Campus News

Trustees Approve Budget, Elect New Members at May Meetings

Story posted May 14, 2007

The Bowdoin College Board of Trustees approved the fiscal year 2007-2008 budget and elected two new members during its May 11 and 12, 2007, meetings on campus.

The trustees approved an operating budget for the College for the period July 1, 2007, to June 30, 2008, of $130,268,000 which includes a financial aid budget of $18,377,000. The financial aid budget is a 4.1 percent increase over the current year. With this level of funding, the College’s commitment to need-blind admissions is maintained.

The Trustees also approved a 5.26 percent increase in the student comprehensive fee. For the academic year commencing September 2007, the comprehensive fee will be $46,260 (up from $43,950 in 2006-2007). The fee breaks down to $35,990 for tuition, $9,890 for room and board and $380 for the student activities fee.

Two new members were elected to serve five-year terms on the Board of Trustees, effective July 1, 2007. The new trustees are Michael P. Lazarus P’09 of San Francisco, Calif., and James E. Staley ’79 of New York, NY.

Michael P. Lazarus is a managing partner and co-founder of Weston Presidio, a private equity and venture capital firm in San Francisco, and a former director and founding chairman of JetBlue Airways. Lazarus earned both a bachelor of science degree in accounting and CPA certification at Grove City College. Lazarus serves on the Parents Executive Committee, and in the past year, has served Bowdoin College by hosting the San Francisco Wine Tasting and Panel event and was a Bowdoin Breakfast speaker.

James E. "Jes" Staley, an investment banker, is CEO of Asset Management with JPMorgan Chase & Co. An economics major at Bowdoin, Staley graduated cum laude and on the dean’s list. While a student he was a member of Chi Psi fraternity, and participated in tennis, rugby, Bowdoin Orchestra, Brass Ensemble, Bowdoin Swing Band, Presidential Nominating Committee, Budgetary Priorities Committee and the Committee on Investments. His prior service to Bowdoin College includes chairing the 25th Reunion Leadership Gift Committee and hosting the 25th Reunion Reception; he was also a Bowdoin Breakfast speaker in 2003.

Trustees re-elected to serve another five-year term on the board were William E. Chapman II ’63, Gerald C. Chertavian ’87, John A. Gibbons ’64 and William S. Janes ’76.

The trustees elected two faculty members to emeritus status effective July 1. Denis J. Corish was elected Professor of Philosophy, Emeritus, and Dana W. Mayo was elected Charles Weston Pickard Professor of Chemistry, Emeritus. John D. Cullen was elected Coach in the Department of Athletics, Emeritus.

Two trustees who are coming off the board were elected to emeritus status in recognition of devoted service to Bowdoin. Jane McKay Morrell ’81, of Brunswick, Maine, elected a trustee in 1997, was elected trustee, emerita, and Steven M. Schwartz ’70, of Gloucester, Mass., elected a trustee in 1999, was elected trustee, emeritus.

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