen Duffy-Lewis Mark W. Dundee David G. Elmore Shirley Reid Frahm Hank Frazee G. Louis Graziadio III Bart M. Hackley, Jr. Mary Heckmann Bruce Herschensohn Thomas E. Higgins Robert W. P. Holstrom William T. Huston Carl J. Lambert Stephen Lehman John T. Lewis Ian R. Linde Muriel Lipsey Jim Long Seiji Masuda Gregory R. McClintock Carl Minton E. Chadwick Mooney Velma V. Morrison William S. Mortensen Kenneth Mosbey Aaron Norris Stephen E. Olson Terry Hamilton Quimby John D. Ratzenberger Kelly Roberts Charles B. Runnels Margaret Sheppard Eric Small Richard L. Stack William G. Stephens Dorothy B. Straus Terralynn Walters Swift Charles H. Taylor George Thomas Robert A. Virtue Ellen Weitman Larry L. Westfall Jeremy N. White Gary L. Wilcox

as a Christian university Pepperdine affirms:

The 2008 Annual report was produced by the Office of public Affairs.

 that God is KeiTh hinKle

 that God is revealed uniquely in Christ

Vice President for Advancement and Public Affairs

 t hat the educational process may not, with impunity,

editor/writer

be divorced from the divine process

 t hat the student, as a person of infinite dignity, is the heart

of the educational enterprise

 that the quality of student life is a valid concern of the university

ricK GibsOn Associate Vice President for Public Affairs

writers MeGAn huArd Director of Content Development, University Communications AudrA quinn Writer

copy editor VincenT wAy Manager, Editorial Services

 t hat truth, having nothing to fear from investigation,

should be pursued relentlessly in every discipline

art direction and design breTT sizeMOre Creative Director, University Communications

 t hat spiritual commitment, tolerating no excuse for mediocrity,

KeiTh lunGwiTz Senior Art Director, University Communications

demands the highest standards of academic excellence

photography

 that freedom, whether spiritual, intellectual, or economic, is indivisible

rOn hAll University Photographer, University Communications

 that knowledge calls, ultimately, for a life of service

production management MATT MidurA Executive Director, University Communications Jill McwilliAMs Production Manager, University Communications

additional editorial assistance pAM Miller Executive Assistant to Associate Vice President

www.pepperdine.edu

VP0810015

© All rights reserved, 2008 by Pepperdine University 24255 Pacific Coast Highway Malibu, California 90263 310.506.4000

a conversat ion about t he fu t ure of Pe ppe rdi ne U ni v e rsi t y

annual report 2008