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The Board of Trustees spent its Oct. 16-18 meeting in Hanover in consultation with on the White House’s “Compact for Academic Excellence in Higher Education,” discussing how ���㽶��Ƶ can best contribute to the knowledge and development of AI, responding to an admissions update, and participating in a star-studded dedication ceremony and grand celebration of the arts.

“What an amazing weekend for the Hopkins Center for the Arts and for the entire ���㽶��Ƶ community,” said Board of Trustees Chair . “It was a high note in my time as chair, and the board thoroughly enjoyed taking part in such a joyous occasion.”

Reflecting on the current moment in higher education, she added: “The board has great confidence in ���㽶��Ƶ and its leadership team. Their singular focus on advancing the academic mission drives the strategy of the president and her senior leadership team and will help keep ���㽶��Ƶ in a strong position moving forward.”

Providing Feedback on the Compact 

Trustees spent time during the meeting discussing ���㽶��Ƶ’s response to the draft compact with President Beilock; ; Executive Vice President for Strategy, Special Counsel to the President and Secretary to the Board of Trustees ; Senior Vice President for Communications and Government Relations ; and Senior Vice President and General Counsel. Feedback had been requested from nine universities, including ���㽶��Ƶ, on Oct. 1. 

Beilock and other ���㽶��Ƶ leaders spent two weeks prior to the board meeting speaking with faculty governance bodies across the institution and gathering input from students, staff, and alumni. Those engagements included multiple meetings with the Council on Institutional Priorities—with representation from all ���㽶��Ƶ schools—and the School of Arts and Sciences’ Committee of Chairs, as well as meetings with faculty leadership at Thayer, Tuck, and Geisel and student government groups.

“I do not believe that the involvement of the government through a compact—whether it is a Republican- or Democratic-led White House—is the right way to focus America’s leading colleges and universities on their teaching and research mission,” Beilock wrote the Trump administration on Oct. 18. Her full feedback was later that morning.

Beilock also said that ���㽶��Ƶ will continue to engage in dialogue with the federal government in an effort to “preserve one of the most successful joint ventures in history,” referring to the longstanding partnership between leading research universities and the government. 

A Community-Driven Approach to AI

Later that day, Provost Schnell shared that an AI Faculty Leadership Committee has recently been formed and members will be consulting with their peers, students, and staff to determine a strategy for embracing artificial intelligence and harnessing its potential in ways that support ���㽶��Ƶ’s mission. 

“We are entering a new era defined by the rapid advancement of artificial intelligence,” said Schnell. “The moment is now to institute a coordinated and strategic approach to AI across ���㽶��Ƶ that builds on our strengths and anticipates where the technology is going.”

Their work will be complemented by a yet-to-be-named Alumni Advisory Group and a Steering Committee of trustees and senior leaders, including trustees , who will succeed Lempres as chair in January, , and ; Trustee Emerita Erica Schultz ’95; and Geoff Ralston ’82. 

Beilock reminded trustees that next summer will mark the 70th anniversary of the workshop at ���㽶��Ƶ where the term “artificial intelligence” was first coined and the study of the field emerged. She said that presents ���㽶��Ƶ with a source of timely inspiration.

“This is a chance for us to look forward and once again to be leaders in how we prepare our students for an increasingly AI-present future while also centering our most essential human talents,” Beilock said. Among the examples of how this work is already taking shape across ���㽶��Ƶ: 

• After piloting AI Literacy content in four first-year writing seminars this spring, faculty are developing new course components that cover how GenAI works and how it relates to the writing and research process.
• The Geisel School of Medicine developed a tool to improve medical students’ bedside manner and diagnostic skills. That led the Tuck School of Business to create an AI negotiator with distinct personalities to help MBA students hone their skills across multiple negotiation scenarios.
• Students and faculty announced the ongoing development of Evergreen, an AI tool for student well-being, on Oct. 10.

Admissions Shares Data on the Class of 2029

The 1,205 members of the undergraduate Class of 2029 arrived on campus this fall with “diverse passions, talents, and aspirations, and the potential to make an enduring impact on campus and beyond,” , vice president and dean of admissions and financial aid, told the board.

All schools across ���㽶��Ƶ met their enrollment targets for fall 2025, with undergraduate and six of the eight graduate and professional programs experiencing double-digit growth in application volume over the last five years. This year also was marked by extraordinary and unprecedented coordination between admissions units and the Office of Visa and Immigration Services as accepted students navigated changes in U.S. immigration policy.

