October 3, 2008
|FROM:||Neil Kerwin, President
Don Myers, Vice President of Finance and Treasurer
|SUBJECT:||Current Financial Climate at AU
As recent national economic events have shown, this is a challenging time for individuals and institutions alike. However, we want to assure you that in this current climate the university’s normal financial operations will continue without disruption.
American University, like all higher education institutions, must respond to the unprecedented developments in the financial credit markets. We are working on a number of fronts to mitigate the impact of external factors on any aspect of the university’s business operations.
We are successfully restructuring the majority of the university’s tax-exempt bonds and have met the challenge resulting from this week’s events affecting operating fund investments in the Commonfund (a short-term investment fund manager for nearly 1,000 colleges and universities).
We continue to closely monitor all other aspects of these unprecedented developments and their impact on the university and will provide additional updates.
If you have particular questions or concerns, feel free to send them to email@example.com.
October 3, 2008 11:26 AM