Views on Vassar | More transparency in College’s finances desirable

Tendai Musakwa Opinions Editor

To some, it may come as no surprise that the College has decided to raise the comprehensive fee (including tuition and room and board and other fees) for attendance at Vassar by almost $2,700. After all, this happens every year and is not a new phenomenon at Vassar. However, it is unclear why exactly these increases have taken place. The escalating cost of a Vassar education has not been explained as clearly as it could be to students and their parents.

In a recent interview with The Miscellany News, Vice President for Finance and Administration Elizabeth Eismeier stated that fee increases largely result from the escalating prices of labor in the job market. According to Eismeier, 66 percent of Vassar’s spending goes towards employee compensation. The amount that is set as the College’s fee results from, among other things, the projected amount expected from donors and considerations of how much can be taken from returns on the investment of the College’s endowment without compromising the College’s financial security.

The College needs to recognize the importance of transmitting the above-mentioned information to students and their families. It is inadequate to suppose that these parties would understand the financial intricacies that lead to fee increases. To some, it could seem that the College is not communicating this information in order to be secretive. The Office of Finance and Administration stated that it had not considered communicating the factors behind fee increases because students and their parents did not seem to express an interest in obtaining this information. One would question what it would take for the College to realize that students and parents need to know why fees are being increased perpetually.

To promote transparency, the College should clearly and comprehensively communicate to all students and their guardians how fee increases come about. In a 422-word e-mail that had been previously sent to parents, the Office of Finance and Administration informed students that the College’s Board of Trustees had adopted a 5.7 percent increase in fees with no justification other than “to sustain the quality of programs and facilities at Vassar.”

Such an explanation leaves something to be desired for numerous reasons. First, the amount of money that students and their guardians pay for a Vassar education forms a large part of their families’ expenditures. As such, they should know exactly what their money is being used for, and a full explanation for fee increases must be given. A brief e-mail that does not say anything in terms of justifying these increments is not enough. It implies that the College does not consider students and their families as having a vested interest in the financial matters of the College. The Office of Finance and Administr-ation conceded that the letter they sent out to students and parents was an inadequate justification for fee increases. This is unacceptable and must be addressed.

The College should understand that those who pay the College’s exorbitant fees have a right to know how fee increases result. It is not enough to say that if students or their families want this information they can always contact the Finance and Administration Department or browse its Web site. Besides, browsing the Office of Finance and Administration’s Web site would not yield any information because, for whatever reason, the College does not publish its operating budget. Information on the College’s financial situation must be provided to all students and their families in an accessible format whenever fee increases occur.

Second, the fact that the College’s tuition is among the highest in the nation makes it even more important to justify any fee increase to students and their families. According to forbes.com, Vassar has the fifth highest tuition of all colleges in the nation. In the e-mailed statement the Office of Finance and Administration stated that increases in tuition are needed to sustain the quality of a Vassar education. It is unclear exactly why the sustenance of such an education needs to be so expensive. What exactly is it about Vassar that makes us pay thousands more than Swarthmore or Oberlin?

Considering the enormous sacrifices that families are making in order for Vassar students to attend the college, more effort should be made to promote financial transparency. Fee increases must be justified.