| Faculty
Conference Committee |
| Below
is the letter the FCC sent to Mary Jo Maydew and others summarizing the
results of our faculty poll regarding the proposed changes in the College
mortgage benefit policy and our recommendation regarding same. Mary
Jo met with the FCC last week to discuss the matter and has decided not
to present the proposed changes to the Trustees. In response to the
faculty poll and our discussion, she will instead investigate various possibilities
for modification of the proposed changes. As soon as a new proposal
is formulated, the FCC will once again seek your comments, questions, and
suggestions. |
| e-mail Melinda Spratlan, FCC
committee chairperson
|
To: Mary Jo Maydew, members of the Finance Committee of the Board
of Trustees, members of the Conference Committee of the Board of Trustees,
Joanne Creighton
From: The Faculty Conference Committee: Satya Gabriel, Karen
Hollis, Michelle Markley, Ajay Sinha, Melinda Spratlan, Chair
Date: February 12, 2001
RE: Proposed changes to the College mortgage benefit policy
In order to assess faculty opinion regarding the proposed changes to
the College mortgage benefit policy, the Faculty Conference Committee posted
a survey on its website and invited faculty to respond. We received
32 replies, and these responses indicate very strong opposition to the
proposed mortgage benefit policy changes.
Although only a few respondents mentioned specifically the proposal
to fix the mortgage rate to the Applicable Long Term federal Interest Rate,
the clear message from faculty is that, at the very least, they want the
mortgage policy to remain "as is". Moreover, a significant number
of respondents explicitly criticize the proposal as a reduction in faculty
benefits. Indeed, several respondents wrote that the proposed change
was, in the words of one respondent, a "violation of a promised contract"
between the administration and faculty, or, in the words of another respondent,
a "revoked promise". It is our considered opinion that this reference
to a "promise" refers to statements made by the College several years ago
when it opted to sell its mortgages; many of us recall explicit reassurances
then that this decision would have no effect on faculty mortgage benefits.
This apparent violation of that promise prompted two respondents to suggest
that the College "has acted disingenuously".
In addition to the prevailing opinion that the mortgage policy should,
at the very least, remain "as is", the poll elicited many comments on two
specific issues: One, the $110,000 cap has not kept up with rising
costs in the housing market and, therefore, the real dollar value of the
cap has declined. Given this decline in the benefit, the nominal
cap should be increased. Two, the geographical limit is unnecessarily
restrictive.
As a result of this poll and numerous conversations with colleagues,
the Faculty Conference Committee strongly recommends that the College abandon
the proposed changes to the current mortgage benefit policy. We further
recommend that the Faculty Planning and Budget Committee and the Faculty
Conference Committee continue to work together on the full spectrum of
faculty benefits and, specifically, to address the possible raising of
the mortgage benefit cap and the extension of its geographical reach.
cc: Faculty Planning and Budget Committee: Susan Barry,
Giuliana Davidoff, Jeremy King, Fred Mosely, Nancy Campbell, Chair; Stephanie
Hull
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