Ą Despite falling state support, the University has emerged financially as one of the strongest universities in America. It is the first public and only university in history to receive an Aa1 credit rating by Wall Street. Our endowment has increased five-fold to over $1.6 billion. Generous alumni and friends have already brought our capital campaign to over a billion dollars with two years yet to go. Ą Under severe budget pressure, we have kept resident tuition levels far below the costs of other comparable institutions. As a part of our commitment to meeting the financial need of all resident students, the average net tuition (figuring in increase financial aid) has remained relatively stable throughout the decade. Ą Over a billion dollars of capital improvements have transformed our campus preparing us to serve the students of the next century. Ą Through efforts such as the Michigan Mandate and the Michigan Agenda for Women, we now have the highest representation of people of color and women among our students, faculty, staff, and leadership in our history. Ą We have launched many nationally renowned initiatives including the Institute for the Humanities, the Media Union, the Institute of Molecular Medicine, the Davidson Institute for Emerging Economies, and the Tauber Manufacturing Institute, and the Institute for Research on Women and Gender. Ą The University Medical Center has undergone a profound transformation, placing it in a clear leadership position in health care, research, and teaching. Ą National rankings of the UniversityŐs academic programs are the highest in our history. In fact, the academic reputations of our programs have increased more than any other university in America over the past decade. Only four institutions stand apart form the rest: Harvard, Stanford, the University of California, and the University of Michigan. Ą We are winning more than our share of top faculty. The University has increased average faculty salaries to rank #1 among public universities and #5 to #8 among all universities, public and private. Ą The nationŐs leading research university, Michigan attracts more federal, state, and corporate support than any other university in America (last year exceeding $400 million). No other institution in the world has developed the resources -- financial, physical, intellectual -- that we can draw upon today. Our job is not to follow but to lead our society, to explore the social and human possibilities of tomorrow. The Only Constant is Change quality diversity breadth The future is not yet written but we wouldnŐt have it any other way. The excitement that comes with uncertainty and discovery draws us inexorably into tomorrow.