The external financial analysis (Download the FAQ here) took place in response to the 2020-2021 “financial sustainability review” and subsequent changes to the college’s budgets. Faculty, staff, alumni, students, and community members funded the external analysis. Dr. Howard Bunsis, Professor of Accounting at Eastern Michigan University, and certified public accountant, conducted it. Some key findings from the analysis were that:
- Between 2020-2021 alone, there was an astonishing increase in Whitman College’s endowment.
- Whitman’s credit rating was ranked as “Excellent” by Moody’s credit agency, very close to meeting the criteria for “Exceptional.”
- Whitman received $3.9M in Higher Education Emergency Relief Funds. $2.2M of this amount was fully discretionary. $1.7M went to Student Aid.
- “The cuts that were made in 2021 fell most heavily on instruction, and most lightly on administration (institutional support).”
- Since 2017, Whitman has seen a dramatic drop in the salaries of its faculty at all ranks relative to the Panel of 13 [comparison peer institutions]. No comparable data about staff salaries (not in administrative positions) are available.