Key Takeaways
- • Macalester College's endowment has surpassed $1 billion, placing it among approximately 200 colleges and universities in the US, according to Vice President for Advancement Joanna Curtis.
- • About 70% of the endowment's interest returns are restricted to financial aid, reflecting donor priorities, per Curtis.
- • The college is funding a $90 million residence hall, with half bonded and a goal of $50 million from donor support.
- • MacShare cut its voucher budget from $13,000 last year to $2,000 this semester, capping vouchers at $10 of produce redeemable for one week.
- • MCSG reinstated the Peacemaking Grant Fundraising Ad Hoc Committee by a 20-0 vote to strengthen ties with Mac for Palestine.
Summary
Macalester College's endowment has surpassed $1 billion, according to Vice President for Advancement Joanna Curtis '97, who addressed the Macalester College Student Government (MCSG) meeting on Oct. 29 ahead of the announcement. Curtis said the milestone places Macalester among approximately 200 colleges and universities in the US, and in the top 75% of institutions measured by endowment per student. Roughly 70% of the endowment's interest returns are restricted to financial aid, which Curtis attributed to alumni donors who asked that their funds support student aid. She described the endowment as a pooled collection of thousands of funds that functions like a trust, spending only annual interest so the corpus persists in perpetuity.
Curtis identified the new residence hall as the college's highest current funding priority. The $90 million building is half bonded, a choice she said avoids excessive annual debt service, with the goal of raising $50 million from donor support. Financial aid and internship grants were named as other major funding priorities.
At the same meeting, the MacShare leadership team presented changes to its produce vouchers, which allow community members to buy fresh food free of charge. August Goldstein '27 said MacShare spent $13,000 on vouchers last year, while this semester's budget is $2,000. In response, the team limited the number of vouchers in circulation, capped each voucher at $10 of produce, and made them redeemable for a single week. Money previously spent on vouchers has been redirected to expand food options at the Open Pantry on the second floor of the Campus Center, which offers staples such as potatoes, onions, oil, oats and eggs at no cost. Goldstein said voucher usage has declined, and acknowledged uncertainty over whether this reflects students meeting their needs through the pantry or the program not working for some people. He encouraged students to contact MacShare with questions.
In other business, Junior Class Representative Sadie Kyle '28 moved to reinstate the Peacemaking Grant Fundraising Ad Hoc Committee, which passed 20 to 0. The committee was formed in fall 2024 after the Board of Trustees declined Mac for Palestine's divestment proposal and instead invested in global peacemaking efforts; the board then matched all Mac for Palestine funds before distributing the combined total to conflict relief. According to Kyle, the committee was disbanded last spring after its former chair, Julian Ricco '29, was not re-elected. Kyle said the reinstatement aims to create more communication between Mac for Palestine and MCSG.
Curtis identified the new residence hall as the college's highest current funding priority. The $90 million building is half bonded, a choice she said avoids excessive annual debt service, with the goal of raising $50 million from donor support. Financial aid and internship grants were named as other major funding priorities.
At the same meeting, the MacShare leadership team presented changes to its produce vouchers, which allow community members to buy fresh food free of charge. August Goldstein '27 said MacShare spent $13,000 on vouchers last year, while this semester's budget is $2,000. In response, the team limited the number of vouchers in circulation, capped each voucher at $10 of produce, and made them redeemable for a single week. Money previously spent on vouchers has been redirected to expand food options at the Open Pantry on the second floor of the Campus Center, which offers staples such as potatoes, onions, oil, oats and eggs at no cost. Goldstein said voucher usage has declined, and acknowledged uncertainty over whether this reflects students meeting their needs through the pantry or the program not working for some people. He encouraged students to contact MacShare with questions.
In other business, Junior Class Representative Sadie Kyle '28 moved to reinstate the Peacemaking Grant Fundraising Ad Hoc Committee, which passed 20 to 0. The committee was formed in fall 2024 after the Board of Trustees declined Mac for Palestine's divestment proposal and instead invested in global peacemaking efforts; the board then matched all Mac for Palestine funds before distributing the combined total to conflict relief. According to Kyle, the committee was disbanded last spring after its former chair, Julian Ricco '29, was not re-elected. Kyle said the reinstatement aims to create more communication between Mac for Palestine and MCSG.
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