Cooper Union Finances

date:  November 4, 2011

To: Members of the Cooper Union Community

From: Jamshed Bharucha, President
TC Westcott, Vice President for Finance and Administration

Subject: Cooper Union Finances

For those interested in knowing more about Cooper Union’s finances, I have included here the revenues and expenses for the most recent fiscal year (FY2011), which were presented by Vice President TC Westcott at Monday night’s forum. In addition, we have included data on Cooper Union’s assets. The deficit is represented in the “revenues” figure in the red section entitled “Deficit Drawdown from Investment Portfolio.” This is the piece that must be replaced annually by new revenue sources and/or expense reductions in order for Cooper Union to have a sustainable financial model into the future.

This is an anguishing time for the Cooper Union community. We want to thank students, faculty, alumni, family members and other friends for being so engaged in discussing our financial predicament. We have asked the Board of Trustees to share information about Cooper Union’s financial history, including the recently built building. The Board expects to send out a message soon, and plans to hold a forum to answer questions.

As soon as the Revenue Task Force is finalized, we will announce it and solicit ideas from all members of the community. Meanwhile, please avail yourself of the opportunity to sign up for small group discussions with the president here.