<p>If you check the archives of the meetings with alumnae, you’ll find that the plans for the cuts were made three years ago, at the end of an endowment downturn. Since then, the endowment has increased from $790 million to well over $1.05 billion. They are currently talking about a host of new initiatives. </p>
<p>Three years ago, they seriously underestimated yield, and had the largest class in Smith’s history. Admitting 60 fewer women results in a net yield of approximately 25 fewer students, more in the line with their traditional number of entering students. </p>
<p>Having said that, a little history is in order. Former Pres. Simmons created very much a new vision for Smith, and started implementing it BEFORE the money for it was raised. A massive increase in commitment to the sciences, and to the new engineering program - many new faculty, new facilities, a whole new science campus - the idea being to create the best environment for sustaining future women scientists in the United States. Re-energized commitments to admission of low-income students (and the funds necessary to support them.) New campus center. Rebuilding of all of the art facilities. She wasn’t a great fundraiser, however, and that, coupled with a downturn in the economy, put quite a strain on the endowment. </p>
<p>What Christ did when she came aboard was a round of belt -tightening, without, however, canceling any of the new initiatives, and completing the largest fundraising drive ($400 million) in liberal arts college history (including $40 million in the last reporting year after the drive ended - about triple what was brought in by Swarthmore, Amherst, or Williams.) The success of the new initiative was reflected in the huge and unexpected yield in admissions three years ago, exacerbating the bow-wave rippling through the campus. This too shall pass.</p>
<p>On a side note: I still think the change in dining arrangements - independent of cost savings - is a plus to a significant majority of Smith students. Having said that, however, I note that my d. opted for Hopkins House, where she and her housemates cook for themselves.</p>