What is the mission of Save Goddard College?

Background

Since the announcement of the current President and Trustees intent to close Goddard College, various groups of concerned alumni have begun to organize to counteract this decision. Goddard College alumni are diverse, creative, and passionate about Goddard College. There are likely as many opinions on the path forward for Goddard College, as there are alumni. This effort, “Save Goddard College” has a mission to preserve, maintain, and continue as much of the recent scope of the mission of the College. 

Goddard College Financial Status

What do we know about the financial status of Goddard College?

Goddard College Endowment and Assets

Goddard College has notable assets including:

 

•    An endowment with Vermont Community Foundation, which has generated annual support ranging annually from $30,000-$80,000.

•    Restricted gifts from alumni for direct expenses from the 2022 Financial audit: $1,272,961.

•    Gifts from alumni for their annual campaign, have reached over $450,000 in past years.

•    Alumni may have additional revocable commitments in their wills that were established years ago, directed to Goddard College. If the nonprofit organization is dissolved, these would not be realized but revert to the estate of the donor.

Goddard College – Federal USDA Loan – Due in 2058 - 34 years 

An article in the Chronicle of Higher Education on April 11,  notes the USDA loan as one of the reasons for the sale of Goddard College. 

            The article states:

 Typically, the USDA would take over the campus if the college closed, but Goddard's board hopes to sell its properties and use the proceeds to pay creditors, including the USDA, Hocoy said. The USDA loan is the college's only long-term debt, financial records show.

However, the details of this loan are very generous and would allow for a long-term solution to pay this off. The 2002 audited statement notes this is a long-term loan that is not an immediate issue:

•    $2,100,000. The note bears interest at a rate of 3.125% annual and requires monthly payments of principal and interest in the amount of $7,686 through its maturity in September 2058. 

What do the Goddard College Board of Trustees Bylaws tell us? What does it matter?

Trustee Bylaws – Minimum Number of Trustees

Bylaws require 14 Trustees. There are currently only five Trustees only one of which is an alumnus. 

In 2021, there were 17 trustees and three staff on the Board of Trustees. This precipitous decline in oversight warrants immediate action.

Additionally, historically Trustees in general are also notable financial donors to the institution. By allowing the number of Trustees to be so much lower than the 36 allowed, the College has greatly reduced their fundraising capacity.

Trustee Term Limits

The current Chair has served more than three terms, which is outside the regular service dictated by the bylaws. The bylaws note the ideal term is of three, 3-year terms. 

 

Mark Jones, the current Chairman of the BOT was appointed to the BOT in January of 2015 and his third and final 3 year will expire in October of 2024.  Goddard College has publicly acknowledged that his service on the BOT will be "termed out" in October of 2024. 

Ongoing Petitions

Numerous petitions have been started to address the Trustees decision. 

These include:

Petition to the Goddard College Board of Trustees and President

Save Goddard College submitted the following petition to the Goddard College Board of Trustees and President on 5/27/24. Please join us in signing the petition.  To sign the petition, please email, savegoddardcollege@gmail.com.

Please use Subject "Sign Petition" and include your name, email, and Goddard affiliation if any.  Please read and sign onto the petition.

Petition to the Honorable Charity R. Clark, Attorney General of Vermont

Petition to the Honorable Charity R. Clark, Attorney General of Vermont, who oversees non-profit corporations, to prevent Goddard’s closure, to receive nominations, and to place twenty graduates, employees, and members of the Vermont community on the college’s Board. 

https://www.change.org/p/save-goddard-college?source_location=search

The Goddard College Staff Union has put forward common sense proposals in negotiations that would ensure fair compensation, transparency, and worker voice within the constraints that the college faces.

https://actionnetwork.org/petitions/for-a-just-democratic-goddard-college

Saving Independent Colleges – Success Stories 

Higher Education is going through a difficult time. The next decade will see a steep decline in available high school students in our population. With additional pressure from student loan debt and online learning. 

Goddard College has adapted to before – we will again.

Sweetbriar Success Story

A model that we hope to replicate is that of Sweetbriar College in Virginia. This history of this effort, detailed in the article by the Giving Institute:

Saving Sweet Briar raised more than $13 million in cash in just over 120 days, with no development staff or a staff or any kind. 

https://www.givinginstitute.org/news/268666/The-Story-of-Saving-Sweet-Briar--or-Dont-Mess-with-the-Vixen.htm

Hampshire College in Massachusetts

Higher Ed Dive reported in March 2024, the success of a reinvigorated Hampshire College. 

Back from the brink, Hampshire College is nearing financial viability

In the past five years, the college recommitted to its mission, raised funds and revamped its curriculum. Experts say others can learn from its playbook.

Organizing Groups

The Save Goddard College committee is dedicated to working with other community and alumni groups who share a similar mission. Because of our specific goal to Save Goddard College, our volunteers are focused at this time on that one timely issue.

Other groups that are focused on tangential efforts.  This information is for a general background. The “Free Goddard College” volunteers are committed to a forward-looking vision for the institution. 

Remake Goddard

www.remakegoddard.org

Goddard Alumni Association

https://goddardalumni.com

Great Woods, Plainfield, Vermont

Goddard College Staff – UAW Union 

https://uaw2322.org/goddard-college-staff/