renner, jamie c.b. hall mishaan, jessica · 8/3/2020 · marlboro has seen the steepest drop in...

From Renner JamieTo CB HallCc Mishaan JessicaSubject Your Public Records RequestDate Monday August 3 2020 74030 PMAttachments 8-3-20 PRA Response re 7-19-20 MC documents_Redactedzip

8-3-20 PRA Appeal Responsezip

Dear Mr Hall Attached are documents responsive to your Public Records Request regarding Marlboro College Asfollow up to my correspondence of July 20 2020 they consist of documents provided to our Officeby Marlboro College on July 19 (within the last 10 business days) Additionally I have attached documents produced in relation to a recent Public Records Actadministrative appeal Please note pursuant to 1 VSA 317(c)(7) information reflecting the personal finances of MarlboroCollege donors has been redacted from the attached documents (both within the documentssubmitted to our Office on July 19 and within the documents subject to the PRA appeal) If you feelthat any redaction has been made in error you may appeal directly to Deputy Attorney GeneralJoshua Diamond RegardsJamie Jamie RennerAssistant Attorney GeneralOffice of the Vermont Attorney General109 State Street Montpelier VT 05609Dir 802-828-5947

8-3-20 PRA Response re 7-19-20 MC documents_Redactedpdf

From Jeff McMahanTo Renner JamieCc Sara HuddlestonSubject Butler Wolf Kahn and WilleneDate Sunday July 19 2020 30627 PMAttachments image001jpg

WilleneClark_FacultyResearchFund (B2210011xA047C)pdfButler - Email Corresp (B2210009xA047C)pdfWolfKahnScholarship_docs (1) (B2210010xA047C)pdf

EXTERNAL SENDER Do not open attachments or click on links unless you recognizeand trust the senderJamie ndash Here is the additional information that could be gathered on these funds Marlboro and Emerson will incorporate your requested changes in the Endowment Fund schedule inthe closing documents Let me know if you have questions Jeff

Jeffrey J McMahanAttorney

209 Battery Street | Burlington VT 05401P 802-859-7013 C 802-343-5958E jmcmahandinsecom W dinsecom

Bio | V-Card | LinkedIn

Disclaimer

CONFIDENTIALITY NOTICE This email transmission may contain attorneyclient privileged and confidentialinformation intended only for the individual or entity named above Any dissemination use distributioncopying or disclosure of this communication by any other person or entity is strictly prohibited Should youreceive this transmission in error please notify the sender by telephone (802-864-5751) and return theoriginal transmission to problemdinsecom

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8-3-20 PRA Appeal Response60th Anniversary Fund for Inspired Teaching Fundpdf

8-3-20 PRA Appeal ResponseEY Feb 2 xec sess slides copy (B2205570xA047C)pdf

Marlboro College

Board Meeting Executive Session

February 2 2019

Page 2

Draft ndash not for distribution

Objectives for today

Share assessment of Marlboro Collegersquos financial

position including potential five-year scenarios1

Review the types of alliances in higher education in the

context of Marlbororsquos finances2

Discuss the key elements and attributes of Marlboro

College3

Page 3


Agenda

Marlbororsquos financial position

Parameters for strategic alliance

Appendix

Page 4

Draft ndash not for distributionMarlbororsquos financial positionMarlboro faces a structural deficit and is projected to continue to spend down its endowment

Source Marlboro internal data

0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operating

deficit

Total undergraduate

enrollment230 191 198 185 152 142

Endowment ending

balance$392m $351m $373m $376m $353m $326m

Marlboro historical and projected financials

FY2015 ndash FY2020

Page 5

Draft ndash not for distributionMarlbororsquos financial positionIn partnership with Marlboro we sought to further assess the financial position of the college

Current operating model

1 What are the current levers (revenue and cost) driving Marlbororsquos finances

Could the current operating model reach near-time financial sustainability

through improvement of these levers

1 Which of these levers most impacts Marlbororsquos financial position

Financial scenarios

1 What are potential 5-year financial scenarios for Marlboro

2 How would the financial picture change in the context of a potential

partnership with an institution of higher education

1

2

3

4

Page 6

Draft ndash not for distributionMarlbororsquos financial positionThe analysis identified the performance required to bring Marlboro to standalone financial sustainability

Source Marlboro managementrsquos financial projections

Marlboro would

have to boost the

size of each

incoming class

through strategic

admissions efforts

Financial levers

Improve retentionIncrease enrollment Reduce size of faculty and staff

Costs

Could cost reduction help

financially stabilize Marlboro

Marlboro would

have to improve

retention through

more intentional

student services

improved academic

experience and an

admissions pipeline

that is focused on

students who are

most likely to thrive

at Marlboro

Marlboro would have to adapt

the current cost structure to

meet the needs of current

enrollment


Financial scenarios

Marlboro would

have to increase

average net

tuition through

strategic

admissions and

financial aid efforts

but this lever is

particularly difficult

to control

Increase net tuition

Revenue

Could revenue expansion financially stabilize Marlboro with no

additional cost added to the current operating model

Page 7

Draft ndash not for distributionMarlbororsquos financial positionThe change in each lever for FY23 sustainability was calculated and then compared to market trends

These steps help us align around an understanding of Marlbororsquos current and future

financial position which sets the stage for evaluating strategic options going forward

Methodology What would it take to get to financial sustainability

Calculation Comparison

Step 1 Began with the

Marlboro College

managementrsquos financial

projections and base case

assumptions for FY19 ndash FY23

Step 3 To gain perspective

on the feasibility of each

calculated change we

compared the change

needed to achieve

sustainability to peers and

broader market

Step 2 Determined what

value each lever would

need to reach holding all

other assumptions constant

for the Collegersquos revenues to

equal its expenses in FY2023

while spending only 5 of the

endowment

1 2 3


Financial scenarios

Page 8

Draft ndash not for distributionMarlbororsquos financial positionAchieving financial sustainability is more likely to occur through boosting revenues than cutting costs

Assuming that 75 of students live on campus Marlbororsquos housing capacity of 300 should not be a constraint in FY23 but could be an issue if incoming class sizes

remain at 174

Note $318k tuition is for FY20 and would increase at 3 year-over-year to account for inflation


Financial levers

Improve retentionIncrease enrollment Reduce size of faculty and staffIncrease net tuition

Revenue Costs

Ch

an

ge

Imp

lic

ati

on

s t

o

be

co

nsid

ere

d

37Year-over-year

incoming class growth

required for Marlboro to

reach financial

sustainability by FY23

NAImproving retention

alone is not sufficient for

Marlboro to reach

financial sustainability

by FY23

351 Student-faculty required for Marlboro

to reach financial sustainability by

FY23 along with significant

reductions in non-compliance staff

Student-faculty ratio

increases from 5 to

16

Enrollment growth

would bring Marlboro

to 370 total students

in FY23 with

entering class of 174

If Marlboro moved

retention to 100

they would still

required 26 year-

over-year growth in

the incoming class

size

Adjunct faculty and a segment of

non-compliance staff reduced by

100

Increased student-faculty ratio

would be a substantial change to

Marlbororsquos model and could

impact enrollment and retention

$318kNet tuition required for

incoming class to reach


by FY23

This net tuition level

implies a -20

discount rate on the

reset tuition of $265k


Financial scenarios

Page 9

Draft ndash not for distributionMarlbororsquos financial positionOf the revenue levers enrollment and net tuition have the most impact

