Another in the series.

1. SUMMER 2007
encompasses, another change in our struc- in the School of Technology Management. trustees and alumni. It is a critical to the
ture was made. The School of Systems future of Stevens.
A new Vice President for Development and
and Enterprises (SSE) recently emerged as
University Communications, Marjorie H. Establishing an environment where research
Stevens’ fourth school. It is a school predi-
Everitt, was also appointed late last year. and excellent educational opportunities go
cated 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 that
systems 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 with
vative, technology-based economy. This fall, Stevens will enroll one of its largest fresh-
Strategic Positioning Plan, the Board of the faculty and
Dr. Dinesh Verma, who man classes ever, approximately 570 students, up
Trustees has asked President Harold J. administration, has
founded the globally rec- from 530 one year ago. Of this number, some 200
Raveché to lead these important responsi- spent considerable
ognized System Design selected Stevens as their early-decision university
bilities for the Institute for the next five time developing a
and Operational of choice. At the same time, Stevens’ selectivity
years. Therefore, the Board has extended Strategic Positioning
Effectiveness (SDOE) rate has improved, with just 47 percent of qualified
the president’s service so that the Institute Plan (SPP), the aim of
graduate program, has applicants accepted out of a total applicant pool of
may realize the many benefits of an which is to further
been 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 the
The College of Arts and Letters, now in the university through the distinctive most highly regarded The investments we have made, and continue to
planning 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 in
nent, enriching the intellectual environment Board of Trustees the country. The Research
educational programs built over the last
of the Institute through, for example, the future direction of the
decade, to growing sponsored research and The SPP is focused on three research thrust areas
Center 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 in
All 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 and
suits 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 for
MicroChemical 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 and
Mathematical Cryptography Laboratory and financial stability and significantly increasing controls; communications networks Homeland security
the CyberSecurity Laboratory in the School the size of the endowment are key objec- I welcome your comments and the containment of global insurgency are
of 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 to
for Decision Technologies and Center for through an integrated approach using all through widespread appreciation of its distinctive
chairman1@stevens.edu 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 humanity's
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
world's 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. 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 on
been underway and gaining momentum at the side, which has been included in the recently approved the faculty for more than 20 years. He was
Institute. By focusing resources on cross-disciplinary budget for fiscal year 2008. Finally, the Institute signifi- named the William McLean Chair Professor
centers for learning and research, Stevens will maxi- cantly reduced the growth of its material and services in 1999. He was also the founding director
mize 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 partnerships
increase sponsored research from the current annual in improved financial results which, combined with the
and patents issued. Two Technogenesis
value 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 possible
To support this goal, four cornerstones of the SPP laborations. Professor Korfiatis was named Dean of the
for the Institute to further its national standing in
have 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.
$80
This will position the Institute to be among the top 50 $60 With Dr. Korfiatis’ move to the Provost’s
most prestigious academic research institutions in the Value (millions)
$40 position, a new Dean of Engineering was
nation, with a globally recognized profile of excellence. appointed, Dr. Michael S. Bruno, who is a
$20
superb scholar and educator, and who has
$0
Financial 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, as
The Institute's 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 of
tially and the Institute's endowment has continued to An important issue facing the Institution is the size of Engineering and the School of Sciences, to create the
appreciate 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 national
expenses 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 of
shortfall 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 the
It should be noted that fiscal year 2006 was the first technology management responsibilities and
endowment by the year 2012. This is a very ambitious
year for which Stevens adopted a much more detailed project oversight, principally in the field of
goal and will require the financial support from all
approach to budgeting and has significantly improved telecommunications.
alumni.
its budgeting and forecasting practices, as reflected in To further emphasize the growing impact and importance of
the fiscal year 2008 budget. the cross-disciplinary field of systems engineering and all it