November/December 2008
An Update From Bill Krein ’62, Alumni Association President
Dear Fellow Alumni,
This holiday season seems a fitting time to thank you for all you’ve done for WPI this year. Despite a challenging economic climate, many of you have continued to support your alma mater with your time and money, which are critical to WPI’s efforts to continue to conduct groundbreaking research to help solve some of the world’s most critical problems.
The institute’s research in fuel cells, alternative energy and biotechnology has become even more critical as the global economy teeters and the worldwide supply of natural resources is not as readily replenished.
In an article on the Alumni Web site, Provost John Orr describes how WPI’s record of accomplishments in alternative energy has led it to be named leader of the state’s Hydrogen and Fuel Cell Institute established by the Green Jobs Bill enacted by the Massachusetts legislature.
Quite simply, WPI is leading the charge in an important global arena, providing evidence of the continued value of an education at your alma mater. There are substantial costs in buying and maintaining the high-tech equipment used at a premier science and engineering institute such as WPI, and those costs can affect tuition. Yet, the quality of a WPI education more than pays for itself as our graduates are among the top earners in the nation.
In a November letter to alumni, parents and the WPI community, President Berkey’s thoughts reiterated the overall worth of a WPI education, and how it continues to grow, despite touch economic challenges.
“As with any investment, the cost of an education must be evaluated on the basis of its value, and I believe the value proposition for a WPI education is stronger than ever. Our graduates continue to select from a rich variety of employment opportunities, due in large part to the excellent preparation afforded by an exceptionally dedicated faculty and our highly effective project and team-based academic programs. (Forbes Magazine recently ranked WPI ninth in the nation for average salaries among graduates.)”
Although financial markets are underperforming, Dr. Berkey said WPI students and faculty have continued to strive for outstanding levels of achievement. He reiterated the financial stability of our institute, despite the fact that the university’s endowment (like most colleges and universities) has experienced significant decline over the last six months. Still, the endowment continues to perform well against various benchmarks.
Yet in the face of a weaker economy, WPI is adapting to help maintain its health by:
• Instituting restrictions on the hiring of staff (but not faculty) to only the most necessary positions, and the anticipation of greater need for student financial aid
• Appointing a university-wide task force, including alumni, faculty, and staff members, to recommend ways to reduce our costs of operation while maintaining the quality of academic programs and student services, and a crafting a plan to respond to possible future economic challenges
• Deferring commitments to major capital projects, including the much anticipated recreation center, until our financial capability is assured
Just as our most dedicated alumni have supported WPI during the nation’s economic upswings and downturns, so too is WPI committed to being an invaluable resource to you, especially in the current climate.
This season while you are remembering WPI, WPI has not forgotten those alumni whose employment is in jeopardy. Connie Horwitz in the Career Development Center is an excellent resource, and President Berkey has reaffirmed that Connie's first priority is assisting alumni to complete successful job searches.
It is during these trying times that we look to each other for support and guidance. We are appreciative of alumni who continue to support us, and we look forward to continuing to support you.
With best regards,
Bill
W. A. Krein ‘62
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