The Class of 2029 was selected from a pool of 28,230 applicants—the fifth straight year in which ���㽶��Ƶ received at least 28,000 undergraduate applications and in which the acceptance rate was 6% or less. A record 71% of those offered admission responded by saying “yes,” which made ���㽶��Ƶ the only member of the Ivy League that did not use its waiting list this year.

“Through their applications, this new undergraduate class impressed us with their intelligence, inspired us with the depth of their commitments and curiosity, and charmed us with the uniqueness of their stories,” Coffin said.

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Members of the Class of 2029 pose for their class photo in front of ���㽶��Ƶ Hall. (Photo by Robert Gill)

Twenty-two percent of enrolling U.S. citizens qualify for a Pell Grant, federal financial aid that is awarded to students from low-income backgrounds, the second year in a row ���㽶��Ƶ is above 20%. Twenty percent were raised in rural communities, a particular recruiting focus after ���㽶��Ƶ joined the Small Town and Rural Student (STARS) College Network last year.

The members of the Class of 2029 are the first to apply since ���㽶��Ƶ reinstated its standardized testing requirement, following a four-year pause necessitated by the COVID pandemic. Ninety percent of the incoming class had test scores above the 75th percentile of test-takers at their high school—a new protocol for reporting testing outcomes that provides an important lens for viewing each student in a local context.

“���㽶��Ƶ’s unwavering commitment to make its undergraduate education affordable has once again yielded extraordinary financial support for students and families,” Coffin told the board, highlighting that one in five students qualifies for a “zero parent contribution,” a threshold expanded in 2024 from $65,000 to $125,000 thanks to a generous bequest from Barbara Britt and Glenn Britt ’71, Tuck ’72.

One-third of the students in the class have free tuition at ���㽶��Ƶ. Forty-six percent of the class receive financial aid, and the average award—$74,765, a ���㽶��Ƶ record—covers 78% of the full undergraduate cost of attendance ($95,980 for 2025-26).

Endowment Returns and Budget Planning for 2026-27

The expansion of financial aid programs is among several priorities powered by ���㽶��Ƶ’s endowment—which stood at $9 billion on June 30—alongside the recruitment and retention of world-class faculty and the pursuit of cutting-edge discovery and innovation. For Fiscal Year 2024-25, the endowment generated an investment return of 10.8% and distributed 5.5%, or a record $453 million, to fuel ���㽶��Ƶ’s mission.

The FY25 endowment distribution accounted for nearly one-third of ���㽶��Ƶ’s total annual operating budget—a testament to the endowment’s central role in sustaining and delivering a distinctive ���㽶��Ƶ education and experience. As ���㽶��Ƶ faces a rapidly changing world, with both challenges and opportunities, “the strategic importance of the endowment and the financial strength it affords ���㽶��Ƶ cannot be overstated,” Beilock told trustees.

Chair of the Investment Committee reported that, over the long term, ���㽶��Ƶ’s endowment has produced strong and consistent annualized returns of 11.6%, 9.7%, and 9.3% over the past 5, 10, and 20 years, respectively.

“The strength and consistency of these long-term performance results are exceptional,” Beilock said. “They are a result of disciplined stewardship and a long-term investment approach and are providing a stable and enduring financial foundation for ���㽶��Ƶ today and for generations to come.”

Chief Financial Officer also applauded the healthy financial performance while cautioning that the overall funding landscape remains dynamic, even as ���㽶��Ƶ approaches this year’s budget planning cycle from a position of strength. 

The enactment of recent federal legislation will increase ���㽶��Ƶ’s tax rate on net investment income from 1.4% to 4% beginning in FY27, requiring careful planning to manage the impact on endowment returns and operating budgets. ���㽶��Ƶ continues to closely watch future federal funding sources for sponsored research, including the potential for budget cuts and caps on indirect cost recovery rates. Recent disruptions to funding from the National Institutes of Health, the National Endowment for the Humanities and other agencies, as well as ongoing debates in Washington highlight the need for vigilance and advocacy to sustain research momentum.

Macro-economic conditions can also have a significant impact on ���㽶��Ƶ’s financial results. Frew said his team continues to model the impact of factors like interest rate changes and inflation scenarios into its financial projections.

“Ultimately, ���㽶��Ƶ is in a strong position because of an enduring commitment to responsible fiscal management, strategic investment, and advocacy for higher education and research,” he told the board.