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The FairfieldMIRRORY Volume 9, No. 12 Thursday, October 10, 1985 The Image of Fairfield Board of trustees meet by Kathryn King At the Board of Trustees meeting, three key issues were taken care of. Six new trustees were elected, and a committee was formed to studey investments in South Afri-ca. The chairman of the board, L. William Miles, will be releasing a statement on what action was taken on the long range plan for the university. According to Murray Farber, director of public relations, "A special committee was appointed with Miles in charge. They will develop a policy in regard to investing in companies that do business in South Africa." This committee will also have the power to determine if any companies in which Fairfield already invested have business in South Africa. About six million dollars is invested in corporate bonds. "About half of this is in large companies that might do bus-iness in South Africa." The board elected six new trustees: Ja-son Robards, an actor, who is now being praised for his work on "The Iceman Cometh" on Broadway was elected to the Board. He is also known now for appear-ing in the television movie,"Long Hot Sum-mer." He also appeared in "The Day After" about the aftermath of a nuclear attack. He received an honorary doctor of letters from Fairfield in 1982. Chairman and Chief executive officer of the Burger King Corporation, J. Jeffrey Campbell was elected. He is a 1965 gradu- Continued on page 2 'C average required for aid College students may have to maintain a "C" average in the future in order to get federal financial aid. The grade requirement is just one change in the aid system Congress is now debating as it tries to pass the Higher Education Reauthorization Act of 1985. The grade measure, proposed by sena-tors Don Nickles (R-Ok) and Clairborne Pell (D-R.L), has been proposed unsuccess-fully before. But chances for its passage may be good this time, sources say, because legislators are looking for relatively painless ways to cut the federal budget and because of re-cent publicity about bad students who get financial aid. Currently, students only must be in good standing and make "satisfactory academic progress" toward a degree to receive fed-eral aid. "Unfortunatley," Nickles said during a hearing earlier this month, "there have been problems with this open-ended definition. Because of this open-ended opportunity for abuse, I believe we need to have a more specific standard." Nickles originally advanced this idea af-ter a 1981 audit found nearly 20 percent of the students who got aid had less that a "C" average. Ten percent had a cumulative GPA under 1.5. Congress also is debating a bill to let graduate students, who generally face higher education costs than undergrads, borrow more federally-guaranteed loan money and pay it backoyer a longer peri-od of time. The reauthorization process, which ef-fectively sets federal higher education poli-cies for the ensuing five years, usually triggers a slew of proposals that never be-come law. But of federal loan programs are to be changed, the changes will first emerge dur-ing these congressional review sessions. The grading bill would put aid recipients whose grades fall below 2.0 on probation for a term. If the student doesn't improve by the end of the probation period, he or she will be denied federal aid. Administrators would be empowered, however, to extend the probation period for hardship cases, such as extended illness. The new break for graduate students who want a Guaranteed Student Loan (GSL) program came up during a House subcom-mittee hearing. Georgetown University law school dean John Kramer, speaking for a coalition of law school associations, said grad students needed the break. "Over time, middles class students in par-ticular are just not going to be able to af-ford a graduate education,"Kramer warns. Continued on page 3 Students on town counci Fairfield University students, Dave Smith and Gina Zarlengo, were recently ap-pointed to represent the University to vari-ous Fairfield town councils in an effort to involve students in town activities and is-sues, according to FUSA Director of Stu-dent Services, Tom Kushner. Senior Dave Smith, an Economics major from West Hartford, CT., took an active part in his new role as representative to the Fairfield Town Committeee for Civil Pre paredness this past weekend with hur-ricane "Gloria." Dave was involved along with town members and University Fire Marshall Henry Stevens in deciding the course of ac-tion the Committee was going to take in evacuating the beach and low-lying areas the day Gloria hit. In an effort to keep the students up-to-date Dave remained in cons-tant contact with Student Services Division and Committee throughout the storm. When asked about his involvement with the town, Dave Smith replied, "I'm very pleased to be working with Capt. Harry Ac-kley of the Fire Dept. and if the prepara-tions we were involved with for Gloria is indicative of how the rest of the year is go-ing to go. . .I'll be content. It's important for the students to involve themselves with the town to foster good relations and to be able to interface together." In an effort to further smooth relations with the beach community and the students living on Fairfield Beach Road, Kushner, at the urging of Fairfield Beach Road As-sociation president, Laurel Palmieri, ap-pointed Senior Gina Zarlengo to represent the university to that organization. Zarlengo, a Marketing/Info Systems major from Springfield, Mass., will begin working with the Road Association and coordinate beach efforts to provide for good relations. She will also be responsible to bring student concerns to the ears of beach residents and realtors while acting as FU-SA's direct liason to the Road Association, relations. Lucas discusses investments [Photo by Jamie Given] Few investments in S. Africa by Kathryn King "No one is questioning the atrocities that are going on in South Africa. It's a ques-tion of trying to resolve the conflict," said William J. Lucas, vice president of finance. He estimates that only thirty percent of