Every three to four years, the trustees consider whether to increase the percentage of the endowment the college spends per year. Currently, the college spends four percent of the endowment's value per year, a decrease of .5 percent from 2005 levels. Three years later, the trustees have begun to consider future endowment spending.

This year, the trustees have some political pressure to consider. In a January Des Moines Register article, Iowa Senator Chuck Grassley proposed that colleges and universities be mandated by the government to spend a certain percentage of their endowment in order to discourage "endowment hoarding" because that money is tax-deductible and assumed to be spent for the common good.

Despite opposing pressures of politics and the recent downturn in the economy, the trustees said they will carefully consider all possibilities before they reach a decision at their upcoming April meeting.

Chair of the Board of Trustees David White '90 acknowledged the potential influence of Senator Grassley's statements, saying "Senator Grassley is in a position to help shape the dialogue." Despite this political pressure, White did not expect decisions on spending to move hastily. "I would be surprised if it went up," he said.

College President Russell K. Osgood, while hesitant to predict what the final decision would be in April, acknowledged the recent downturns in the market could be a consideration. "I would be surprised if they did anything dramatic just because the investment situation is so murky right now," said Osgood.

Others within the administration believed, however, that the economic turbulence would have little effect on the final decision. College Treasurer David Clay said that since the end of the last fiscal year in July, the endowment is down, like the market, by about seven percent. But market dips are expected, and Clay stressed that it would not affect long-term decisions. "We've built our policy recognizing that returns aren't linear and that market cycles come and go," Clay said.

Clay said that people should keep in mind that the fiscal year of 2009 will mark a drastic increase in the base budget. Since building on campus has gone down, more of the endowment will be free to go into the operational budget of the college. This money is set to go towards loan caps and the Expanding Knowledge Initiative.

In the case that the trustees decide to spend a greater portion of the endowment, Osgood said he would "be thrilled."

Osgood said he would like to see more work on financial aid, beyond the recent financial aid adjustments. He would also like to see money go towards a new library and making Grinnell more international.

Robert Grey, Political Science, said he would like to see the trustees increase spending on financial aid but also on increasing the size of the faculty.

SGA President Megan Goering '08 is somewhat more hesitant at the idea of an increase. "Good decisions should drive money, and money should not drive good decisions," said Goering. "I think that if they find a good project that they are doing because it is a good project and not just because we have that extra money, that we should not be afraid to move forward."

Osgood said that no final decisions would be made without careful consideration. "I'd say ... budget decisions at places like Grinnell are a product of a lot of people's good ideas; not just the president, so the students have good ideas, faculty have good id

eas, the staff have good ideas," said Osgood.

"So if we did get more resources, we would take a look at a lot of suggestions."