"And by that light -- now mark my word -- we'll build the perfect ship." Rudyard Kipling, McAndrew's Hymn

Dear Friends:

The school has entered a new phase of development and growth that promises to yield profound enhancements and improvements. Some of those exciting projects and initiatives are described elsewhere in this newsletter.

Building

The year's major transformational event thus far is the exceptional $7 million gift from Mrs. Dorothy Park toward the estimated $14 million cost of a new building for the School of Business (see the article on page 2). In keeping with the College's overall philosophy and the terms of Mrs. Park's gift, the building will be of an environmentally sustainable design. As far as we know, it will be the first newly constructed "green" facility for any undergraduate business school in the country. Having such a distinctive building will enhance the school's leadership role among undergraduate business programs by introducing sustainable management practices into the curriculum.

As you may know, in recent years the school has outgrown its space in Smiddy Hall, and the decision to build a new home for the School of Business is part of a six-year program of planned growth and development.

Accreditation

Another vital aspect of the school's planned growth and development is accreditation by AACSB International-the Association to Advance Collegiate Schools of Business, which is on track for early next year. Briefly, the business school submitted a self-evaluation report to AACSB International last summer and hosted a peer review team in February of this year. After its visit the team reported that the school had met or exceeded each of the accreditation standards. We are now preparing a formal program assessment plan, which will be reviewed by AACSB International next spring. Successful implementation of the plan will lead to accreditation in April 2005. For more details please refer to the accreditation article on page 4.

Students

As for our business students, each year their accomplishments reach new heights -- especially as the student body increases in size, diversity, and quality. Consider that the eighth annual student recognition banquet, held in April, recognized the academic performance of a record number of students. This year's keynote speaker was IC trustee David Fleisher II '91. He and Michael Serventi '72 serve as vice-chairs of the business school building campaign; Lawrence Alleva '71 is chair.

Academic Programs

Not surprisingly, the school's growth is also reshaping our . For example, starting in September the accounting major will become part of a 4+1, B.S.-plus-M.B.A., program in professional accountancy. In 2009 New York State will implement a 150-credit-hour requirement for candidates for the CPA examination, which means that accounting majors in this fall's first-year class will need to complete a year of graduate work to pursue careers in professional accountancy. To prepare for that curriculum change, to best serve all of our students, and to accommodate the school's growth, we have hired three tenured accounting professors in the past three years.

All of these exciting developments have influenced my plans as well. I will postpone my retirement and remain with the school through the end of the calendar year while the accreditation process is finishing up and the search continues for a new dean. As of now the plan is that Raquib Zaman, Dana Professor of Finance, will take over next year as interim dean for the spring semester -- until a permanent dean is on board. I am pleased that I can delay for a while longer saying goodbye to so many good friends.

Best regards,

Robert A. Ullrich