Fair-field University't endowment is invested in companies that do business in South Africa. He said that approximately forty percent of the University's investment is in govern-ment bonds and about sixty percent is in corporate bonds. Of this, thirty percent, at the most, could be invested in companies who have business dealings in South Afri-ca. "We'll have to fine tune that and deter-mine specifically." Any excess in cash which is "more than you need for the day" is either invested in a bank CD or in a money market fund, ac-cording to Lucas. The University uses a special money market fund for colleges or universities called the Common Fund. These funds are short term and will dimin-ish as the money is paid out. The rest of the endowment fund is invest-ed in medium term bonds of ten to twenty years. The University's money is invested in corporate, treasury or government bonds. "These are the major ones we have now," said Lucas. A sub-committee of the Board of Trustees choose the investments for the endowment fund. Some of the companies the university in-vests in may do business in South Africa. One way to promote social change in South Africa that people are advocating is dives-titure. "It's complex. There are pros and cons," said Lucas. If divestiture was proven to be the way to deal with South Africa, "everyone would be doing it." Divestiture is not the only solution. It is up to the Board of Trustees to decide what to do about the situation. "It's not push-ing everything to them. They are the governing board of the University. Since the trustees make the investment policy, they would be the source of any policy we'd carry out,"said Lucas. Before the school makes any decisions about divestiture, the economic impact of divestiture in other schools would have to be reviewed. According to an article in the New Haven Register, Yale decided that selling 350 million holdings would be a "meaningless gesture" and would only harm their portfolio. So much work and effort has gone into the endowment fund, that the University would have to be careful with anything it does, if it decides to do anything. If the school decided to make the symbolic gesture of divestiture, it would probably have to be implemented over a number of years. "This is all hypothetical," said Lucas. FUSA held a general meeting last week to encourage more participation and organization of the student body. /™°'° * Andrea Wh„ehouse]
Object Description
Title | Mirror - Vol. 09, No. 12 - October 10, 1985 |
Date | October 10 1985 |
Description | The Mirror (sometimes called the Fairfield Mirror) is the official student newspaper of Fairfield University, and is published weekly during the academic year (September - May). It runs from 1977 - the present; current issues are available online. |
Notes | A timeline for Fairfield University student newspapers is as follows: The Tentative, Nov. 7, 1947 - Dec. 19, 1947; The Fulcrum, Jan. 9, 1948 - May 20, 1949; The Stag, Sept. 23, 1949 - May 6, 1970; The University Voice, Oct. 1, 1970 - May 11, 1977; The Fairfield Free Press & Review, Sept. 10, 1970 - Apr. 24, 1975; The Fairfield Mirror, Sept. 22, 1977 - present. |
Type of Document | Newspaper |
Original Format | Newsprint; color; ill.; 11.5 x 17 in. |
Digital Specifications | These images exist as archived TIFFs, JPEGs and one or more PDF versions for general use. Digitized by Creekside Digital through the LYRASIS group. |
Publisher | Fairfield University |
Place of Publication | Fairfield, Conn. |
Source | Fairfield University Archives and Special Collections |
Copyright Information | Fairfield University reserves all rights to this resource which is provided here for educational and/or non-commercial purposes only. |
Identifier | MIR19851010 |
Description
Title | Page 1 |
SearchData | The FairfieldMIRRORY Volume 9, No. 12 Thursday, October 10, 1985 The Image of Fairfield Board of trustees meet by Kathryn King At the Board of Trustees meeting, three key issues were taken care of. Six new trustees were elected, and a committee was formed to studey investments in South Afri-ca. The chairman of the board, L. William Miles, will be releasing a statement on what action was taken on the long range plan for the university. According to Murray Farber, director of public relations, "A special committee was appointed with Miles in charge. They will develop a policy in regard to investing in companies that do business in South Africa." This committee will also have the power to determine if any companies in which Fairfield already invested have business in South Africa. About six million dollars is invested in corporate bonds. "About half of this is in large companies that might do bus-iness in South Africa." The board elected six new trustees: Ja-son Robards, an actor, who is now being praised for his work on "The Iceman Cometh" on Broadway was elected to the Board. He is also known now for appear-ing in the television movie,"Long Hot Sum-mer." He also appeared in "The Day After" about the aftermath of a nuclear attack. He received an honorary doctor of letters from Fairfield in 1982. Chairman and Chief executive officer of the Burger King Corporation, J. Jeffrey Campbell was elected. He is a 1965 gradu- Continued on page 2 'C average required for aid College students may have to maintain a "C" average in the future in order to get federal financial aid. The grade requirement is just one change in the aid system Congress is now debating as it tries to pass the Higher Education Reauthorization Act of 1985. The grade measure, proposed by sena-tors Don Nickles (R-Ok) and Clairborne Pell (D-R.L), has been proposed unsuccess-fully before. But chances for its passage may be good this time, sources say, because legislators are looking for relatively painless ways to cut the federal budget and because of re-cent publicity about bad students who get financial aid. Currently, students only must be in good standing and make "satisfactory academic progress" toward a degree to receive fed-eral aid. "Unfortunatley," Nickles said during a hearing earlier this month, "there have been problems with this open-ended definition. Because of this open-ended