From the Board of Trustees

A MESSAGE FROM THE BOARD OF TRUSTEES BY ROBERT CHARTENER ’76, P’18

With the Omicron variant of COVID-19 looming across the country in late January, the Trustees met by Zoom. Committee meetings and board meetings took place over two weeks.

Walker Auditorium – Though COVID-19 prevented most of us from actually seeing it, Walker Auditorium was ready for the opening performance of Mamma Mia! on February 10. The space had remained virtually unchanged for over 50 years since it was originally built in 1967, resulting in inadequate acoustics, poor lighting systems, and outdated seating. The renovation includes extending the stage apron, updating sound and lighting technology, and improving the auditorium’s ancillary areas. The project was completed within budget despite supply-chain issues, and it is a beautiful modernization of an important existing space on the campus.

Communications – Hope Cobera ’88, P’24, chief communications officer, led an extensive review of communications activities at Hotchkiss. The School’s website will receive a major facelift over time, and social media strategies, such as Facebook and Instagram, have been updated. Video storytelling, which has become an increasingly important part of conveying the value of Hotchkiss, will be expanded. There is a renewed focus on a long-term communications effort, starting with admission and continuing with lifelong learning.

Greenhouse Emissions – Josh Hahn, assistant head of school and director of strategic initiatives, updated the Trustees on Hotchkiss’s carbon emissions. Thanks largely to the wood chip-burning central heating plant, the School has reduced its emissions by about 47%, and it ranked highly in a recent assessment of schools and colleges. The School will continue on a path towards net carbon neutrality.

Investment Performance – For the first six months of the 2021-22 fiscal year, the endowment returned 3.6%, led by gains in private partnerships. This followed the extraordinary return of 31.7% during 202021. The endowment is well diversified and designed to weather a variety of economic and political conditions. Diversification and higher levels of cash vs. the policy target have benefited performance during the current period of elevated market volatility. Budget – Treasurer David Wyshner ’85 presented a preliminary budget for 202223. While the trustees remain committed to moderating tuition increases, there is significant pressure to grow financial aid and keep salaries competitive in an inflationary labor market. The board approved a 3.1% tuition increase to $65,490; the financial aid discount rate was set at 33%, and a salary pool increase of 4.4% was also approved.

New Trustees – Two people were elected in January to trustee terms that will begin on July 1. Joseph Baratta P’24 is the global head of private equity at Blackstone Group and is actively involved with Georgetown University as a member of its board of directors. Michael Mars ’86 is a founder and principal of mTerra Ventures, which focuses on a sustainable global economy, and formerly managed various business units of Mars Incorporated; he is a loyal and engaged Hotchkiss alumnus. We welcome both to the Hotchkiss board.