Robert T. Sumichrast
Dean and Simon S. Selig, Jr. Chair for Economic Growth

Published: September 5, 2008 | Vol. 1, Issue 4

I write this message as students and faculty head to classes to begin fall semester at the University of Georgia. Every year brings new opportunities and challenges, and this year is no exception. We have plans to continue our progress, even as we deal with a very challenging fiscal year for the state.

For decades, the Terry College of Business has taken actions to build strong ties to the business community. Our most recent effort has been the creation of the Terry Dean's Advisory Council. This council is composed of two dozen business leaders from across the country who have pledged to support the college by providing advice, fostering corporate relationships and leading activities for the good of the college. Taylor Glover (BBA 1973), president and CEO of Turner Enterprises, is the council's founding chairman. The first task of the council was to help update the Terry College's strategic plan, as the plan we've been operating under was adopted in 1999. Bill Griffin (BBA 1972), managing director of Fidelity National Financial, chaired a task force of council members and worked with a separate task force of faculty, staff and students to help draft the new plan. I am sharing the working version of the plan more widely within the college and expect to have it adopted this semester.

A significant challenge for us in the coming year is a direct result of the economic slowdown. Revenue collections in Georgia are well below the projections used to develop this year's budget, so state agencies, including the University System, are reducing spending. The Terry College has prepared plans for how we will respond to a 6 percent reduction in state funding and is developing plans should budget cuts worsen.

We developed our plans to minimize the impact on the education of our students and as an opportunity to think creatively about how we operate. We will reduce spending this year by revising or eliminating some events, printing our magazine less often and relying more on electronic communication with our alumni, and reducing travel expenses. However, as an educational institution, most of our expenses are for personnel. Consequently, we are not replacing all the vacancies created through normal attrition. Our faculty are stepping up to the challenge — several have already volunteered to teach additional courses this year. So long as the reduction is temporary and related to the economy, the Terry College will come through it leaner and in a better position to continue our progress toward being recognized as one of the best business schools in the country.

Robert T. Sumichrast, Dean
Terry College of Business