opportunity for abuse, I believe we need to have a more specific standard." Nickles originally advanced this idea af-ter a 1981 audit found nearly 20 percent of the students who got aid had less that a "C" average. Ten percent had a cumulative GPA under 1.5. Congress also is debating a bill to let graduate students, who generally face higher education costs than undergrads, borrow more federally-guaranteed loan money and pay it backoyer a longer peri-od of time. The reauthorization process, which ef-fectively sets federal higher education poli-cies for the ensuing five years, usually triggers a slew of proposals that never be-come law. But of federal loan programs are to be changed, the changes will first emerge dur-ing these congressional review sessions. The grading bill would put aid recipients whose grades fall below 2.0 on probation for a term. If the student doesn't improve by the end of the probation period, he or she will be denied federal aid. Administrators would be empowered, however, to extend the probation period for hardship cases, such as extended illness. The new break for graduate students who want a Guaranteed Student Loan (GSL) program came up during a House subcom-mittee hearing. Georgetown University law school dean John Kramer, speaking for a coalition of law school associations, said grad students needed the break. "Over time, middles class students in par-ticular are just not going to be able to af-ford a graduate education,"Kramer warns. Continued on page 3 Students on town counci Fairfield University students, Dave Smith and Gina Zarlengo, were recently ap-pointed to represent the University to vari-ous Fairfield town councils in an effort to involve students in town activities and is-sues, according to FUSA Director of Stu-dent Services, Tom Kushner. Senior Dave Smith, an Economics major from West Hartford, CT., took an active part in his new role as representative to the Fairfield Town Committeee for Civil Pre paredness this past weekend with hur-ricane "Gloria." Dave was involved along with town members and University Fire Marshall Henry Stevens in deciding the course of ac-tion the Committee was going to take in evacuating the beach and low-lying areas the day Gloria hit. In an effort to keep the students up-to-date Dave remained in cons-tant contact with Student Services Division and Committee throughout the storm. When asked about his involvement with the town, Dave Smith replied, "I'm very pleased to be working with Capt. Harry Ac-kley of the Fire Dept. and if the prepara-tions we were involved with for Gloria is indicative of how the rest of the year is go-ing to go. . .I'll be content. It's important for the students to involve themselves with the town to foster good relations and to be able to interface together." In an effort to further smooth relations with the beach community and the students living on Fairfield Beach Road, Kushner, at the urging of Fairfield Beach Road As-sociation president, Laurel Palmieri, ap-pointed Senior Gina Zarlengo to represent the university to that organization. Zarlengo, a Marketing/Info Systems major from Springfield, Mass., will begin working with the Road Association and coordinate beach efforts to provide for good relations. She will also be responsible to bring student concerns to the ears of beach residents and realtors while acting as FU-SA's direct liason to the Road Association, relations. Lucas discusses investments [Photo by Jamie Given] Few investments in S. Africa by Kathryn King "No one is questioning the atrocities that are going on in South Africa. It's a ques-tion of trying to resolve the conflict," said William J. Lucas, vice president of finance. He estimates that only thirty percent of Fair-field University't endowment is invested in companies that do business in South Africa. He said that approximately forty percent of the University's investment is in govern-ment bonds and about sixty percent is in corporate bonds. Of this, thirty percent, at the most, could be invested in companies who have business dealings in South Afri-ca. "We'll have to fine tune that and deter-mine specifically." Any excess in cash which is "more than you need for the day" is either invested in a bank CD or in a money market fund, ac-cording to Lucas. The University uses a special money market fund for colleges or universities called the Common Fund. These funds are short term and will dimin-ish as the money is paid out. The rest of the endowment fund is invest-ed in medium term bonds of ten to twenty years. The University's money is invested in corporate, treasury or government bonds. "These are the major ones we have now," said Lucas. A sub-committee of the Board of Trustees choose the investments for the endowment fund. Some of the companies the university in-vests in may do business in South Africa. One way to promote social change in South Africa that people are advocating is dives-titure. "It's complex. There are pros and cons," said Lucas. If divestiture was proven to be the way to deal with South Africa, "everyone would be doing it." Divestiture is not the only solution. It is up to the Board of Trustees to decide what to do about the situation. "It's not push-ing everything to them. They are the governing board of the University. Since the trustees make the investment policy, they would be the source of any policy we'd carry out,"said Lucas. Before the school makes any decisions about divestiture, the economic impact of divestiture in other schools would have to be reviewed. According to an article in the New Haven Register, Yale decided that selling 350 million holdings would be a "meaningless gesture" and would only harm their portfolio. So much work and effort has gone into the endowment fund, that the University would have to be careful with anything it does, if it decides to do anything. If the school decided to make the symbolic gesture of divestiture, it would probably have to be implemented over a number of years. "This is all hypothetical," said Lucas. FUSA held a general meeting last week to encourage more participation and organization of the student body. /™°'° * Andrea Wh„ehouse] |