The text of the letter here: "Dear Friends, The past several months have seen some significant events in the Earlham community. Many of you have inquired about the background of these actions, and have sought a better understanding of the Board's decision making processes, including its respect for consensus and its conformance with its by-laws. I completely understand that many of us, especially those who know Alan Price `88 personally, are disappointed by his resignation. The decision which led to this was made after extensive discussion in two Executive Committee meetings and a meeting of the full Board of Trustees. The Executive Committee of the Board consists of ten trustees, all of whom are alumni. It includes the Board officers and the chairs of all standing committees, and is authorized by the Board's by-laws to act for the Board under certain circumstances. A consensus recommendation of the Executive Committee was presented to the full Board. While there was considerable regret expressed that the circumstances had resulted in this outcome, the Board accepted the Executive Committee's recommendation. The Board's decision to accept Alan's resignation would not have been made had there not been a strong view that it was in the best interest of the College. After personally reviewing the situation in detail with Alan, including each specific issue raised in the Executive Committee discussions, a mutual agreement was reached that the best course to follow was for him to submit his resignation, which he did shortly afterward. Out of respect for Alan and my colleagues on the Board, details of the discussions regarding his resignation are considered confidential and will not be shared. This makes it hard to respond more specifically to some of the misinformation and speculation which apparently has been circulating. I do want to be clear, however, that the reasons contributing to Alan's resignation did not call into question his love for and loyalty to Earlham, or his moral character. I also want to extend reassurance to everyone concerned that the financial challenges confronting Earlham are being actively addressed by faculty, staff, administrators and student representatives on campus with the full support of the Board of Trustees. The governance process of the Board is robust with every trustee acting conscientiously in helping to guide the College's strategies to deal with its current challenges. The Board over the past several years has been very focused on improving the College's competitive position through such measures as the introduction of EPIC experiential learning, authorizing new faculty lines in subject areas most appealing to prospective students, building new facilities and renovating older ones. The Board is also actively monitoring and supporting the College's many efforts to control expenses, increase revenues, and reduce operating deficits. The current financial challenges are serious and demand immediate attention. They result primarily from increasing price competition by both public and private colleges as they strive to maintain enrollment levels. Earlham is by no means unique in this respect, except that it has benefited more than many small colleges from the generosity of donors and the prudent investment of its endowment funds. The strength of Earlham's endowment has allowed the College to meet its operating budget deficits. There is no basis at all for suggesting that investment decisions have been anything other than prudent and successful by any reasonable measure of performance. The College will share additional information about the financial challenges and how we are responding to them tomorrow. The College will also be communicating soon about the process it will use to select its next president, as well as the additional measures it is and will be taking to keep Earlham strong academically and faithful to its unique Quaker heritage. Community members are actively engaged in developing specific recommendations in this regard that the Board will be considering over the balance of this year. The process being used is quite consistent with the precepts of shared governance and involves leadership by administrative officers and faculty, as well as by the Board and Avis Stewart `74, who is serving as interim president. The Board has great confidence in Avis and very much appreciates his leadership at this critical time for the College. Speaking on behalf of the entire Board of Trustees, I want to express our gratitude and appreciation for the loyalty and support of all the Earlham community, both on campus and off, in assisting the College to meet the challenges it is facing while remaining true to its educational mission and values. Sincerely, David Stump `72, Chair Earlham Board of Trustees"