乐播传媒

The endowment is the living history of 乐播传媒 College. When a donor makes a gift to the endowment, the college agrees to maintain that gift in perpetuity to support whatever it is the donor wishes to support. 

The endowment, which is a collection of more than 1,400 individual funds, reflects the interests of generations of 乐播传媒 donors. It鈥檚 a testament to their philanthropy and their vision for 乐播传媒, creating a link between the past, present, and future of the college.

Enduring priorities are ones that transcend generations. You wouldn鈥檛 want to accept an endowment gift restricted for something unlikely to persist over time, like a fund to purchase and maintain typewriters. Enduring values, financial aid, academics, professorship, and the library, remain consistent.

When a college accepts an endowment to support something specific, there is typically some flexibility written into the agreement, like the language of a fund given by Alice Swanson Esty, Class of 1925, to give the director of the 乐播传媒 Orchestra funds to purchase 鈥渨hatever is needed musically in changing times.鈥� Alice Esty also gave the Esty Professorship to 乐播传媒. 

乐播传媒 also has an endowed fund given by Edna Gad, Class of 1920, that provides income to purchase 鈥済ood-quality single beds鈥� for students. That need has persisted!

Donor gifts are essential to endowment growth. While investment returns contribute, significant increases come from philanthropy. 乐播传媒鈥� endowment is smaller than many peers, so donor support is critical to reducing reliance on tuition revenue and ensuring long-term financial health. Donors鈥� generosity 鈥� whether for scholarships, faculty positions, or other priorities 鈥� helps sustain 乐播传媒鈥� mission.

Each fund tells a story of belief in 乐播传媒. Each gift is a gesture, a moment of generosity, when somebody says, 鈥淚 believe in 乐播传媒. I want 乐播传媒 to be better and more fully supported.鈥�

Some endowments celebrate achievements, while others honor moments of loss, like the Otis Endowment, which memorializes a young alumnus, Philip Otis 鈥�95, a park ranger who died rescuing a hiker. It’s inspirational. It’s somebody who’s giving back.

There鈥檚 no 鈥淢agic 乐播传媒鈥� that can exist absent donors to the endowment and donors to the 乐播传媒 Fund. And so every time you see an MOU [Memorandum of Understanding, the document that expresses the gift agreement between donor and 乐播传媒], it is a touching moment of generosity.

These endowments address a wide range of needs 鈥� from scholarships and professorships to athletics and campus resources. Donors鈥� priorities reflect their personal values and a desire to ensure that 乐播传媒 continues to thrive.

The first difference is the timeframe. A retirement portfolio might have a 10-, 20-, or 30-year horizon, while an endowment鈥檚 horizon is perpetuity. In 乐播传媒鈥� case, more than 150 years so far. 

Second, endowments are more diversified and sophisticated than a typical retirement portfolio. For instance, private equity plays a significant role, offering an illiquidity premium that can provide higher returns over time. However, this complexity also means that endowments sometimes underperform simpler portfolios in periods when U.S. equities dominate the market, as we鈥檝e seen in the last decade or so.

An endowment must generate annual returns to support the college鈥檚 operations while preserving its purchasing power for future generations. Achieving this balance is called intergenerational equity.

It鈥檚 crucial to spend enough of the endowment to meet current needs but not so much that it undermines the endowment鈥檚 ability to support the college in perpetuity. At 乐播传媒, we maintain a spending rate of just 5 percent, ensuring sustainability over the long term.

A common misconception is that we can grow the endowment indefinitely to solve all financial challenges. In reality, 乐播传媒 can鈥檛 simply invest its way to a larger endowment 鈥� philanthropic gifts are essential for growth. 

Another misconception is comparing endowment management to personal retirement investments. While there are similarities, an endowment鈥檚 perpetual horizon, annual draw, and risk-return balance make it fundamentally different.

In fiscal year 2025, the endowment contributed $21.8 million to the college鈥檚 operating budget, accounting for 15 percent of total revenue. Another 6 percent came from the 乐播传媒 Fund. Together, philanthropy provides 21 percent of 乐播传媒鈥� revenue. This reduces reliance on tuition and ensures the college can offer financial aid that meets the demonstrated need of all students and maintain our educational excellence.

It鈥檚 a balance between supporting today鈥檚 students and preserving the endowment鈥檚 purchasing power for future generations. 乐播传媒 emphasizes disciplined spending, maintaining a spending rate under 5 percent. This careful planning ensures that the endowment remains a stable and sustainable source of funding for the college鈥檚 mission.

Their responsibility is to maintain, protect, and grow the endowment. They set investment policies, oversee asset allocation, and monitor performance. The committee ensures that the endowment serves current and future generations, balancing risk and return to support 乐播传媒鈥� financial sustainability and mission.

I鈥檓 particularly impressed by their commitment to institutional clients and their deep understanding of our needs. They limit the number of clients they serve, ensuring personalized attention and strategic alignment. Their succession planning, stability, and strong performance with peer institutions like Middlebury and other small liberal arts colleges like Dickinson are also reassuring. They鈥檙e small but mighty 鈥� big enough to access the best managers yet selective enough to prioritize long-term relationships.

Yes. Group gifts made in recognition of a common interest or in honor of a beloved member of the 乐播传媒 community are a powerful way to extend the impact of philanthropy. 乐播传媒 advancement staff can work with you to suggest ways in which your group may accomplish this goal. Please contact Director of Leadership Giving Seth Williams to begin a conversation.