Stevens Chairman\'s Letter, 2007


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Stevens Chairman\'s Letter, 2007

  1. 1. SUMMER 2007encompasses, another change in our struc- in the School of Technology Management. trustees and alumni. It is a critical to theture was made. The School of Systems future of Stevens. A new Vice President for Development andand Enterprises (SSE) recently emerged as University Communications, Marjorie H. Establishing an environment where researchStevens’ fourth school. It is a school predi- Everitt, was also appointed late last year. and excellent educational opportunities gocated on the perception that “complex Her long experience in capital fund-raising hand in hand is equally challenging, but for higher education will be critical as we necessary if we are to attract both the stu- seek to build, and identify, new philanthrop- dent body and the faculty that will enhance ic support for Stevens. the reputation and output of the Institute. The Board of Trustees is fully committed to The President’s Service working with all the involved groups so thatsystems of systems” are the future, not just these goals can be achieved in the next five In order to achieve success in the endow- year period. ■ The Board of tuition and fees grew by 175 percent.of engineering, but also of America’s inno- ment-building capital campaign and Trustees, along withvative, technology-based economy. This fall, Stevens will enroll one of its largest fresh- Strategic Positioning Plan, the Board of the faculty andDr. Dinesh Verma, who man classes ever, approximately 570 students, up Trustees has asked President Harold J. administration, hasfounded the globally rec- from 530 one year ago. Of this number, some 200 Raveché to lead these important responsi- spent considerableognized System Design selected Stevens as their early-decision university bilities for the Institute for the next five time developing aand Operational of choice. At the same time, Stevens’ selectivity years. Therefore, the Board has extended Strategic PositioningEffectiveness (SDOE) rate has improved, with just 47 percent of qualified the president’s service so that the Institute Plan (SPP), the aim ofgraduate program, has applicants accepted out of a total applicant pool of may realize the many benefits of an which is to furtherbeen appointed first Dean more than 3,000 – besting last year’s 52 percent increased endowment and greater promi- elevate Stevens’of the School. acceptance rate. nence as a nationally recognized research position among theThe College of Arts and Letters, now in the university through the distinctive most highly regarded The investments we have made, and continue toplanning stage, will reinforce the outstand- Technogenesis® model. President Raveché technological make, in our faculty, student programs and facili-ing legacy of Stevens’ broad-based educa- is committed to sustaining the excellence of research and educa- ties, are reaping dividends. Lawrence T. Babbio Jr.tion, including a strong humanities compo- the Institute’s undergraduate and master’s Chairman, tional institutions innent, enriching the intellectual environment Board of Trustees the country. The Research educational programs built over the lastof the Institute through, for example, the future direction of the decade, to growing sponsored research and The SPP is focused on three research thrust areasCenter for Science Writings. Professor Institute is summarized by the goals and objectives ensuring the success of Technogenesis. for the Institute, each encompassing large, inter-James McClellan will serve as Dean of this of the Strategic Positioning Plan: The President’s progress in all of these secting fields of academic endeavor, and depend-College. areas will continue to be reviewed and eval- • continue the gains in excellence of our under- ent upon cross-disciplinary collaboration rooted inAll schools of the Institute contribute to the uated annually by the Board of Trustees. graduate and master’s education; strong individual faculty scholarship:many outstanding cross-disciplinary pur- • grow sponsored research and doctoral education • Systems and enterprise management andsuits now under way, including the Maritime Long-Term Goals with emphasis on cross-disciplinary academics; architecture This is an emerging academic dis-Security Laboratory, the Center forMicroChemical Systems and the Center for The combination of academic, research and • build the endowment for student scholarships cipline, combining important fields of science,Intelligent Networked Systems in the School financial goals present some very imposing and faculty salaries and chairs; engineering and technology management.of Engineering and Science; the challenges to the Institution. Establishing • sustain strong management and financial • Security – maritime, cyber, information andMathematical Cryptography Laboratory and financial stability and significantly increasing controls; communications networks Homeland securitythe