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expenses. College officials had no plans to tap those funds during this fiscal year. As of March 31, total value of Sweet


Briar’s endowment was $74.5 million, including about $7 million in a perpetual trust that is held apart from the endow- ment. The trust provides an annual income to the college. By comparison, the endowment total


was $77.4 million at the end of last year and $94 million at end of 2014, according the school. A Moody’s Investor Service report


issued in April last year noted that Sweet Briar had operating revenue of only $27 million in fiscal year 2014, the lowest of 14 women’s colleges it follows. Moody’s said the school relied upon unrestricted funds from its endowment to help it meet operating deficits for at least six fiscal years, 2009-14. Sweet Briar’s goal is to limit annual


spending from unrestricted funds to no more than 5 percent of the endowment’s total value. That spending rate, however, averaged 8.7 percent from 2011-14 and hit 9.4 percent, $8.5 million, in 2014, according to court documents filed during litigation over the school’s closing. Stone says the school incurred many


additional costs last year as a result of the aborted effort to close it. Nonetheless, because of the closure


scare, Sweet Briar has been able to negoti- ate new contracts with vendors on more attractive terms to the college, Stone says. This year, the college also shaved expenses by not contributing to the faculty’s retire- ment plan, a move that saved half a million dollars. “That’s a painful thing,” Stone says. “But the faculty knew we had to do some things.”


Alums fill vacancies Megan Behrle, 28, is among a number


of Sweet Briar alumnae who stepped away from their jobs to help the college. In Behrle’s case, she left a position with the International Monetary Fund to become the college’s interim lacrosse coach. She says that like many alumnae she


wanted to give back to a college that had helped shape her life. “At the end of the day, empowering young women is some- thing I’m incredibly passionate about,” Behrle says. Perhaps no one has done more to


mobilize fundraising at Sweet Briar than www.VirginiaBusiness.com


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Mary Pope Maybank Hutson, class of ’83, who left a job as executive vice president of the Land Trust Alliance in Washington, D.C., a national land conservation organi- zation, to lead a major donor task force. “We mobilized immediately to orga-


nize ourselves in what many of us, having spent 20 or 30 years in the working world, or in the volunteer world, knew we needed to do,” Hutson says. “It was a multifaceted approach that included communica- tions, legal leadership and fundraising leadership.” She says Alexander Haas, a capital


campaign consulting firm in Atlanta, donated 90 days to being the alumnae organization’s back office counsel. Meanwhile, a core of professional


fundraisers, public relations executives and web graphic designers and internet marketers were drawn from the ranks of alumnae, and satellite fundraising offices were established in every state and in foreign countries where alumnae lived. Alumnae also recruited students.


Hutson says the college had not had a dean of enrollment for two years before its closing announcement.


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