The report does not contain recommendations regarding our basic financial situation. We have every reason to believe the College is being as aggressive as possible with endowment and annual budget growth, and that our recommendations will need to be made in the context of current budget models and projections. The health of the economy will affect Carleton greatly, but since we can neither predict nor influence it, we do not believe it would be appropriate to make recommendations based on possible economic scenarios. If we understand ourselves and our goals clearly, we will have a high probability of taking optimal advantage of good economic times and minimizing the effects of rough economic times. Our recommendations, both capital and programmatic, certainly have significant financial implications. But it is our sense that these costs are
manageable within the context of anticipated budget growth and fundraising. Even so, the time and money required to implement some of the program-related recommendations will undoubtedly need to come from shifting priorities rather than from adding staff and increasing budgets.