Andy's morning meeting February 9

[better to not dissent]

Some observations from Andy’s meeting with senior faculty and staff.

1. Andy accepts blame for nothing. In fact appeared quite smug.
2. It was discussed at length that dissenters within AA should be systematically fired, and Andy stated that he really doesn’t mind if dissenting parents pull their children from AA.
3. Andy and the board will present talking points for meeting attendees to espouse and parrot when questioned by coworkers, parents and others.
4. Andy and Gary vehemently denied that there is any truth in Mr. Hibbet’s letter.
5. Gary was passionate about how well the endowment has been managed and Andy echoed Gary’s praise.
6. Andy stated that AAPA supports him and the board 100%.
7. Andy suggested that this entire issue has been caused by a handful of disgruntled stakeholders that are habitual complainers that feel that they never get their way.
8. Andy stated that the board supports him 100%.
9. There was no real dissent from the meeting attendees.

[BeenThere]

I have recently posted in this forum two articles from outside sources titled “data” and followed by a date. My purpose is not to prove a point one way or another, but to suggest that those engaging in the conversation should have adequate background to ask both big picture and granular questions about bond ratings, actual investment performance going back ten years (a separate topic from spend rate), asset allocation strategy, strategic planning, etc.
The leadership at the Academy is actually very sophisticated about all of these issues, and they should be able to explain in precise detail how all of these factors are built into their longer- term strategic plan.
I have observed that some of the threads are becoming a bit too personal (for my liking) and side with those members of the community who are simply seeking clarity. It may be that the current administration actually has a plan for recovery and for moving in the direction of a sustainable spend rate. You will not know until you see a detailed financial plan extending out 5 or so years. Current evidence suggests they are in a downward deadly spiral. Ask for the plan that disproves that trajectory.

[Bitcoin]

Please have a NannyCamera in the room for the meeting. Or, maybe, can you Skype the meeting?

[Serpico]

Thanks BeenThere. I read both your posts. You’ve done a huge service to this conversation.

Can you share via link the Chronicle of Philanthropy article that places Albuquerque Academy at the bottom of 1,600 institutions in their endowment management>

Your summary article was great; the whole study would be a terrific resource.

[BeenThere]

Not sure if this is what you were looking for, Serpico:
https://www.philanthropy.com/article/Many-Big-Nonprofits-Rapidly/240753

It does not share the full list.

I appreciate your acknowledgment of my contributions to this conversation. I do not, currently, have a horse in this race. However, I do have a fairly reasonable historical perspective, more than a few years of insider experience, and a desire to see the institution thrive. My background is in the Liberal Arts, but learned to love numbers because they tell a certain truth. Really shrewd financial minds, professionals, need to be involved in this investigation.

[Serpico]

Thanks, BeenThere. That’s the one.

I think everyone should know that according to The Chronicle of Philanthropy, Albuquerque Academy was at the bottom in terms of endowment management, in a 2017 study of 1,600 non-profits.

Find the data at the first bullet in the article. The specific quote is:

At the bottom (of the 1,600 non-profits studied), Albuquerque Academy was among the handful of shrinking endowments; it spent $1 for every 30 cents coming in.

I think this is a very important finding. The trustees simply cannot say that they have managed the endowment well. They owe the Academy community an explanation.

• This reply was modified 8 years, 3 months ago by savetheacademy.

[Jack]

better to not dissent,

If that’s true, then how terribly disappointing. Still zero acknowledgement of any legitimate concern on behalf of Mr. Hibbett and many of us here? This is poor leadership, there’s simply no other way to describe it.

[Belen]

Dear Academy Leadership Team,

Please read the report on the Academy’s endowment from the Chronicle of Philanthropy at “In the News” tab. This should put to rest any doubts that our Board has mismanaged the school’s endowment.

We look to you now to lead the Academy in the right direction. Will you please, for the sake of our future, ask the Board to answer Mr. Hibbett’s open letter, and show the community the plan for recovery and responsible management of our endowment going forward.

Sincerely,
Concerned AA Faculty

[libra68]

Thank you, Better To Not Dissent, for informing us about Andy’s meeting with senior faculty and staff.

Your point 5, “Gary was passionate about how well the endowment has been managed and Andy echoed Gary’s praise,” is a blatant lie.

If Mr. Hibbett’s fine letter is not enough to persuade you that the the Board has mismanaged the endowment, then go to the Chronicle of Philanthropy and see for yourself.

It’s not complicated.

[ClassOf19]

(From the news) One more item of interest: the New England School of Law, in Boston, Massachusetts, is the top performer among charitable institutions in the study. The Dean of NESL, according to his school’s IRS Form 990, earned a salary of $625,444 in 2014. Using the Cost of Living Comparison Calculator for Mr. Watson’s reported salary of $384,818 for the same year, Mr. Watson’s pay in Albuquerque translates to $671,948 in Boston – meaning in terms of purchasing power, the head of the lowest-performing school in the Chronicle’s study surpasses the head of the highest-ranking school by $46,504.

This has embezzlement written all over it.

[Alums and Parents]

I have it on good authority that faculty and staff are being advised “not to look at the blog.” It is “too upsetting,” and “will hurt the school.” Here’s the simple bottom line: Watson and his inner circle continue to profit in two ways–they are paid exorbitant salaries and do no work (almost none of the school leaders teach classes). What are the chances of them giving up their jobs, even to save the school?

[okay]

@ClassOf19

I understand there is very likely mismanagement of funds. However, how does this situation have “embezzlement written all over it”? Do you have any new and convincing pieces of evidence? While I agree that if the allegations of mismanagement are true, it is not productive to accuse someone of a possible felony when no additional evidence is presented. It de-legitimizes and dampens a potentially powerful call for reform.

[okay]

“While I agree that if the allegations of mismanagement are true” should be “While the allegations of mismanagement are perhaps true”.

[ClassOf19]

Somewhere on the order of $100,000,000.00 is “lost”, no-one got fired???? Mismanagement of that magnitude should have dire consequences for those who made the really really really bad decisions. But apparently not here – just raises all around and business as usual. Things are far to buddy-buddy and opaque at the top of this pyramid – Yes, I think this has embezzlement written all over it.

[Author]

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