Editor, The Herald:

Recent letters to The Herald from Mr. Thomas Porterfield and Mr. Angus McClellan made implications about the fiscal status of Hampden-Sydney College. The fiscal health of the College is of interest not only to our constituents but also to Prince Edward County, where Hampden-Sydney is the fourth largest employer.

Hampden-Sydney has balanced its budget for the last 35 years and has an A rating from Standard & Poor's. Like all institutions of higher education, the College experienced declines in endowment and annual giving during the “Great Recession” (December 2007-June 2009). The endowment ($132.1M: 12/31/12) is recovering to its high in 2007. Hampden-Sydney's endowment per student puts the College in the top 25% of institutions of higher education. Contributions to the Hampden-Sydney Fund, that portion of annual giving which supports the operating budget, was $2.3M for the 2011-12 fiscal year. That amount approached the high in 2007 and exceeds the ten-year average. The level of giving to the Hampden-Sydney Fund is particularly impressive when one considers that the College has only 9,000 alumni. Between 2007 and 2011, the enrollment declined 5.7% but rebounded 2.2% to 1,080 in 2012. We anticipate that the enrollment will be back over 1100 at the beginning of the 2013-14 academic year. It should be noted that the Strategic Plan: H-SC 20/20 calls for an enrollment of 1,150 by the end of the decade. All of the above information is public knowledge and is available on the Hampden-Sydney Website.
The fiscal health of Hampden-Sydney College is very sound. The College has an aggressive and successful fundraising program that brings in significant funds, over and above the Hampden-Sydney Fund, for endowment and capital projects. It is with these funds that the bright future of the College is built.

It is my intention only to address the fiscal issues raised in Mr. Porterfield's and Mr. McClellan's letters but for a clear picture of the College's immediate future, I recommend the Strategic Plan: H-SC 20/20 which is posted online at www.hsc.edu/Strategic-Plan.html.

W. Glenn Culley, Jr.

Vice President for Business Affairs & Finance

Hampden-Sydney College