William & Mary board reviews finances, enrollment targets and Vision 2026 at retreat

The College of William and Mary Board of Visitors, meeting July 26–28 at the DC Bar Building in Washington, D.C., heard administrators outline the university’s financial picture and an accelerated enrollment strategy tied to Vision 2026.

President Katherine A. Rowe opened Session II on W&M fundamentals and framed the discussion around the university’s strategic priorities — growth, national standing and financial sustainability. Amy S. Sebring, chief operating officer, told the Board that projected operating revenue for FY23 will be driven primarily by student accounts (tuition, E&G fees and auxiliaries), which account for approximately 63% of projected operating revenue; philanthropic support was cited at about 16% and state support at roughly 13%.

The nut graph: Board members were asked to weigh trade-offs between enrollment growth and institutional affordability as leaders presented data showing constrained state funding and ongoing cost pressures.

Sebring said state general fund support, when adjusted for inflation, remains about 32.5% below FY01 levels, and she outlined major expense drivers — personnel, mandated compensation, and growing financial aid — and described cost-containment measures taken since FY18. "Most personnel increases are attributed to state mandates," she said, and the university has sought non-personnel cuts to avoid layoffs.

Dr. Jeremy P. Martin, chief of staff, reviewed access and affordability metrics and defended the university’s recruitment strategy amid a high sticker price. He said William & Mary recruits a high-achieving student body and noted that, after financial aid, the institution’s net price ranks competitively within Virginia public institutions; for low-income students, W&M offers a low net price relative to peers. Martin also reported that the university’s "Smart Growth" initiative, a plan to increase enrollment by 600 students by fall 2025, is now expected to reach that figure in fall 2023 — two years ahead of schedule — prompting Board discussion about capacity and the demographics of the added students.

Board members asked for more detail on cash-on-hand and scenario planning; administration said additional fiduciary actions would be brought before the Board in FY23.

The retreat also included operational updates on COVID-19 protocols: Sebring said the COVID Response Team is standing down and responsibilities will transfer to the Emergency Management Team; the Public Health Advisory Team will continue advising the president, quarantine facilities will not be operated in FY23, and rapid tests will be made available in vending machines on campus.

The Board recessed for lunch and later returned for additional sessions on academic programming and institutional priorities.