CyberSecurity Laboratory in the School the size of the endowment are key objec- I welcome your comments and the containment of global insurgency areof Engineering and Science; and the Center tives that can only be accomplished • increase the name recognition of the Institute and feedback. Please write to important national priorities. The US needs tofor Decision Technologies and Center for through an integrated approach using all through widespread appreciation of its distinctive achieve continuous advances in innovative tech-Excellence in Business Process Innovation the resources of faculty, administration, excellence in student learning and faculty nologies to help combat terrorist threats. research. The Board of Trustees, along with the faculty and administration, has spent considerable time devel- oping a Strategic Positioning Plan (SPP), the aim of which is to further elevate Stevens’ position among the most highly regarded technological research and educational institutions in the country. The Board of Trustees is fully committed to suc- Castle Point on Hudson • Multi-scale engineering, science, and cess in meeting these challenges and continues to Hoboken, NJ 07030 technology Significant solutions to humanitys measure the progress of the institution against the everyday needs are certain to result from objectives in our SPP. We have developed objec- research at the micro- and nanoscale levels. tives in critical areas such as enrollment, research These areas for advancement are as diverse as activities and financial stability that need to be met. pharmaceutical and biomedical products, engi- neered materials, alternative energy sources, Student Enrollment agricultural biotechnology and safeguarding the worlds environmental resources. This year, the Institute experienced the largest number of undergraduate, graduate and early decision applicants in history. In the 10-year peri- od ending 2005, Stevens saw marked increases of 70 percent undergraduate and 30 percent gradu- ate enrollments. Research-based revenue increased by 550 percent, and net revenue from
  2. 2. Stevens management and Board are committed to Academic Structure reaching a break-even operating performance. To this To further improve our competitive position, the senior lead- end, the Institute has recently implemented significant ership at Stevens has spent the last nine months evaluating operating and structural changes. First, Stevens reor- how to achieve the goals and objectives of the Strategic ganized its senior management team: to enable the Positioning Plan. In the course of this evaluation, it became President to focus on fund raising and partnerships, a clear that the creation of new academic and administrative Provost was appointed to attend to the day-to-day leadership structures would be necessary to realize the operations of the Institute and to oversee the budget Institute’s exceptional potential over the next few years. (the Provost is also the Chief Budget Officer of the Institute). The most prominent of these is the creation of the Office of Provost & University Vice President, to which Dr. Second, with the full support of the Provost and the George P. Korfiatis was appointed in December 2006. faculty, management implemented a significant mid-Initiatives in all of these critically important areas have year expense reduction focused on the administrative Professor Korfiatis served with distinction onbeen underway and gaining momentum at the side, which has been included in the recently approved the faculty for more than 20 years. He wasInstitute. By focusing resources on cross-disciplinary budget for fiscal year 2008. Finally, the Institute signifi- named the William McLean Chair Professorcenters for learning and research, Stevens will maxi- cantly reduced the growth of its material and services in 1999. He was also the founding directormize its impact and make its presence felt. expenses compared to prior years. of the Center for Environmental Engineering which flourished in sponsored research,On a longer term basis, an overarching goal is to Management believes that these changes will result graduate programs, external partnershipsincrease sponsored research from the current annual in improved financial results which, combined with the and patents issued. Two Technogenesisvalue of $27 million to $50 million. student demand and selectivity and the continuing companies were spawned by the Center’s research and col- growth of its research activities, will make it possibleTo support this goal, four cornerstones of the SPP laborations. Professor Korfiatis was named Dean of the for the Institute to further its national standing inhave been identified: Charles V. Schaefer, Jr. School of Engineering in 2002. In this education and research in a break-even budget capacity he championed the hiring and development of new 1) Institutionalizing supportive policies and practices environment. faculty, undergraduate and graduate educational programs for faculty compensation