stevens chairman\'s letter, 2009

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Chairman’s Letter 2009 T he year 2008 was one of great progress for Stevens. The university achieved major national recogni- tion through the designation of Centers of Excellence by agencies of the United States government. Stevens launched its new Systems Engineering Research Center (SERC) on November 24. The Department of Defense (DoD), awarded Stevens a five-year renewable contract to establish the SERC at its Hoboken, New Jersey campus. This is the nation’s only Univer- sity Affiliated Research Center (UARC) focused on systems engineering research. The Department of Homeland Security- designated Center for Secure and Resilient Maritime Commerce will focus on sensors, modeling and analysis to improve maritime domain awareness. The center will also address marine transportation systems designed for the United States that are resilient to manmade and natural threats. The Institute will receive grants of up to $2 million per year for between four and six years to research these issues, the better to protect the US maritime industry. Additionally, Stevens was selected by the National Security Agency and the Depart- ment of Homeland Security as one of the first 23 National Centers of Academic Excellence in Information Assurance Research (CAE-R). The Institute will hold this designation from 2008 to 2013. As recently as 20 years ago, only 15-20 percent of Stevens’ faculty participated in significant research. By contrast, during the past five years, we have pursued a course of research excellence that has led to a jump from about $10 million in funded research per year to more than $30 million of research funding. We envi- sion continued major growth in this area, and Forbes recently ranked Stevens third in research ROI. Undergraduate enrollment has more than doubled during 10 years and the graduate population has multiplied in accord with the growth and flourishing of Stevens’ graduate programs. Stevens has also experienced, in several successive years, record-setting graduating classes in both graduate and undergraduate areas. The founding of a distinct School of Systems & Enterprises (SSE), led by Dean Dinesh Verma, has been a signal event in the recent realignment of academic and administrative structures at the univer- sity. Adding to SSE’s industry expertise, Virginia Ruesterholz ’83, president of Verizon Telecom, has agreed to chair the SSE’s illustrious Board of Advisors. R ecognition of University E xcellence Lawrence T. Babbio Jr. Chairman, Board of Trustees THE CHAIRMAN’S LETTER | 2009 STEVENS INSTITUTE OF TECHNOLOGY

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Page 1: Stevens Chairman\'s Letter, 2009

Chairman’s Letter 2009

The year 2008 was one of great progress for Stevens. The university achieved major national recogni-

tion through the designation of Centers of Excellence by agencies of the United States government.

Stevens launched its new Systems Engineering Research Center (SERC) on November 24. The Department of Defense (DoD), awarded Stevens a five-year renewable contract to establish the SERC at its Hoboken, New Jersey campus. This is the nation’s only Univer-sity Affiliated Research Center (UARC) focused on systems engineering research.

The Department of Homeland Security-designated Center for Secure and Resilient Maritime Commerce will focus on sensors, modeling and analysis to improve maritime domain awareness. The center will also address marine transportation systems designed for the United States that are resilient to manmade and natural threats. The Institute will receive grants of up to $2 million per year for between four and six years to research these issues, the better to protect the US maritime industry.

Additionally, Stevens was selected by the National Security Agency and the Depart-ment of Homeland Security as one of the first 23 National Centers of Academic

Excellence in Information Assurance Research (CAE-R). The Institute will hold this designation from 2008 to 2013.

As recently as 20 years ago, only 15-20 percent of Stevens’ faculty participated in significant research. By contrast, during the past five years, we have pursued a course of research excellence that has led to a jump from about $10 million in funded research per year to more than $30 million of research funding. We envi-sion continued major growth in this area, and Forbes recently ranked Stevens third in research ROI.

Undergraduate enrollment has more than doubled during 10 years and the graduate population has multiplied in accord with the growth and flourishing of Stevens’ graduate programs. Stevens has also experienced, in several successive years, record-setting graduating classes in both graduate and undergraduate areas.

The founding of a distinct School of Systems & Enterprises (SSE), led by Dean Dinesh Verma, has been a signal event in the recent realignment of academic and administrative structures at the univer-sity. Adding to SSE’s industry expertise, Virginia Ruesterholz ’83, president of Verizon Telecom, has agreed to chair the SSE’s illustrious Board of Advisors.

Recognition of University Excellence

Lawrence T. Babbio Jr.Chairman, Board of Trustees

THE CHAIRMAN’S LETTER | 2009 STEVENS INSTITUTE OF TECHNOLOGY

Page 2: Stevens Chairman\'s Letter, 2009

THE CHAIRMAN’S LETTER | 2009 STEVENS INSTITUTE OF TECHNOLOGY

Student Life

Stevens was named the ECAC/Jostens Institution of the Year for 2008. The award is given annually to a college or university,

encompassing NCAA Divisions I, II and III, that best combines outstanding athletic achievement with outstanding academic achievement. This extraordinary recognition of our athletics programs and of our students as premier scholar-athletes places Stevens in the company of Harvard, Princeton, Williams and Georgetown, all past Jostens Award winners. President Raveché, Vice President Maureen Weatherall and Director of Athletics Russ Rogers were on hand to accept the award in Albany, September 28 at the ECAC Jostens award ceremony.

Now celebrating its 10th anniversary, the DeBaun Center for Performing Arts has become a true New York-Metropolitan area cultural center,

bringing people to campus and adding to campus life. Thanks to a generous gift from Ken DeBaun ’49 and his wife Grace, the theater is a thriving, cultural hub and community resource, offering classes, workshops, presentations, special events and theater productions throughout the year.

