Re: Durgin Essay -- CROSSPORTS: Holy Cross Crusaders Sports Message Board

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Date Posted: 11:09:15 07/03/04 Sat
Author: NTKHC64
Subject: Re: Durgin Essay
In reply to: HC1843 's message, "An interesting read that reflects HC admin's views" on 08:31:59 07/03/04 Sat

How can you start a thread like this on a long holiday weekend? My copy of this hit the shredder shortly after it arrived. Isn't this the fellow for whom "Durgin Park" is named? In any event, I just plucked out the excerpt below.

[I certainly hope that Mr. Durgin isn't claiming credit for the increase in endowment. On 8/13/82 when the great bull market began, the Dow Industrial Average was somewhere in the 700-800 range. As we know, it has been as high as 11,000 with the NASDAQ reaching 5,000 before its precipitous decline. You could've used the dart throwing method of investment selection and still made money.]

"A strong and growing economy, generous support
of alumni and friends, and judicious management
of financial resources have contributed
to the College�s success during the past 20 years.
All aspects of the Holy Cross experience have
been significantly improved and the College has
invested well for the future. During this time
frame, the endowment assets grew from a modest
$28 million to well over $400 million today.
This growth has enabled the College to make
many of the improvements to human and capital
resources noted above.
As satisfying as this may be, for Holy Cross
to continue to compete among the top liberal arts
colleges for the best students and faculty in the
nation, we need to build on this success. For the
immediate future there are more challenges than
there are opportunities. The economy is not as
vibrant as it was, investment opportunities are
more modest, and more of our families are unable
to pay the gross cost of room, board ..."

He seems to be saying that the economy grew over the last 20 years, but that now the economy is not as "vibrant" as it was. An oversimplification to be sure and not all that accurate either. As the Clinton administration was drawing to a close the economy was beginning to cool. During the current Bush administration it has rebounded and despite the disappointing job figures released yesterday, the economy is on an upswing.

Who manages the money at Holy Cross anyway? Are there professional consultants or is it kept in house with Mr. Durgin making the calls? What are the investments for the future that he mentions?

And why in the face of an improving economy is the participation in the current Holy Cross Fund at only 46%?

'43, I don't know what gripes you have about this but I look forward to hearing them. Perhaps its distribution was timed to let the alumni feel that their donations had been wisely used and therefore they should give more now, realizing that annual giving was in decline, at least from a percentage participation point of view.

This is a sports message board but there are have been excellent discussions about other topics that concern the College. I guess we'll just have to wait and see where this thread goes.

"...we need to build on this success"...Were it not for the generosity of benefactors such as Park Smith and Henry Hogan where would the College be? How much does "judicious management [Durgins's?] enter into the picture?

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Replies:

[> [> Re: Durgin Essay - Economics -- Rick, 12:11:48 07/06/04 Tue

AIR, we had 2 recessions during that time frame.

Curious to know Mr. Durgin's take on alumni giving and growth in the endowment specifically from 1981 thru 1986....

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