Financial levers

Improve retentionIncrease enrollment Increase net tuition

Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios

0

Draft ndash not for distributionMarlbororsquos financial positionTo further assess Marlbororsquos financial picture we prepared scenarios of FY19-23

For each scenario we calculated the cumulative

operating deficit for FY19-23 as a proxy for how

operations will impact Marlbororsquos endowment

As shown in the analysis it will be difficult for Marlboro to achieve

financial sustainability as a standalone institution

To forecast a range of possible near-term financial outcomes for

Marlboro we prepared a series of scenarios with assumptions

grounded in market and competitive trends

These scenarios focus on operating levers (eg enrollment

retention and operating costs) rather than endowment performance

as there is uncertainty in future market performance


Financial scenarios

Page 11

Draft ndash not for distributionMarlbororsquos financial positionWe started with managementrsquos assumptions and flexed key levers to create two additional scenarios

Source Internal data

k Management assumptions

Base case

Entering class enrollment FY20-23 50 entering students each fall

Tuition rate increase 3

Retention rate 80 year-over-year retention

95 fallspring retention

Discount rate FY19 80 for the incoming class

FY20-23 65 for the incoming class (on reset tuition of $26500)

Room participation 75 room participation

65 board participation

Room and board growth rate 3 annual increase on room and board

Health insurance growth rate 6

Personnel FY19 29 tenured and tenure-track faculty

FY23 24 tenured and tenure-track faculty

Endowment performance FY19 1

FY20-23 6

Annual fund contributions $2 millionyear

Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12

Draft ndash not for distributionMarlbororsquos financial position Marlboro is projected to run a deficit in all three scenarios considered

The cumulative decrease in the endowment would be 39 in the management base case scenario 27 in the optimistic scenario and 76 in the pessimistic scenario

Source Marlboro internal data IPEDS

Comparison of 5-year cumulative operating losses under different scenarios

FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19

8 annual growth for FY20-23 (reflects top-

decile of peer growth from lsquo12-rsquo16)

50 in FY19

-74 annual decline for FY20-23

(in line with Marlbororsquos FY15-FY19 trend)

Discount rate FY19 80 FY20-23 65 FY19 80 FY20-23 65 FY19 80 FY20-23 75

YoY Retention 80

FY19 80

FY20-23 885 (in line with retention at

top-decile peers)

FY19 80

FY20-23 75 (in line with retention of Marlbororsquos

most recent cohort)

Costs No additional cost reductions Increase student-faculty ratio to 101 No additional cost reductions

Annual fund $2myear $2myear FY19 $2myear FY20-23 $1myear

Endowment

performanceFY19 1 FY20-23 6 FY19 1 FY20-23 6 FY19 1 FY20-23 0

$193m

Management base case

scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario

5 Endowment spending

Annual fund contributions

Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13

Draft ndash not for distributionMarlbororsquos financial position A partner with a higher net tuition for students could sustain Marlbororsquos academic and operating model

Note 100 room and 80 board participation assumed 6 attrition assumed


Enrollment Partner University brings 300

students to live and study as part of a year-

long honors program on Marlbororsquos campus

Student-faculty ratio Marlboro targets a 81

student-faculty ratio to provide individualized

academic experience to honors students

Staff Marlbororsquos current academic support

and staff structure is unchanged incremental

staff needs are provided by Partner University

Annual fund and endowment There are

minimal annual fund contributions since the

Marlboro program is now part of the partner

institution but Marlboro continues to

contribute 5 of its endowment to support the

honors program

Potential financialoperating

structure with partner

To reach financial

breakeven the Partner

University would need

$22kper student in net tuition


Financial scenarios

Page 14

Draft ndash not for distributionMarlbororsquos financial position There are many higher education institutions with net tuitions gt$22k that could help Marlboro reach breakeven

Note Net tuition figures are based on IPEDS net tuition less $1500 (average fees for representative set of urban comprehensive universities) Data are for FY2017

(Fall 2016) Example schools are included because they were mentioned on stakeholder calls or are relatively large urban institutions

Source IPEDS

162 institutions have net tuitions above $22k and less

than 50 graduate enrollment including

Bates College

Berklee College of Music

Boston College

Boston University

Bowdoin College

Brown University

Claremont McKenna College

Drexel University

Fordham University

Middlebury College

New York University

Northeastern University

Reed College

Rensselaer Polytechnic Institute

RISD

Trinity College

University of Miami

Vanderbilt University


Financial scenarios

Page 15


Questions for discussion

1 Do you have any questions about the financial scenarios

2 How does this financial picture shape the way you think about a potential

strategic partnership

1

2

Page 16


Agenda



Appendix

Page 17

Draft ndash not for distributionParameters for strategic allianceThere are six types of partnerships and alliances that exist the current financial challenges suggest that only one is likely to support Marlboro sustainability

Public-

private

contracts

Industry

partnershipsConsortia

Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary

Potential to support Marlboro College financial sustainability

Types of higher education partnershipsalliances

Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18

Draft ndash not for distributionParameters for strategic allianceDepending on the structure of the acquisition the level of program integration varies considerably

Complete integration

Most integratedLeast integrated Program integration spectrum

Armrsquos length investment Blended model

Acquisition by the partner

university represents a

nominal ownership change

The acquired school

continues to operate largely

as-is with certain programs

offered to partner university

students on a ldquostudy

abroadrdquo basis

The acquired school is

integrated as a satellite

school of the partner

university with merged

operations

A

B

C

D

Human capital changes

Regulatory framework changes

Operational and programmatic changes

Brand changes

The three integration

states each have a

different exposure

to the following changes

Page 19

Draft ndash not for distributionParameters for strategic allianceIn approaching a partnership the most important element to preserve is Marlbororsquos academic philosophy centered on facultystudent relationship

Note Attributes were flagged for discussiondeliberation when interview perspectives were heterogeneous

Source Interviews

Hardest to give up

Academic philosophy

Close facultystudent

relationship

Integrative

interdisciplinary student-

directed academic

exploration

Hard to give up

Continuity for Marlbororsquos

faculty

Collaboration across fields

of study

Highly skilled in facilitating

unique pedagogy

Nice to retain

but less essential

Degree-granting status

Academic model could be

implemented without

Marlboro granting its own

undergraduate degrees

Attributes for discussion

Campus in Marlboro VT

Rustic New England

campus on a hilltop

Arts facilities that house

the Marlboro Music

Festival

Interviewees generally indicated that they did not want to create a list of non-negotiables rather they want to holistically

evaluate all options proposed in response to the Request for Partnership Vision

Interviews revealed that some attributes of Marlboro would be more difficult to give up than others

Prioritized attributes shown here will inform the partner outreach strategy and framing for the Request for Partnership Vision

Current student experience

Commitment to strong

undergraduate experience

for current Marlboro

students

Democratic ideals

Currently embodied in

town hall meetings

Marlboro name

4-year academic program


implemented with only 1-2

years with students

Town hall meetings

Page 20


Parameters for strategic allianceMarlboro has a unique set of attributes to offer to a partner

Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the

liberal arts tradition

Marlbororsquos

academics could

deepen the existing

liberal arts program

of a partner or

create an

individualized

option for a partner

that has a very

different academic

model

Rigorous

academic model

Marlbororsquos faculty

are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty

Marlbororsquos campus

in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality

facilities for the arts

and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base

Marlboro seeks a partner who brings strong leadership and vision to utilizing these assets to bolster

both the mission of Marlboro and that of the partner institution

Page 21



1 Are there any other alliance options that could be attractive for Marlboro

2 What is your reaction to the current prioritization of Marlbororsquos attributes

How do you think the campus should be positioned in evaluations of potential

partners

1

2

Page 22


Agenda



Appendix

Page 23


AppendixPeer institutions

Source IPEDS

List of peer institutions

Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University

College of the Atlantic

Earlham College

Goucher College

Green Mountain College

Hampshire College

Prescott College

Reed College

Sarah Lawrence College

Southern Vermont College

St Johns College (MD)

St Johns College (NM)

Unity College

Warren Wilson College

Wheaton College

Page 24

Draft ndash not for distributionAppendix Marlbororsquos financial positionIn order to reach financial stability Marlboro would need to increase incoming class size by 37 year over year

Notes Small New England colleges are defined as private 4-year degree-granting title IV institutions in New England with fewer than 1000 students the institution

set is fixed to 2017

Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016

Compound annual growth in first-time

degree-seeking undergraduate enrollment

Page 25

Draft ndash not for distributionAppendix Marlbororsquos financial positionMarlboro would have to earn $32k net tuition from each incoming class to reach financial sustainability by FY23

Note Net tuition figures are based on IPEDS net tuition less $1500 fees estimate Net tuition figures include both graduate and undergraduate revenues Analysis

excludes College of the Atlantic

Source IPEDS

$17k

Net tuition assumed to get

to financial sustainability

$28k

$11k

$32k

Net tuition estimate

Marlboro peers

FY2016

Net tuition

In recent years Marlboro has been unable to

receive $32k net tuition per student this net

tuition is also higher than Marlbororsquos peer

institutions

Page 26

Draft ndash not for distributionAppendix Marlbororsquos financial positionEven with 100 retention Marlboro would still need to grow its incoming class size by 26 per year to reach sustainability

Source IPEDS

Improving retention is not sufficient to move

Marlboro to financial sustainability This improved

retention would need to be coupled with a 26

annual increase in incoming class enrollment

1000

820

890

540

Retention assumed to get


with 24 enrollment growth

Full-Time retention

Marlboro peers

2016

Compound annual growth in first time

degree seeking undergraduate enrollment Retention

100 retention is unlikely ndash it is outside the

performance of even top-performing peers

Required for Marlboro




with 100 retention

366

261

Page 27

Draft ndash not for distributionAppendix Marlbororsquos financial positionFor financial stability Marlboro would need to increase the student-faculty ratio 7x and make additional cuts

Source IPEDS

Cost reductions to achieve financial sustainability

34 Adjunct faculty and

personnel in non-

compliance related

services

Achieving financial sustainability through cost reduction

would require substantial changes to Marlbororsquos operating

model and student experience

$200kTravel and outside

services for non-

compliance related

activities

51 Student-faculty ratio in

FY19

(29 tenured and tenure-

track faculty)

5

10

16

7

Marlboro College Marlboro peers


2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Appendix Marlboro trendsMarlboro has seen the steepest drop in applications relative to its peer set from 2010-17 some schools have been able to increase the top of the funnel

Note Data shown are for first-time degreecertificate seeking undergraduate students Marlboro data from ldquoMarlboro Collegerdquo listing on IPEDs excluding ldquoMarlboro

College Graduate amp Professional Studiesrdquo listing CAGR from Fall 2011-Fall 2017

Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College

St Johnrsquos College (MD)



Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44

St Johnrsquos College (NM)

Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College

Completed undergraduate applications

Fall 2017

Compound annual growth rate of completed

undergraduate applications

Fall 2010 ndash Fall 2017New England peer

Bold Direct peer

Page 29

Draft ndash not for distributionAppendix Marlboro trendsMarlbororsquos published tuition and fees is slightly below the median of its peer group and growing slower than its competitive set

Note Marlboro data from ldquoMarlboro Collegerdquo listing on IPEDs excluding ldquoMarlboro College Graduate amp Professional Studiesrdquo listing

Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge

Published undergraduate tuition and fees

FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2



Share assessment of Marlboro Collegersquos financial position including potential five-year scenarios1

Review the types of alliances in higher education in the context of Marlbororsquos finances2

Discuss the key elements and attributes of Marlboro College3

Page 3


Agenda Marlbororsquos financial position Parameters for strategic alliance Appendix

Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit

Total undergraduate enrollment 230 191 198 185 152 142

Endowment ending balance $392m $351m $373m $376m $353m $326m

Marlboro historical and projected financialsFY2015 ndash FY2020

Page 5



1 What are the current levers (revenue and cost) driving Marlbororsquos finances Could the current operating model reach near-time financial sustainability through improvement of these levers


Financial scenarios


2 How would the financial picture change in the context of a potential partnership with an institution of higher education

1

2

3

4

Page 6



Marlboro would have to boost the size of each incoming class through strategic admissions efforts

Financial levers


Costs

Could cost reduction help financially stabilize Marlboro

Marlboro would have to improve retention through more intentional student services improved academic experience and an admissions pipeline that is focused on students who are most likely to thrive at Marlboro

Marlboro would have to adapt the current cost structure to meet the needs of current enrollment


Financial scenarios

Marlboro would have to increase average net tuition through strategic admissions and financial aid efforts but this lever is particularly difficult to control


Revenue

Could revenue expansion financially stabilize Marlboro with no additional cost added to the current operating model

Page 7


These steps help us align around an understanding of Marlbororsquos current and future financial position which sets the stage for evaluating strategic options going forward



Step 1 Began with the Marlboro College managementrsquos financial projections and base case assumptions for FY19 ndash FY23

Step 3 To gain perspective on the feasibility of each calculated change we compared the change needed to achieve sustainability to peers and broader market

Step 2 Determined what value each lever would need to reach holding all other assumptions constant for the Collegersquos revenues to equal its expenses in FY2023 while spending only 5 of the endowment

1 2 3


Financial scenarios

Page 8


Assuming that 75 of students live on campus Marlbororsquos housing capacity of 300 should not be a constraint in FY23 but could be an issue if incoming class sizes remain at 174Note $318k tuition is for FY20 and would increase at 3 year-over-year to account for inflationSource Marlboro managementrsquos financial projections

Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year

incoming class growth required for Marlboro to

reach financial sustainability by FY23


alone is not sufficient for Marlboro to reach

financial sustainability by FY23


to reach financial sustainability by FY23 along with significant


Student-faculty ratio increases from 5 to 16

Enrollment growth would bring Marlboro to 370 total students in FY23 with entering class of 174

If Marlboro moved retention to 100 they would still required 26 year-over-year growth in the incoming class size

Adjunct faculty and a segment of non-compliance staff reduced by 100

Increased student-faculty ratio would be a substantial change to Marlbororsquos model and could impact enrollment and retention

$318kNet tuition required for incoming class to reach financial sustainability

by FY23

This net tuition level implies a -20 discount rate on the reset tuition of $265k


Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n

Increasing incoming class size by 10 (5 students) reduces the FY23 deficit by 7

Decreasing the incoming class discount rate by 10 (to 59) reduces the FY23 deficit by 8

Decreasing the annual attrition by 10 (to 18) reduces the FY23 deficit by 2


Financial scenarios

Page 10


For each scenario we calculated the cumulative operating deficit for FY19-23 as a proxy for how operations will impact Marlbororsquos endowment

As shown in the analysis it will be difficult for Marlboro to achieve financial sustainability as a standalone institution

