Rikert, Carroll (trustee, administrator), 19xx

1 interview with Caroll Rikert, Jr.

College treasurer 1952-1975, Knew management issues at colleges compared to commercial institutions. Scheduling is different due to language programs added to within a short summer period (1:56); different hierarchy (3:17); Cape Cod's challenging programs (4:10); no down time because of summer programs (5:30); pyramid reporting in hierarchy-lack of continuity and must be rebuilt each year (8:24); endowment future needs- descending incentive goal is to stay even, avoid borrowing against it-Midd has done less borrowing than other schools (11:05); endowment exploitation (11:52); setting aside funds for energy project; (13:16); debt service is less when borrowing from ourselves-money was borrowed to build structures on campus (14:52); generational responsibility, investment management - each generation has a duty to present next generation with an operational budget - 25% revenue is a gift, in addition to 75% from student fees (17:12); striking a balance is a challenge in loading the budget heavily with current programs, especially during inflation periods (20:50); annual budget in future may have a wider spread of fees- Middlebury has maintained a favorable position due to debt service avoiding cost escalation-costs are rising 21% so debt service will take a significant jump-must raise fees to balance (23:52); avoidance of a deficit budget-Stratton was president when he began Middlebury career (25:10); demand on reserves-might cause a deficit situation-example of the country infrastructure repairs with high costs. Costs at Middlebury doubled in the Stratton and Armstrong administrations, creating deficits. Massive wave of maintenance in 1960's-70's. Roof replacements are examples.Cost of sophisticated buildings are high (science center)-construction costs increasing-$75 million is an uncomfortable margin (32:10); year 2000 is when the library will be built-goal is to develop usable square footage - energy considerations will become dominant, enrollments might decrease in future so additional building will not occur, but the opposite can happen. Enrollment and programs might increase. (41:25); tenure for faculty issue-impact of early retirement program add to benefit package with larger retirement contributions - appealing to those approaching retirement- program is based on social security benefits. Good salary adds to retirement fund (47:50); Major change at Middlebury is substitution for faculty loyalty to the institution - presently faculty members concerned with their careers only - aggravated by the tenure situation. Many faculty members do not give to the institution, giving to his/her career is devastating to collegiality and community. It is disadvantageous to student body-started in 1960's. Time will tell if institution receives loyalty (51:00); External impact on management regarding public monies, IRS - most damaging effect are assumptions developed by Board of Trustees and other groups, "sunshine laws" oblige community. Accountability to taxpayers. Issues should be decided in a committee (55:12); - Rikert will decide what posture he will take before retiring-he did not have a smooth transition when starting his position. Feels confident in future successor at Middlebury (1:02:27).