and division of labor, Still, challenges remain, and a primary responsibility for and sponsored research. As an example, the biomedical and administrative services, to support faculty in the new Provost, working in close collaboration with engineering program was started in 2003. their pursuit of excellence in teaching and the President, the Vice Presidents, the Deans and the research. In his new position, Dr. Korfiatis is responsible for all academ- Trustees, will be to strengthen financial controls and ic strategy for education and research programs, all revenues 2) Establishing stronger fiscal controls and financial budget planning to provide a platform for growth well and expenditures related to academics, and has oversight for management to optimize the Institute’s resources into the next decade and beyond. There is a commit- alignment of revenues and expenses with the Institute’s prior- and ensure that they are directed to the academic ment to operational excellence across the Institute. ities. He is also charged with the critical tasks of nurturing the priorities of the SPP. Aggressive measures have been taken and the early continuous growth of sponsored research, advancing the 3) Increasing substantially the endowment to pro- indications are that the fiscal year ending June 30, development of the research thrust areas, and promoting the vide resources needed for competitive faculty 2007, will be much improved. growth and success of the research centers. compensation and student scholarships. Dr. Korfiatis’ managerial skills will be much in evidence as 4) Advancing the prestige and name recognition of Endowment and Other Investments Market Stevens goes forward with the continued shaping of its the Institute through a substance-based market- Ending Market Value as of June 30 Strategic Positioning Plan (SPP). With a new and more ing approach that utilizes the accomplishments of $160 $ 1 5 0 .6 3 broadly inclusive committee structure in place, the Board of $ 1 4 0 .4 6 faculty and students, the impact of the Institute’s $140 $ 1 3 5 .5 5 $ 1 3 0 .1 6 Trustees looks forward to working with Dr. Korfiatis, President $ 1 2 0 .0 6 major research thrust areas, and enhanced net- $120 $ 1 1 4 .2 2 $ 1 1 3 .1 0 Raveché, the Vice Presidents, Deans and faculty as it working within the alumni community to promote engages in the community conversation regarding the future $100 the Institute nationally and globally. growth of Stevens. $80This will position the Institute to be among the top 50 $60 With Dr. Korfiatis’ move to the Provost’smost prestigious academic research institutions in the Value (millions) $40 position, a new Dean of Engineering wasnation, with a globally recognized profile of excellence. appointed, Dr. Michael S. Bruno, who is a $20 superb scholar and educator, and who has $0Financial Goals 2001 2002 2003 2004 2005 2006 2007 served with great distinction as the Director Fiscal Year As of 6/30/07, of Davidson Laboratory and, since 2003, asThe Institutes underlying business indicators remain unaudited Director of the Center for Maritime Systems.strong and have shown marked improvement. In keeping with the continued realignment of Stevens’ expert-Undergraduate and graduate enrollments have exceed- ise for maximum impact, the Board has studied the combina-ed expectations, applications have increased substan- Endowment tion of departmental forces between the School oftially and the Institutes endowment has continued to An important issue facing the Institution is the size of Engineering and the School of Sciences, to create theappreciate substantially. On the operating side, while the endowment. Although the performance of the Charles V. Schaefer, Jr. School of Engineering and Science.Fiscal 2006 met tuition revenue expectations and endowment has been competitive versus our nationalexpenses were contained, there was an overall deficit, Also within the last year, the Howe School of peer groups, the size of the endowment is too small.which was driven by a number of factors, including a Technology Management saw the appoint- The Trustees and the President are in the process ofshortfall in miscellaneous revenue against budget, and, ment of Dr. Lex McCusker as Dean. studying the possibility of launching a significant cam-to a lesser extent, a change in an accounting principle. McCusker brings a long history of high-level paign that will be focused primarily on doubling theIt should be noted that fiscal year 2006 was the first technology management responsibilities and endowment by the year 2012. This is a very ambitiousyear for which Stevens adopted a much more detailed project oversight, principally in the field of goal and will require the financial support from allapproach to budgeting and has significantly improved telecommunications. alumni.its budgeting and forecasting practices, as reflected in To further emphasize the growing impact and importance ofthe fiscal year 2008 budget. the cross-disciplinary field of systems engineering and all it