To forecast a range of possible near-term financial outcomes for Marlboro we prepared a series of scenarios with assumptions grounded in market and competitive trends

These scenarios focus on operating levers (eg enrollment retention and operating costs) rather than endowment performance as there is uncertainty in future market performance


Financial scenarios

Page 11




Base case



Retention rate 80 year-over-year retention 95 fallspring retention

Discount rate FY19 80 for the incoming class FY20-23 65 for the incoming class (on reset tuition of $26500)

Room participation 75 room participation 65 board participation



Personnel FY19 29 tenured and tenure-track faculty FY23 24 tenured and tenure-track faculty

Endowment performance FY19 1 FY20-23 6


Note anadditional scenario

with entering

classes of 65 students

was also analyzed


Financial scenarios

Page 12


The cumulative decrease in the endowment would be 39 in the management base case scenario 27 in the optimistic scenario and 76 in the pessimistic scenario Source Marlboro internal data IPEDS

Comparison of 5-year cumulative operating losses under different scenariosFY2019 ndash FY2023

Freshman enrollment 50

50 in FY198 annual growth for FY20-23 (reflects top-


50 in FY19 -74 annual decline for FY20-23



YoY Retention 80FY19 80

FY20-23 885 (in line with retention at top-decile peers)

FY19 80 FY20-23 75 (in line with retention of Marlbororsquos

most recent cohort)



Endowment performance FY19 1 FY20-23 6 FY19 1 FY20-23 6 FY19 1 FY20-23 0

$193m

Management base casescenario

$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario



Net lossesfrom operations

$337m

$404mTotal operational

losses

If incoming class

enrollment jumps to 65year the net losses

would be reduced to

$172m


Financial scenarios

Page 13


Note 100 room and 80 board participation assumed 6 attrition assumedSource Marlboro internal data IPEDS

Enrollment Partner University brings 300 students to live and study as part of a year-long honors program on Marlbororsquos campus

Student-faculty ratio Marlboro targets a 81student-faculty ratio to provide individualized academic experience to honors students

Staff Marlbororsquos current academic support and staff structure is unchanged incremental staff needs are provided by Partner University

Annual fund and endowment There are minimal annual fund contributions since the Marlboro program is now part of the partner institution but Marlboro continues to contribute 5 of its endowment to support the honors program

Potential financialoperating structure with partner

To reach financial breakeven the Partner University would need



Financial scenarios

Page 14


Note Net tuition figures are based on IPEDS net tuition less $1500 (average fees for representative set of urban comprehensive universities) Data are for FY2017 (Fall 2016) Example schools are included because they were mentioned on stakeholder calls or are relatively large urban institutionsSource IPEDS

162 institutions have net tuitions above $22k and less than 50 graduate enrollment including

Bates College Berklee College of Music Boston College Boston University Bowdoin College Brown University Claremont McKenna College Drexel University Fordham University

Middlebury College New York University Northeastern University Reed College Rensselaer Polytechnic Institute RISD Trinity College University of Miami Vanderbilt University


Financial scenarios

Page 15




2 How does this financial picture shape the way you think about a potential strategic partnership

1

2

Page 16



Page 17


Public-private

contracts

Industry partnerships Consortia Mergers amp

AcquisitionsBridge

partnerships

Business alliances around research teaching and career opportunities

Outsource back-end administrative (eg food service facilities and energy) and academic activities

Pipelines with community colleges 2-year colleges or high schools

Academic or administrative collaboration

Joining of higher education institutions though level of integration can vary



Strategic partnerships

Partnerships with nonprofit institutions typically for revenue generation

Page 18




Armrsquos length investment Blended model Acquisition by the partner

university represents a nominal ownership change

The acquired school continues to operate largely as-is with certain programs offered to partner university students on a ldquostudy abroadrdquo basis

The acquired school is integrated as a satellite school of the partner university with merged operations

A

B

C

D




Brand changes

The three integration states each have a different exposure to the following changes

Page 19


Note Attributes were flagged for discussiondeliberation when interview perspectives were heterogeneousSource Interviews

Hardest to give up

Academic philosophy Close facultystudent

relationship Integrative

interdisciplinary student-directed academic exploration

Hard to give up

Continuity for Marlbororsquos faculty

Collaboration across fields of study

Highly skilled in facilitating unique pedagogy

Nice to retain but less essential

Degree-granting status Academic model could be

implemented without Marlboro granting its own undergraduate degrees


Campus in Marlboro VT Rustic New England

campus on a hilltop Arts facilities that house

the Marlboro Music Festival

Interviewees generally indicated that they did not want to create a list of non-negotiables rather they want to holistically evaluate all options proposed in response to the Request for Partnership Vision

Interviews revealed that some attributes of Marlboro would be more difficult to give up than others Prioritized attributes shown here will inform the partner outreach strategy and framing for the Request for Partnership Vision

Current student experience Commitment to strong

undergraduate experience for current Marlboro students

Democratic ideals Currently embodied in

town hall meetings

Marlboro name

4-year academic program Academic model could be

implemented with only 1-2 years with students

Town hall meetings

Page 20



Marlbororsquos academic model culminating in the Plan of Concentration exemplifies the liberal arts tradition

Marlbororsquos academics could deepen the existing liberal arts program of a partner or create an individualized option for a partner that has a very different academic model

Rigorous academic model

Marlbororsquos faculty are experts in facilitating a student-directed interdisciplinary experience that is rare in higher education

Highly-skilled faculty

Marlbororsquos campus in rural Vermont provides a strong setting for focused study tight-knit community and retreat

The campus has high-quality facilities for the arts and a partnership with the Marlboro Music Festival

Campus

Marlboro has a $37 million endowment and minimal debt obligations

Financialassets

Marlboro has a small but engaged base of proud alumni and generous donors who are committed to Marlbororsquos unique pedagogy

Alumni and donor base

Marlboro seeks a partner who brings strong leadership and vision to utilizing these assets to bolster both the mission of Marlboro and that of the partner institution

Page 21




2 What is your reaction to the current prioritization of Marlbororsquos attributes How do you think the campus should be positioned in evaluations of potential partners

1

2

Page 22



Page 23



Source IPEDS


Allegheny CollegeBard CollegeBeloit CollegeBennington CollegeChamplain CollegeClark UniversityCollege of the AtlanticEarlham CollegeGoucher CollegeGreen Mountain College

Hampshire CollegePrescott CollegeReed CollegeSarah Lawrence CollegeSouthern Vermont CollegeSt Johns College (MD)St Johns College (NM)Unity CollegeWarren Wilson CollegeWheaton College

Page 24


Notes Small New England colleges are defined as private 4-year degree-granting title IV institutions in New England with fewer than 1000 students the institution set is fixed to 2017Source IPEDS

366

10

-33

28

-18-06

-80Marlboro College

2012-2016

Growth for Marlboro financial

sustainabilityFY19-FY23

Marlboro peers

2012-2016

4-Year undergraduate not-for-profit

total enrollment

2018-2022F

US colleges lt300

undergraduates2012-2016

Marlboro direct peers2012-2016

Small New England colleges

2012-2016

Compound annual growth in first-time degree-seeking undergraduate enrollment

Page 25


Note Net tuition figures are based on IPEDS net tuition less $1500 fees estimate Net tuition figures include both graduate and undergraduate revenues Analysis excludes College of the AtlanticSource IPEDS