Institutional ProfileStevens’ overall ranking in the newest US News & World Report and Princeton Review surveys remained essentially the same, although the slight drop in the US News placement was a disappointment. This was mainly due to a clustering of institutions in the numbers 65-85 range, with very little statistical difference between them, causing individual institutions to move up and down based on relatively minor statistical changes. The rankings also relate to Stevens’ 2006-07 academic year, and thus do not reflect several of our most important successes, including the DHS award and ECAC Jostens Institution of the Year Award, which occurred in the just-completed 2007-08 year.

New AppointmentsIn February 2008, Fred Regan was appointed Vice President of Advancement, the most senior fund raising executive at

Stevens, reporting directly to the president. Vice President Regan will lead the Office of Advancement and is responsible for the entire fund-raising staff and programs, including communications and relationship development with individual and corporate donors and prospects, as well as foundations.

In addition, Randy L. Greene, CPA, has been appointed Vice President of Finance, CFO and Treasurer. Greene, who has an MBA in accounting and finance from the Johnson Graduate School of Management at Cornell University, has more than 25 years of professional experience in public, private and not-for-profit organizations. He began his higher education career at Cornell University where he held various positions in account-ing, financial affairs, treasury and sponsored research manage-ment, culminating in the position of controller at Cornell’s Weill Medical College in New York City. Since 2000, Greene was the Assistant Vice President for Finance and University Controller at New York University, where he improved the systems, structures and culture of the accounting and financial compliance operations of the university.

Veteran technologist and pioneering researcher Dr. Joseph Mitola III was recently appointed Stevens’ Vice President for the Research Enterprise. Mitola also will serve as a Distinguished Professor, holding a joint appointment at the Schaefer School of Engineering and Science and the School of Systems and Enterprises.

In his new role as VP for the Research Enterprise, Mitola will be responsible for promoting large-scale, cross-disciplinary research initiatives among Stevens’ diverse research centers, laboratories and contract research projects.

Professor Ralph Giffin will serve as Director of Business Operations in the School of Systems and Enterprises, managing the day-to-day financial operations of the school. Giffin also holds the position of Associate Provost, Graduate Programs Enterprise.

Dr. Christos Christodoulatos has been appointed to the position of Associate Provost for Academic Entrepreneurship. He will work closely with the academic deans to advance the goals and objectives of the Technogenesis® environment at Stevens, and the other goals and objectives in the university’s Strategic Positioning Plan. He will mentor both regular and research faculty on issues of

entrepreneurship, intellectual property, innovation, creativity and market value of research outcomes. Christodoulatos will also work closely with faculty and students to ensure the transformational success of the Technogenesis culture throughout the student body and undertake initiatives that instill in students both creative thinking and an entrepreneurial spirit.

Dr. Christos Christodoulatos

Dr. Joseph Mitola III

Fred Regan

Randy L. Greene, cpa

Ralph Giffin

Page 3: Stevens Chairman\'s Letter, 2009

THE CHAIRMAN’S LETTER | 2009 STEVENS INSTITUTE OF TECHNOLOGY

Financial Summary

At the same time as we have strengthened our enrollment and research, we have strengthened our budgeting and internal controls to place us on a course to balance the budget for fiscal 2009.

FISCAL YEAR 2006 2007 2008 2009 (budget)

Operating Revenues

Net Tuition $ 61,596,812 $ 68,733,466 $ 82,359,718 $ 96,977,493

Research 27,287,607 29,504,740 28,309,403 30,300,000

Contributions & Grants 8,529,432 5,729,028 4,341,453 4,900,000

Auxiliary 12,838,812 14,083,225 16,499,164 17,181,237

Endowment Distribution 5,303,331 4,880,139 5,562,100 5,475,492

Other 2,676,152 3,780,047 2,719,673 1,562,000

Total Revenues $ 118,232,146 $ 126,710,645 $ 139,791,511 $ 156,396,222

Operating Expenses

Salaries & Benefits $ 77,937,203 $ 80,782,969 $ 86,142,102 $ 95,522,658

Materials, Services & Other 46,594,645 43,188,691 44,071,001 49,261,348

Interest 1,205,387 3,018,256 3,197,385 4,572,216

Depreciation & Amortization 4,617,447 6,310,301 7,478,045 7,040,000

Total Expenses $ 130,354,682 $ 133,300,217 $ 140,888,533 $ 156,396,222

Net Operations $ -12,122,536 $ -6,589,572 $ -1,097,022 $ 0

Actual Net Operations 2006-2008with 2009 Projections

Page 4: Stevens Chairman\'s Letter, 2009

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THE CHAIRMAN’S LETTER | 2009 STEVENS INSTITUTE OF TECHNOLOGY

Looking Forward

Stevens is on the threshold of a new and exciting period of growth and achievement based on our new alignment of education and research priorities and

a renewed dedication to the visionary stewardship of our university’s founders.

The development and execution of sound strategic plans by the leadership within the Stevens community will make Stevens the go-to university for government and major industry. Stevens continues to be recognized as a leader in the areas of systems, enterprise and technology management, security technologies and multi-scale engineering — areas critical to the advanced economies of the 21st century. The increased external research funding that will result from Stevens’ initiatives in these ultra-

relevant areas will add both to Stevens’ financial engine and to the university’s prestige on a national and global scale.

Stevens Institute of Technology can serve as an inspiration to academics, technologists and entrepreneurs at home and abroad, and a model institution for higher learning into the future. It is the technological university that measures the pulse of the global economy and in turn prepares young lead-ers who are a match for the challenges of the 21st century.

It is our duty as members of the Stevens community to preserve, strengthen and grow this phenomenal institution, which comes down to us as a legacy from one of our nation’s founding families. I personally pledge myself to the task, and I encourage you to join me as we meet the challenges ahead.

Lawrence T. Babbio Jr.Chairman, Board of Trustees