SUNY Maritime College Annual Report 2021-2022

THE IMPACT OF SCHOLARSHIP

A Maritime College degree at Fort Schuyler is recognized for providing a strong return on investment (ROI) and continues to open doors to economic prosperity to young men and women who are willing to work and study hard. Alumni from every generation have stories about how fortunate they were to discover Maritime College, and how dramatically it changed their financial circumstances. While that power to change lives continues today, the reality is that fewer families today can make the numbers work. Maritime College graduates will always expect to find jobs that pay well and launch them on fulfilling, long term careers. However, educational costs have risen sharply over time while annual federal and state grants to the State University of New York (SUNY) no longer support tuition as in previous years. Over the past 10 years, state support for the College has declined from 60% of its operating costs to 30%. Now, 70% of costs must be covered through student tuition and fees, placing the bulk of the College’s operating costs directly on students. In an era when costs are rising so quickly, middle- and lower-income families find themselves losing opportunity and hope. Captain of the Training Ship

Empire State VI Morgan McManus ’92 noted, “It cost me $1,100 for my senior cruise at that time! I know of several students who couldn’t afford cruise this year and took summer jobs instead. Unfortunately, they are delaying their graduation by a year or more, and hopefully will be able to finish.” Simultaneously, a steady decline in the U.S. population of high school-aged students has created far stronger competition among colleges, threatening to lower enrollment further. tuition for the purpose of attracting the best and brightest, or students with significant need. Maritime College President Rear Admiral Alfultis recently stated, “The rising costs and financial challenges hardworking families face in managing higher education expenses may be the most significant threat to Maritime College today. The Maritime Foundation’s annual Admiral’s Dinner event and the current and endowed scholarships they steward, plus the generous Summer Sea Term scholarships from the Alumni Association, are the life changing investments today’s students need more than ever before.” SUNY determines tuition rates across the state system and does not allow individual colleges to ‘discount’

STATS: CURRENT MINIMUM TO ESTABLISH AN ENDOWED SCHOLARSHIP FUND: $25,000

ANNUAL SPENDABLE AMOUNT PRODUCED BY A $25,000

ENDOWMENT: ~$1,000

AVERAGE STUDENT NEED-BASED SCHOLARSHIP AND GRANT: $5,893 ENDOWMENT NEEDED TO PRODUCE ONE AVERAGE $5,893 SCHOLARSHIP: $147,000

Note: Endowments are professionally managed for the Foundation by J.P. Morgan with a goal of producing ~4% spendable return annually. The additional earnings are retained and reinvested to ensure the principal grows so that the spendable return keeps pace with inflation.

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Annual Report 2021-2022