$17k

Net tuition assumed to get to financial sustainability

$28k

$11k

$32k

Net tuition estimate Marlboro peers

FY2016

Net tuition

In recent years Marlboro has been unable to receive $32k net tuition per student this net tuition is also higher than Marlbororsquos peer

institutions

Page 26


Source IPEDS

Improving retention is not sufficient to move Marlboro to financial sustainability This improved

retention would need to be coupled with a 26 annual increase in incoming class enrollment

1000

820

890

540

Retention assumed to get to financial sustainability


Full-Time retention Marlboro peers

2016

Compound annual growth in first time degree seeking undergraduate enrollment Retention

100 retention is unlikely ndash it is outside the performance of even top-performing peers

Required for Marlboro financial sustainability

Required for Marlboro financial sustainability with 100 retention

366

261

Page 27


Source IPEDS


34 Adjunct faculty and personnel in non-

compliance related services

Achieving financial sustainability through cost reduction would require substantial changes to Marlbororsquos operating model and student experience

$200kTravel and outside services for non-

compliance related activities


FY19(29 tenured and tenure-

track faculty)

5

10

16

7


Student-faculty ratio2016



track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200


Note Data shown are for first-time degreecertificate seeking undergraduate students Marlboro data from ldquoMarlboro Collegerdquo listing on IPEDs excluding ldquoMarlboro College Graduate amp Professional Studiesrdquo listing CAGR from Fall 2011-Fall 2017Source IPEDS

152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College

Completed undergraduate applicationsFall 2017

Compound annual growth rate of completed undergraduate applications

Fall 2010 ndash Fall 2017New England peerBold Direct peer

Page 29


Note Marlboro data from ldquoMarlboro Collegerdquo listing on IPEDs excluding ldquoMarlboro College Graduate amp Professional Studiesrdquo listingSource IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge

Published undergraduate tuition and feesFY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min

MedianMarlboro CollegeMax

CAGR(rsquo11-rsquo18)

38203234

Published undergraduate tuition and feesFY2011 ndash FY2018

Tuition reset to $26k will make

Marlbororsquos published tuition the

second lowest in the peer set

Hall cover

Docs

8-3-20 PRA Response re 7-19-20 MC documents_Redacted

60th Anniversary Fund for Inspired Teaching Fund

EY Feb 2 xec sess slides copy (B2205570xA047C)







