Fall Board of Trustees Meeting Recap: FY26 Budget Approved in a Deficit, New Plans for Facilities and Enrollment

Savannah Brooks ’26

Editor-in-Chief

During the weekend of Oct. 25, the Board of Trustees had their first meeting of the fall semester. The board is the governing body which oversees the College and is mostly made up of alumni. It generally meets three times during the academic year to discuss and make plans for College business such as budget operations and any necessary changes to Trinity’s operations. 

After projecting a $10 million budget deficit for FY26 in April, the board closed the FY25 budget positively and approved the FY26 budget to operate at the same $10 million deficit. Traditionally, the fiscal year budget is approved in the spring, but according to President Dan Lugo’s email recapping the meeting, the board wanted “to ensure that the budget was based on the most accurate enrollment data possible, which was available after the arrival of our new students,” leading them to delay the approval to October.

In his email, Lugo additionally identified a new focus on facilities improvement, saying “the board approved a plan to utilize $10 million in new bond financing to support campus improvements. This investment will support updates to first-year residence halls, academic spaces and a host of necessary infrastructure improvements that will promote stronger campus functionality and appeal.” Regarding this focus on facilities, Lugo told the Tripod in an interview, “At the leadership level, we are closely aware and aligned with our community that there are issues we need to address in our housing and some of our academic spaces. It will be great to get some of this investment really in action around that. The BOT wants this new administration and leadership team to really get at being thoughtful about this and to create a plan of how we move forward to get our facilities, learning spaces and residential spaces in a stronger position.”

Vice President and Chief Financial Officer Scott Jordan shared with the Tripod that the facilities improvement plan will be focused “on things we can do quickly that have an immediate impact on the student experience” based on a list of “high-priority improvements” which have been identified over the last few years. While the plan is still in its early stages, the main priorities include first-year residence areas with particular attention to common spaces and bathrooms, classrooms and laboratories and athletic facilities — specifically improving the tennis court and adding lights to the softball field. Lugo also announced a “new multiyear strategic enrollment plan” spearheaded by Dean of Admissions and Financial Aid Matt Hyde.  In his email, Lugo identified new members of the board — Claire Capeci ’85, president of advertising agency Arnold Worldwide; Immediate Past President of the Trinity College Alumni Association (TCAA) and Director of Marketing for PGIM Private Capital Amy McGill Dilatush ’94; and Teddy Schiff ’01, a partner at Northwood Ventures, a middle-market private equity firm.