Annual Report to Investors - The American College
Annual Report to Investors - The American College
Annual Report to Investors - The American College
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Dear Friend of Our <strong>College</strong>:<br />
This is my final letter <strong>to</strong> you as President and Chief Executive Officer of <strong>The</strong> <strong>American</strong> <strong>College</strong>.<br />
A decade ago, our <strong>College</strong> faced very serious issues. After accepting the role of President in 2003, but before arriving<br />
in Bryn Mawr, I enrolled in the Essentials of Life Insurance course so I could begin <strong>to</strong> understand the student experience.<br />
When a box arrived in San Francisco a week later, there were two books and eight cassette tapes. My wife Eliza and I<br />
struggled <strong>to</strong> find a Radio Shack in the Bay Area that even sold cassette players! That was the beginning of an awakening:<br />
a great institution was tired. It had not kept pace... with technology… in faculty development… with financial<br />
discipline… in making courageous decisions.<br />
Thanks <strong>to</strong> hundreds of wonderful men and women, we rallied.<br />
Members of our Board of Trustees and Foundation Board supported a vision that required we monetize our<br />
physical campus so we could reinvest in the dream of Dr. Solomon S. Huebner, the founder of <strong>The</strong> <strong>American</strong> <strong>College</strong>.<br />
As a result, we introduced five new centers of excellence in veterans’ affairs, women’s studies, retirement, practice<br />
management and ethics. We recruited <strong>to</strong>p faculty members from other institutions. An Alumni Association, allowing<br />
graduates <strong>to</strong> connect and learn with live programs nationally, was introduced. We then built <strong>The</strong>WealthChannel.com<br />
and <strong>The</strong> Wealth Channel Magazine <strong>to</strong> keep learning alive, pertinent and as close as your mobile device. We developed<br />
the nation’s first Ph.D. in Financial and Retirement Planning. <strong>The</strong>se and other efforts enhanced a remarkable citadel<br />
of learning.<br />
<strong>The</strong>se actions also required unpopular decisions. I had <strong>to</strong> freeze a defined benefits plan for all employees and an<br />
overly generous retiree package that included lifetime medical coverage for employees and their spouses. Over 100<br />
people out of approximately 240 persons were eventually replaced within our ranks as skill sets and our financial<br />
status were scrutinized. Some decisions led <strong>to</strong> <strong>to</strong>xic accusations by reckless people who claimed <strong>to</strong> love <strong>The</strong> <strong>College</strong>,<br />
but whose personal agendas were transparent.<br />
Somehow, thanks <strong>to</strong> leaders from great organizations and many independent advisors, we remained focused on<br />
“What would Dr. Huebner do” Ultimately, rebuilding <strong>The</strong> <strong>College</strong> and then embarking on the One Person campaign<br />
<strong>to</strong> achieve $50 million in new funding became a magnet for a sense of “I Believe.”<br />
In the next phase of my life, I am excited <strong>to</strong> now serve as Chancellor of <strong>The</strong> <strong>American</strong> <strong>College</strong> and continue as the<br />
O. Alfred Granum Chair in Management. This allows me <strong>to</strong> serve our institution in a capacity of thought leadership,<br />
and my first passion, that of teacher.<br />
To each of you, for your engagement and generosity, thank you. Your stewardship ensures that <strong>The</strong> <strong>College</strong> will<br />
continue <strong>to</strong> thrive and change - always forward looking - as higher education itself experiences rapid transformations.<br />
It has been an exciting and rewarding decade… and, with your continued support, the best is yet <strong>to</strong> come.<br />
Sincerely,<br />
Larry Bar<strong>to</strong>n, CAP ® , Ph.D.<br />
2004<br />
MSM Reinvigorated<br />
Only two students were enrolled in a dying program<br />
when the Masters of Science in Management degree<br />
was resurrected with a new emphasis in leadership.<br />
<strong>The</strong> first class with this new emphasis graduated in<br />
June 2005.<br />
First Knowledge Summit Held<br />
<strong>The</strong> first major Knowledge Summit educational<br />
event was held in conjunction with commencement<br />
ceremonies on December 6, 2004 in New York City.<br />
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