Disclaimer





Marlboro College


February 2 2019








College3

Page 3


Agenda



Appendix

Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operating

deficit

Total undergraduate

enrollment230 191 198 185 152 142

Endowment ending

balance$392m $351m $373m $376m $353m $326m


FY2015 ndash FY2020

Page 5







Financial scenarios




1

2

3

4

Page 6



Marlboro would

have to boost the

size of each

incoming class

through strategic

admissions efforts

Financial levers


Costs



Marlboro would

have to improve

retention through

more intentional

student services

improved academic

experience and an

admissions pipeline

that is focused on

students who are


at Marlboro




enrollment


Financial scenarios

Marlboro would

have to increase

average net

tuition through

strategic

admissions and


but this lever is


to control


Revenue



Page 7







Marlboro College







compared the change

needed to achieve


broader market








endowment

1 2 3


Financial scenarios

Page 8



remain at 174



Financial levers


Revenue Costs

Ch

an

ge

Imp

lic

ati

on

s t

o

be

co

nsid

ere

d

37Year-over-year



reach financial




Marlboro to reach


by FY23






increases from 5 to

16

Enrollment growth



in FY23 with


If Marlboro moved

retention to 100

they would still

required 26 year-

over-year growth in

the incoming class

size



100








by FY23


implies a -20




Financial scenarios

Page 9


Financial levers


Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios

Page 10














Financial scenarios

Page 11




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






Marlboro College


February 2 2019

Page 2








College3


Agenda



Appendix

Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operating

deficit

Total undergraduate

enrollment230 191 198 185 152 142

Endowment ending

balance$392m $351m $373m $376m $353m $326m


FY2015 ndash FY2020

Page 5







Financial scenarios




1

2

3

4

Page 6



Marlboro would

have to boost the

size of each

incoming class

through strategic

admissions efforts

Financial levers


Costs



Marlboro would

have to improve

retention through

more intentional

student services

improved academic

experience and an

admissions pipeline

that is focused on

students who are


at Marlboro




enrollment


Financial scenarios

Marlboro would

have to increase

average net

tuition through

strategic

admissions and


but this lever is


to control


Revenue



Page 7







Marlboro College







compared the change

needed to achieve


broader market








endowment

1 2 3


Financial scenarios

Page 8



remain at 174



Financial levers


Revenue Costs

Ch

an

ge

Imp

lic

ati

on

s t

o

be

co

nsid

ere

d

37Year-over-year



reach financial




Marlboro to reach


by FY23






increases from 5 to

16

Enrollment growth



in FY23 with


If Marlboro moved

retention to 100

they would still

required 26 year-

over-year growth in

the incoming class

size



100








by FY23


implies a -20




Financial scenarios

Page 9


Financial levers


Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios

Page 10














Financial scenarios

Page 11




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





Marlboro College


February 2 2019

Page 2








College3

Page 3


Agenda



Appendix



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operating

deficit

Total undergraduate

enrollment230 191 198 185 152 142

Endowment ending

balance$392m $351m $373m $376m $353m $326m


FY2015 ndash FY2020

Page 5







Financial scenarios




1

2

3

4

Page 6



Marlboro would

have to boost the

size of each

incoming class

through strategic

admissions efforts

Financial levers


Costs



Marlboro would

have to improve

retention through

more intentional

student services

improved academic

experience and an

admissions pipeline

that is focused on

students who are


at Marlboro




enrollment


Financial scenarios

Marlboro would

have to increase

average net

tuition through

strategic

admissions and


but this lever is


to control


Revenue



Page 7







Marlboro College







compared the change

needed to achieve


broader market








endowment

1 2 3


Financial scenarios

Page 8



remain at 174



Financial levers


Revenue Costs

Ch

an

ge

Imp

lic

ati

on

s t

o

be

co

nsid

ere

d

37Year-over-year



reach financial




Marlboro to reach


by FY23






increases from 5 to

16

Enrollment growth



in FY23 with


If Marlboro moved

retention to 100

they would still

required 26 year-

over-year growth in

the incoming class

size



100








by FY23


implies a -20




Financial scenarios

Page 9


Financial levers


Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios

Page 10














Financial scenarios

Page 11




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs




Marlboro College


February 2 2019

Page 2








College3

Page 3


Agenda



Appendix

Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operating

deficit

Total undergraduate

enrollment230 191 198 185 152 142

Endowment ending

balance$392m $351m $373m $376m $353m $326m


FY2015 ndash FY2020







Financial scenarios




1

2

3

4

Page 6



Marlboro would

have to boost the

size of each

incoming class

through strategic

admissions efforts

Financial levers


Costs



Marlboro would

have to improve

retention through

more intentional

student services

improved academic

experience and an

admissions pipeline

that is focused on

students who are


at Marlboro




enrollment


Financial scenarios

Marlboro would

have to increase

average net

tuition through

strategic

admissions and


but this lever is


to control


Revenue



Page 7







Marlboro College







compared the change

needed to achieve


broader market








endowment

1 2 3


Financial scenarios

Page 8



remain at 174



Financial levers


Revenue Costs

Ch

an

ge

Imp

lic

ati

on

s t

o

be

co

nsid

ere

d

37Year-over-year



reach financial




Marlboro to reach


by FY23






increases from 5 to

16

Enrollment growth



in FY23 with


If Marlboro moved

retention to 100

they would still

required 26 year-

over-year growth in

the incoming class

size



100








by FY23


implies a -20




Financial scenarios

Page 9


Financial levers


Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios

Page 10














Financial scenarios

Page 11




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs











College3

Page 3


Agenda



Appendix

Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operating

deficit

Total undergraduate

enrollment230 191 198 185 152 142

Endowment ending

balance$392m $351m $373m $376m $353m $326m


FY2015 ndash FY2020

Page 5







Financial scenarios




1

2

3

4



Marlboro would

have to boost the

size of each

incoming class

through strategic

admissions efforts

Financial levers


Costs



Marlboro would

have to improve

retention through

more intentional

student services

improved academic

experience and an

admissions pipeline

that is focused on

students who are


at Marlboro




enrollment


Financial scenarios

Marlboro would

have to increase

average net

tuition through

strategic

admissions and


but this lever is


to control


Revenue



Page 7







Marlboro College







compared the change

needed to achieve


broader market








endowment

1 2 3


Financial scenarios

Page 8



remain at 174



Financial levers


Revenue Costs

Ch

an

ge

Imp

lic

ati

on

s t

o

be

co

nsid

ere

d

37Year-over-year



reach financial




Marlboro to reach


by FY23






increases from 5 to

16

Enrollment growth



in FY23 with


If Marlboro moved

retention to 100

they would still

required 26 year-

over-year growth in

the incoming class

size



100








by FY23


implies a -20




Financial scenarios

Page 9


Financial levers


Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios

Page 10














Financial scenarios

Page 11




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





Agenda



Appendix

Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operating

deficit

Total undergraduate

enrollment230 191 198 185 152 142

Endowment ending

balance$392m $351m $373m $376m $353m $326m


FY2015 ndash FY2020

Page 5







Financial scenarios




1

2

3

4

Page 6



Marlboro would

have to boost the

size of each

incoming class

through strategic

admissions efforts

Financial levers


Costs



Marlboro would

have to improve

retention through

more intentional

student services

improved academic

experience and an

admissions pipeline

that is focused on

students who are


at Marlboro




enrollment


Financial scenarios

Marlboro would

have to increase

average net

tuition through

strategic

admissions and


but this lever is


to control


Revenue









Marlboro College







compared the change

needed to achieve


broader market








endowment

1 2 3


Financial scenarios

Page 8



remain at 174



Financial levers


Revenue Costs

Ch

an

ge

Imp

lic

ati

on

s t

o

be

co

nsid

ere

d

37Year-over-year



reach financial




Marlboro to reach


by FY23






increases from 5 to

16

Enrollment growth



in FY23 with


If Marlboro moved

retention to 100

they would still

required 26 year-

over-year growth in

the incoming class

size



100








by FY23


implies a -20




Financial scenarios

Page 9


Financial levers


Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios

Page 10














Financial scenarios

Page 11




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operating

deficit

Total undergraduate

enrollment230 191 198 185 152 142

Endowment ending

balance$392m $351m $373m $376m $353m $326m


FY2015 ndash FY2020

Page 5







Financial scenarios




1

2

3

4

Page 6



Marlboro would

have to boost the

size of each

incoming class

through strategic

admissions efforts

Financial levers


Costs



Marlboro would

have to improve

retention through

more intentional

student services

improved academic

experience and an

admissions pipeline

that is focused on

students who are


at Marlboro




enrollment


Financial scenarios

Marlboro would

have to increase

average net

tuition through

strategic

admissions and


but this lever is


to control


Revenue



Page 7







Marlboro College







compared the change

needed to achieve


broader market








endowment

1 2 3


Financial scenarios



remain at 174



Financial levers


Revenue Costs

Ch

an

ge

Imp

lic

ati

on

s t

o

be

co

nsid

ere

d

37Year-over-year



reach financial




Marlboro to reach


by FY23






increases from 5 to

16

Enrollment growth



in FY23 with


If Marlboro moved

retention to 100

they would still

required 26 year-

over-year growth in

the incoming class

size



100








by FY23


implies a -20




Financial scenarios

Page 9


Financial levers


Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios

Page 10














Financial scenarios

Page 11




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs










Financial scenarios




1

2

3

4

Page 6



Marlboro would

have to boost the

size of each

incoming class

through strategic

admissions efforts

Financial levers


Costs



Marlboro would

have to improve

retention through

more intentional

student services

improved academic

experience and an

admissions pipeline

that is focused on

students who are


at Marlboro




enrollment


Financial scenarios

Marlboro would

have to increase

average net

tuition through

strategic

admissions and


but this lever is


to control


Revenue



Page 7







Marlboro College







compared the change

needed to achieve


broader market








endowment

1 2 3


Financial scenarios

Page 8



remain at 174



Financial levers


Revenue Costs

Ch

an

ge

Imp

lic

ati

on

s t

o

be

co

nsid

ere

d

37Year-over-year



reach financial




Marlboro to reach


by FY23






increases from 5 to

16

Enrollment growth



in FY23 with


If Marlboro moved

retention to 100

they would still

required 26 year-

over-year growth in

the incoming class

size



100








by FY23


implies a -20




Financial scenarios


Financial levers


Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios

Page 10














Financial scenarios

Page 11




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






Marlboro would

have to boost the

size of each

incoming class

through strategic

admissions efforts

Financial levers


Costs



Marlboro would

have to improve

retention through

more intentional

student services

improved academic

experience and an

admissions pipeline

that is focused on

students who are


at Marlboro




enrollment


Financial scenarios

Marlboro would

have to increase

average net

tuition through

strategic

admissions and


but this lever is


to control


Revenue



Page 7







Marlboro College







compared the change

needed to achieve


broader market








endowment

1 2 3


Financial scenarios

Page 8



remain at 174



Financial levers


Revenue Costs

Ch

an

ge

Imp

lic

ati

on

s t

o

be

co

nsid

ere

d

37Year-over-year



reach financial




Marlboro to reach


by FY23






increases from 5 to

16

Enrollment growth



in FY23 with


If Marlboro moved

retention to 100

they would still

required 26 year-

over-year growth in

the incoming class

size



100








by FY23


implies a -20




Financial scenarios

Page 9


Financial levers


Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios














Financial scenarios

Page 11




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs










Marlboro College







compared the change

needed to achieve


broader market








endowment

1 2 3


Financial scenarios

Page 8



remain at 174



Financial levers


Revenue Costs

Ch

an

ge

Imp

lic

ati

on

s t

o

be

co

nsid

ere

d

37Year-over-year



reach financial




Marlboro to reach


by FY23






increases from 5 to

16

Enrollment growth



in FY23 with


If Marlboro moved

retention to 100

they would still

required 26 year-

over-year growth in

the incoming class

size



100








by FY23


implies a -20




Financial scenarios

Page 9


Financial levers


Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios

Page 10














Financial scenarios




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






remain at 174



Financial levers


Revenue Costs

Ch

an

ge

Imp

lic

ati

on

s t

o

be

co

nsid

ere

d

37Year-over-year



reach financial




Marlboro to reach


by FY23






increases from 5 to

16

Enrollment growth



in FY23 with


If Marlboro moved

retention to 100

they would still

required 26 year-

over-year growth in

the incoming class

size



100








by FY23


implies a -20




Financial scenarios

Page 9


Financial levers


Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios

Page 10














Financial scenarios

Page 11




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





Financial levers


Revenue

Str

en

gth

of

leve

rE

xp

lan

ati

on

Increasing

incoming class size

by 10 (5

students) reduces

the FY23 deficit by

7

Decreasing the

incoming class

discount rate by

10 (to 59)

reduces the FY23

deficit by 8

Decreasing the

annual attrition by

10 (to 18)

reduces the FY23

deficit by 2


Financial scenarios

Page 10














Financial scenarios

Page 11




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs

















Financial scenarios

Page 11




Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs







Base case














FY20-23 6


Note an

additional

scenario

with

entering

classes of

65 students

was also

analyzed


Financial scenarios

Page 12





FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs








FY2019 ndash FY2023

Freshman

enrollment50

50 in FY19



50 in FY19




YoY Retention 80

FY19 80


top-decile peers)

