The new president of Union College in Schenectady, Stephen Ainlay, said Wednesday that meeting the $200 million goal of the school's current fund-raising drive will be one of the first big tests of his presidency.
“I'd better raise $200 million,” Ainlay said. “To me, I think it's a realistic goal for the campaign.”
Raising more money will help build the liberal arts college's endowment which, in turn, will generate more money through interest on the college's investment. Ainlay said the goal is ultimately to be able to better control increases in the tuition, room and board that have become common at Union and almost all other private college in the United States.
It costs a full-paying student more than $40,000 to go to union. Ainlay said it actually costs more for that students' education, but some costs are offset by the money the school makes from endowment investments.
College presidents and educational experts around the country are worried that the college costs are becoming prohibitive to too many students. Ainlay said student aid becomes more important than ever with so many financial pressures on both schools and their students.
Ainlay said while fund-raising will be among the most important aspects of his job, he also said he has to juggle his other duties — as the public face of Union College and the chief liaison with the city of Schenectady and the business community.
Ainlay said he knows he also has to have a frequent presence on the campus to interact with faculty, staff and students.
“You can't simply be on the road raising money all the time,” he said.
He said this is a particularly good time to be raising money, however. It is a reason his school and many others have set highly ambitious fund drive goals.
With baby boomers starting to hit 60, Ainlay said successful people have fulfilled their obligations for their own children's education and many are looking for ways to leave a lasting legacy. Giving to the colleges that gave them their start is a natural destination for some of that money.
Ainlay started July 1. He was hired by Union's trustees last fall, but had to finish out the academic year because of commitments he had at his previous college, Holy Cross in Worcester, Mass. A sociologist by training, Ainlay was vice president for academic affairs at Holy Cross from 1996-2006.
He said he would be unable to keep teaching, at least at the start, as he had been doing at Holy Cross. He also said his own research and writing would probably have to take a back seat to his new duties as president.