WITHIN the context of its relationship with the Commonwealth, Thomas Jefferson's University is defining a new concept of "public education." A changing political landscape over the past two decades, manifested most dramatically in the ongoing budget skirmish in the General Assembly, has yielded a society in which individual interests and fiscal minimalism trump long-term community-building and public investment. Caught in the crossfire of the political realignment, the stewards of this university have been forced to revise the traditional notion of administering a public institution without public financial resources. At this critical juncture, it is prudent to evaluate the course set by the Board of Visitors and administration in terms of the mission of the school and its relationship with the Commonwealth, especially considering the implications for the future of the institution and higher education in Virginia.
Dwindling financial resources and a decreasing annual commitment to institutions of higher learning in Virginia coincided with the massively successful long-term planning of the University in the 1990s. Strategies to invest the University in hedge funds to facilitate endowment growth and long-term financial stability were met with great success. So much so, in fact, that many legislators have a misguided view of the University as a wealthy institution with vast financial reserves. In fact, the restricted nature of the endowment renders it ineffective as a "rainy day fund" in the face of public cuts. Relative to other public institutions in the Commonwealth, the foresight of the administration to anticipate a greater need for private investment and philanthropy has created a less dire situation than that of many of our peers. Ironically, the University's own success has been rewarded with an even greater necessity for financial self-sufficiency from the legislature.
The administration has been wise to mimic many of the best practices of private institutions in order to create a more stable financial arrangement, rather than depending on handouts from the treasury according to the ups and downs of the state economy. However, this brings scrutiny to the traditional concept of what it means to be a public institution. As the financial subsidy from Richmond declines, legislators have begun to appear to be more accepting of the notion that the University will be forced to raise the rate of tuition.
The freeze on in-state tuition rates was rescinded by Gov. Mark R. Warner in his first budget proposal two years ago, and the University has recently announced that tuition will, as expected, rise dramatically for both in-state and out-of-state students. Trends in Virginia government would indicate that the rate of general funding appropriated annually by the General Assembly will not get better in the foreseeable future. With this in mind, the administration has made the right decision in attempting to advocate for a more autonomous relationship with the Commonwealth.
While many supporters of public education have lamented this transition, perhaps Jefferson would not be so disappointed. His notion of limited government could perhaps be construed in a way that gives greater legitimacy to the administration's vision. Rather than depending upon the perennial hand-outs of a bickering lot of populist legislators, the future stewardship of the institution will now rest in the hands of those who have benefited from the school the most: alumni and students. In better preparing citizens for the responsibility of democracy, Jefferson would likely be pleased that his University is now also inculcating a sense of philanthropy and individual responsibility, best represented in the overwhelming growth of private support for the institution.
Through private support, donors simultaneously influence the quality of the education provided while displacing some of the burden of higher tuition payments for students. While the financial arrangement may be private, the mission of the school remains ostensibly community-oriented. This year, the class of 2004 has overwhelmingly bought into the new concept of the "public University." Between 60 to 70 percent of the class has made a commitment to supporting some aspect of the University community, a dramatic increase from the previous record of nearly 45 percent.
Though the transition to a more financially independent "public" university has certainly created stress on the financial stability of the University, the stewardship of the administration and Board of Visitors in adapting to the new political culture in Virginia has likely saved this institution from a period of protracted decline. Hopefully, future students and graduates will also recognize the value and necessity of supporting the long-term financial stability of the institution. Such long-term planning appears to be conspicuously absent in the General Assembly.
Preston Lloyd can be reached at plloyd@cavalierdaily.com.
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