The Stanford University Board of Trustees discussed a wide variety of topics at its recent meeting, including the Capital Budget Plan for 2015-16, the Report of the Provost’s Task Force on Sexual Assault Policies and Practices, and the pressing global issues the School of Earth, Energy and Environmental Sciences is now tackling.

On the second day of its June 10-11 meeting, President John Hennessy told the board that he planned to depart his post in summer 2016, after serving in major academic leadership roles at Stanford for more than two decades. Hennessy, Stanford’s 10th president, took the helm in 2000.

“John Hennessy has modeled what it means to be a visionary higher education leader for the 21st century,” said Steven A. Denning, chair of the Board of Trustees.

“He has guided Stanford to be an exemplar of what a modern university must aspire to be. On behalf of the entire Stanford community, we thank him for his contributions as an energetic and dedicated Stanford faculty member, dean of engineering, provost and president. It has been a remarkable run, one of the greats not only in Stanford’s history, but also in the annals of American higher education.”

Denning said that by the time Hennessy steps down, he will have served 16 years as president – twice the average tenure of university presidents in the United States.

Read the full story about Hennessy’s announcement here.

Budget approved

Denning said trustees approved Stanford’s $5.5 billion budget plan for fiscal year 2015-16 and a $774 million capital budget that supports a range of projects requiring $2.9 billion in total expenditures once fully completed. The 2015-16 operating budget includes a slight surplus.

“Stanford is in a very strong financial position with this budget,” he said.

Still, there are ongoing concerns, Denning said, including the general slowdown in federal research funding, high housing costs in the Bay Area that affect recruitment of faculty and staff, and rising health care costs that affect everyone.

Denning said the budget reflects Stanford’s continuing commitment to its generous financial aid program for undergraduates. Next year, Stanford will increase its financial aid budget by $5 million to help existing and future undergraduate students better afford a Stanford education, with particular focus on students who come from low- and middle-income families. Families with annual incomes below $125,000 and typical assets will no longer be expected to pay tuition. Families with annual incomes below $65,000 will no longer pay tuition or room and board.

Denning said the university’s financial aid budget, which has doubled since 2007, has helped decrease the net real cost of a Stanford education – tuition and room and board minus financial aid – over the last decade.

“The average net price of a Stanford education in real dollars is about $31,000 today, compared with $32,000 a decade ago,” Denning said. “That is a remarkable accomplishment for Stanford.”

The board heard design updates on three projects expected to receive design approval in October:

• The Anne T. and Robert M. Bass Biology Research Building
• A building to house both the Stanford Chemistry, Engineering & Medicine for Human Health (ChEM-H) program and the Stanford Neurosciences Institute
• The Redwood City campus 

In addition, trustees heard a presentation on ways to improve Frost Amphitheater as a performing arts venue for performers and audiences. Trustees discussed broad concepts aimed at reinvigorating and revitalizing Frost – including covering some of its tiered seating to protect audiences from sun and rain – so that it could be used for more events throughout the year. The storied amphitheater, now 80 years old, is located next to Bing Concert Hall.

Read the full story about the 2015-16 budget here. A formal budget document is available on Stanford’s Bondholder Information website, under “Budget Plans.”

Investment principles

At the meeting, trustees approved an updated Statement on Investment Responsibility, which has been amended many times since it was first adopted in 1971. The statement is the board’s expression of its approach to the responsible investment of the university’s endowment.

“The statement continues to emphasize the importance of responsible investment practices and the importance of community input regarding investment responsibility issues at Stanford,” Denning said.

“This update separates core principles from operational details that are best coordinated by the administration. It also clarifies some of the principles important to the trustees so that everyone with an interest in these issues may have a clearer sense of the board’s approach to investment responsibility.”

Read the full story on the updated statement here.

Trustees heard a report from the co-chairs of the Provost’s Task Force on Sexual Assault: M. Elizabeth Magill, the Richard E. Lang Professor of Law and dean of Stanford Law School, and Elizabeth Woodson, who graduated last weekend and served as president of the Associated Students of Stanford University in 2014-15.

The task force’s report, which was issued in April, includes recommendations in three broad areas: educational efforts aimed at preventing sexual violence on campus; support and response for students involved in an incident of sexual violence; and investigation and adjudication of sexual violence cases. Stanford is now working to implement the recommendations.

“We commended them both for leading the effort to come to a consensus on how to address the various elements of this very complex topic,” Denning said. “They did an extraordinary job.”

Denning said Stanford’s ultimate objective is to change the campus climate so that zero tolerance for sexual violence is embedded in the culture of the student body.

Finally, the board also heard a presentation by Pamela Matson, the Naramore Dean of the School of Earth, Energy and Environmental Sciences about the critical challenges the nations of the world will face with an ever-increasing population – projected to exceed 9.5 billion by 2050, according to the United Nations.

“She talked about the enormous resource and environmental challenges facing the world, including energy, water and food security issues, and how the school would address those issues by increasing its faculty and expanding its programs,” Denning said. “We also talked about the need for a new facility, but we will need to raise the necessary funds to pursue that.”