FY19 80


most recent cohort)



Endowment


$193m


scenario

$87m

$100m

$380m

$89m

$100m

$148m

$262m

Optimistic

scenario

$82m

$60m

Pessimistic

scenario



Net losses

from operations

$337m

$404m

Total operational

losses

If incoming

class

enrollment

jumps to

65year

the net

losses

would be

reduced to

$172m


Financial scenarios

Page 13


















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





















honors program



To reach financial





Financial scenarios

Page 14




Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs







Source IPEDS



Bates College


Boston College

Boston University

Bowdoin College

Brown University


Drexel University

Fordham University

Middlebury College

New York University


Reed College


RISD

Trinity College

University of Miami



Financial scenarios

Page 15






1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs









1

2

Page 16


Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure




Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





Agenda



Appendix

Page 17


Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





Public-

private

contracts

Industry


Mergers amp

Acquisitions

Bridge

partnerships

Business

alliances

around

research

teaching and

career

opportunities

Outsource

back-end

administrative

(eg food

service

facilities and

energy) and

academic

activities

Pipelines with

community

colleges 2-

year colleges

or high schools

Academic or

administrative

collaboration

Joining of

higher

education

institutions

though level of

integration can

vary



Strategic

partnerships

Partnerships

with nonprofit

institutions

typically for

revenue

generation

Page 18








The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base








partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs











The acquired school





abroadrdquo basis





operations

A

B

C

D




Brand changes


states each have a

different exposure


Page 19



Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






Source Interviews

Hardest to give up

Academic philosophy


relationship

Integrative


directed academic

exploration

Hard to give up


faculty


of study


unique pedagogy

Nice to retain

but less essential



implemented without





Rustic New England

campus on a hilltop


the Marlboro Music

Festival









students

Democratic ideals


town hall meetings

Marlboro name




years with students

Town hall meetings

Page 20



Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






Marlbororsquos

academic model

culminating in the

Plan of

Concentration

exemplifies the


Marlbororsquos

academics could

deepen the existing


of a partner or

create an

individualized


that has a very

different academic

model

Rigorous

academic model


are experts in

facilitating a

student-directed

interdisciplinary

experience that is

rare in higher

education

Highly-skilled

faculty


in rural Vermont

provides a strong

setting for focused

study tight-knit

community and

retreat

The campus has

high-quality


and a partnership

with the Marlboro

Music Festival

Campus

Marlboro has a $37

million endowment

and minimal debt

obligations

Financial

assets

Marlboro has a

small but engaged

base of proud

alumni and

generous donors

who are committed

to Marlbororsquos

unique pedagogy

Alumni and

donor base



Page 21






partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs









partners

1

2

Page 22


Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016






Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





Agenda



Appendix

Page 23



Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






Source IPEDS


Allegheny College

Bard College

Beloit College

Bennington College

Champlain College

Clark University


Earlham College

Goucher College


Hampshire College

Prescott College

Reed College





Unity College


Wheaton College

Page 24




Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs







Source IPEDS

366

10

-33

28

-18-06

-80

Marlboro

College

2012-2016

Growth for

Marlboro

financial

sustainability

FY19-FY23

Marlboro

peers

2012-2016

4-Year

undergraduate

not-for-profit

total

enrollment

2018-2022F

US colleges

lt300

undergraduates

2012-2016

Marlboro

direct peers

2012-2016

Small New

England

colleges

2012-2016



Page 25




Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs







Source IPEDS

$17k



$28k

$11k

$32k


Marlboro peers

FY2016

Net tuition




institutions

Page 26


Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





Source IPEDS





1000

820

890

540




Full-Time retention

Marlboro peers

2016









with 100 retention

366

261

Page 27


Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





Source IPEDS



personnel in non-

compliance related

services





services for non-

compliance related

activities


FY19


track faculty)

5

10

16

7



2016


FY23


track faculty)

0Personnel in non-

compliance related

services


services for non-

compliance related

activities

Page 28


152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

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nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

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ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200




Source IPEDS

152

113

109

93

91

78

72

65

64

43

35

24

14

-07

-12

-18

-19

-28

-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400

753

8355

6089

5652

5197

3463

2799

915

474

1465

342

5114

401

3474

2305

4922

354

1003

677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College


Fall 2017




Bold Direct peer

Page 29



Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






Source IPEDS

$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

So

uth

ern

Ve

rmo

nt C

olle

ge

St

Jo

hn

rsquos C

olle

ge

(N

M)

Ea

rlh

am

Colle

ge

Ham

psh

ire

Colle

ge

Sa

rah

La

wre

nce

Colle

ge

Alle

gh

en

y C

olle

ge

Ba

rd C

olle

ge

Be

nn

ing

ton

Co

lleg

e

St

Jo

hn

rsquos C

olle

ge

(M

D)

Whe

ato

n C

olle

ge

Be

loit C

olle

ge

Cla

rk U

niv

ers

ity

Colle

ge

of th

e A

tla

ntic

Go

uch

er

Colle

ge

Unity C

olle

ge

Ma

rlb

oro

Co

lleg

e

Ch

am

pla

in C

olle

ge

Gre

en

Mo

un

tain

Co

lleg

e

Warr

en

Wils

on

Colle

ge

Pre

sco

tt C

olle

ge

Ree

d C

olle

ge


FY2018

$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k

$45k

$50k

$60k

$39k$38k$37k$35k

FY

201

1

FY

201

2

$38k

FY

201

6

FY

201

3

$38k

FY

201

4

FY

201

5

$40k

FY

201

7

$40k

FY

201

8

Min

Median

Marlboro College

Max

CAGR

(rsquo11-rsquo18)

38

20

32

34


FY2011 ndash FY2018

Tuition reset to

$26k will make

Marlbororsquos

published

tuition the

second lowest

in the peer set







Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs










Disclaimer



Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs




Marlboro College


February 2 2019

Page 2






Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

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Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

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ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

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ntai

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geW

arre

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ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs









Page 3



Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






Page 4



0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






0 m

-5 m

-20 m

$15 m

-15 m

-10 m

5 m

10 m

FY15

$147

-$154

$130

-$146

FY16

$122

-$142

$92

FY17

$116

-$136

FY18

$93

-$133

FY19

-$131

FY20

Revenues

Expenses

Operatingdeficit




Page 5





Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs








Financial scenarios



1

2

3

4

Page 6




Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs







Financial levers


Costs





Financial scenarios



Revenue


Page 7








1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs











1 2 3


Financial scenarios

Page 8



Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

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olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






Financial levers


Revenue Costs

Cha

nge

Impl

icat

ions

to

be c

onsi

dere

d

37Year-over-year















by FY23



Financial scenarios

Page 9


Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





Financial levers


Revenue

Stre

ngth

of

leve

rEx

plan

atio

n





Financial scenarios

Page 10







Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs










Financial scenarios

Page 11




Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

s C

olle

ge (N

M)

Earlh

am C

olle

ge

Ham

pshi

re C

olle

ge

Sara

h La

wre

nce

Col

lege

Alle

ghen

y C

olle

ge

Bard

Col

lege

Benn

ingt

on C

olle

geSt

Joh

nrsquos

Col

lege

(MD

)

Whe

aton

Col

lege

Belo

it C

olle

ge

Cla

rk U

nive

rsity

Col

lege

of t

he A

tlant

icG

ouch

er C

olle

ge

Uni

ty C

olle

ge

Mar

lbor

o C

olle

geC

ham

plai

n C

olle

geG

reen

Mou

ntai

n C

olle

geW

arre

n W

ilson

Col

lege

Pres

cott

Col

lege

Ree

d C

olle

ge


$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs







Base case












with entering


was also analyzed


Financial scenarios

Page 12













most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

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Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

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lege

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aton

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ty C

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lege

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$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



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Hall cover

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most recent cohort)




$193m


$87m

$100m

$380m

$89m

$100m

$148m$262m

Optimisticscenario

$82m

$60m

Pessimisticscenario




$337m


losses

If incoming class


would be reduced to

$172m


Financial scenarios

Page 13











Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




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Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

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lege

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ohnrsquo

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M)

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lege

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lege

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lege

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aton

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lege

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$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs














Financial scenarios

Page 14







Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


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Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

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lege

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ohnrsquo

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M)

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lege

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lege

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lege

(MD

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aton

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lege

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lege

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$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs










Financial scenarios

Page 15





1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


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Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

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lege

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$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs








1

2

Page 16



Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


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152113109

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Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

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M)

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Ham

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lege

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lege

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$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






Page 17


Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

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7872

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4335

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152113109

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7872

6564

4335

2414

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-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

St J

ohnrsquo

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M)

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am C

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Ham

pshi

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lege

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$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





Public-private

contracts


AcquisitionsBridge

partnerships










Page 18








A

B

C

D




Brand changes


Page 19



Hardest to give up




Hard to give up
















town hall meetings

Marlboro name



Town hall meetings

Page 20










Campus


Financialassets




Page 21





1

2

Page 22



Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

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-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

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-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

hern

Ver

mon

t Col

lege

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ohnrsquo

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M)

Earlh

am C

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Ham

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Sara

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lege

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$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



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Hall cover

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Brand changes


Page 19



Hardest to give up




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366

10

-33

28

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-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

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Page 28


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152113109

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Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

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Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

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$30k

$40k$45k

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$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

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15

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17

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18

Min



38203234





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Financialassets




Page 21





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Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


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Net tuition


institutions

Page 26


Source IPEDS



1000

820

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2016





366

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Page 28


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152113109

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Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


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Goucher College

Bard College



Marlboro College

5400753

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1003677

121

0 2000 4000 6000 8000 10000

Reed College

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Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

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$55k

$35k

$45k

$60k

$50k

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$60k

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FY20

11

FY20

12

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FY20

16

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Financialassets




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1

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Page 22



Page 23



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Page 24



366

10

-33

28

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-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


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Net tuition


institutions

Page 26


Source IPEDS



1000

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2016





366

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Page 28


152113109

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152113109

9391

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Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

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56525197

34632799

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5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


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Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

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$45k

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$50k

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FY20

11

FY20

12

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16

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$38k

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17

$40k

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Min



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2

Page 22



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Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


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Net tuition


institutions

Page 26


Source IPEDS



1000

820

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540




2016





366

261

Page 27


Source IPEDS









track faculty)

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Page 28


152113109

9391

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152113109

9391

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4335

2414

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-28-47

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-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

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$40k

$55k

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$45k

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$60k

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FY20

11

FY20

12

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FY20

16

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$38k

FY20

14

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15

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FY20

17

$40k

FY20

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Min



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Hall cover

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Page 23



Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

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540




2016





366

261

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Source IPEDS









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Page 28


152113109

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152113109

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Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

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$60k

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FY20

11

FY20

12

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FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






Source IPEDS




Page 24



366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

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540




2016





366

261

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Source IPEDS









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Page 28


152113109

9391

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2414

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152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

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-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

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FY20

11

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12

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FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






366

10

-33

28

-18-06

-80Marlboro College

2012-2016



Marlboro peers

2012-2016


total enrollment

2018-2022F

US colleges lt300




2012-2016


Page 25



$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

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540




2016





366

261

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Source IPEDS









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Page 28


152113109

9391

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2414

-07-12-18-19

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-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

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-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

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Col

lege

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d C

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$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





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$17k


$28k

$11k

$32k


FY2016

Net tuition


institutions

Page 26


Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

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7872

6564

4335

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-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

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Ver

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lege

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lege

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$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





Source IPEDS



1000

820

890

540




2016





366

261

Page 27


Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

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lege

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$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





Source IPEDS









track faculty)

5

10

16

7





track faculty)

0Personnel in non-




Page 28


152113109

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7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

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$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs





152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200



152113109

9391

7872

6564

4335

2414

-07-12-18-19

-28-47

-111

-200 -100 00 100 200

Hampshire College

Beloit College

Allegheny College




Wheaton College

Clark University

Reed College

Earlham College

Champlain College

Unity College


Bennington College

44


Prescott College

Goucher College

Bard College



Marlboro College

5400753

83556089

56525197

34632799

915474

1465342

5114401

34742305

4922354

1003677

121

0 2000 4000 6000 8000 10000

Reed College

Beloit College


Clark University

Prescott College



Champlain College

Wheaton College

Earlham College

Unity College

Bennington College


Allegheny College

Goucher College


Hampshire College

Bard College



Marlboro College




Page 29



$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

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lege

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$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs






$25k

$5k

$30k

$20k

$10k

$0k

$15k

$40k

$55k

$35k

$45k

$60k

$50k

Sout

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lege

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$20k

$15k

$35k

$0k

$5k

$10k

$25k

$55k

$30k

$40k$45k

$50k

$60k

$39k$38k$37k$35k

FY20

11

FY20

12

$38k

FY20

16

FY20

13

$38k

FY20

14

FY20

15

$40k

FY20

17

$40k

FY20

18

Min



38203234





Hall cover

Docs




renner, jamie c.b. hall mishaan, jessica · 8/3/2020 · marlboro has seen the steepest drop in...

Documents

8-3-20 PRA Response re 7-19-20 MC documents_Redactedpdf

8-3-20 PRA Appeal Response60th Anniversary Fund for Inspired Teaching Fundpdf

8-3-20 PRA Appeal ResponseEY Feb 2 xec sess slides copy (B2205570xA047C)pdf

8-3-20 PRA Appeal Response60th Anniversary Fund for Inspired Teaching Fundpdf

8-3-20 PRA Appeal ResponseEY Feb 2 xec sess slides copy (B2205570xA047C)pdf

8-3-20 PRA Appeal Response60th Anniversary Fund for Inspired Teaching Fundpdf

8-3-20 PRA Appeal ResponseEY Feb 2 xec sess slides copy (B2205570xA047C)pdf

8-3-20 PRA Appeal ResponseEY Feb 2 xec sess slides copy (B2205570xA047C)pdf