I am writing to you today with my final newsletter update of the 2024-25 academic year.<\/p>\n
As we approach the June 30th<\/sup> end of the fiscal year, we remain confident that this year\u2019s fiscal results will yield a surplus for Peabody for the second consecutive year. We are projecting a result expected to improve on last year\u2019s $200,000 surplus, which marked the elimination of long-stranding structural deficits. This assumes that fundraising, which at this time is at 79% of our cash goal, achieves our goal for the current fiscal year.<\/p>\n Planning for next year\u2019s budget continues. We are mindful of the myriad of financial challenges facing the university due to macro conditions. While our revenue streams are not generally vulnerable to the federal grant landscape and our enrollment is strong, we are being appropriately cautious in budgetary assumptions without in any way compromising academic and artistic plans for the Institute.<\/p>\n With the major investment in financial aid two years ago, and this year making the DMA tuition-free through its two-year residency, the Conservatory experienced an 18% increase in applications and has admitted our most selective class of students ever for fall 2025.<\/p>\n These increased resources are making a Peabody education more accessible for more students than ever before, and at the same time dramatically impacting selectivity, an important measure of perceived quality. In just two years, we have gone from accepting one in two students from a highly qualified pool, to accepting one in four, moving from an admit rate of 48% to 37% for the current academic year, and now 27% for the fall 2025 undergraduate class. At the Doctoral level we moved from accepting 27% of applicants last year, to this year 7%, or less than one in ten applicants.<\/p>\n A significantly rising yield rate and overall higher audition scores reflect Peabody\u2019s increased standing in a competitive landscape and our success in attracting and admitting the most talented student artists.<\/p>\n As our community is aware, Peabody is undertaking major capital improvement initiatives to enhance equipment and buildings across our Mount Vernon campus.<\/p>\n These include a major upgrade to our piano inventory with a $2 million investment this year in 35 new pianos specifically for practice\/rehearsal rooms, thanks to the generosity of Peabody Institute Advisory Board Immediate Past Chair, Nancy Grasmick, as well as support from the University President\u2019s office. At this time, most of the new instruments have been delivered and are in use.<\/p>\n Renovations of restrooms, elevators, and lounges across campus are ongoing, and once the year concludes, a new phase of technical and acoustical work on Miriam A. Friedberg Concert Hall will begin, and is expected to be completed in March 2026.<\/p>\n A team is also hard at work planning for our students to move into the recently purchased Waterloo Apartments in fall 2026, effectively doubling the size of the Peabody campus.<\/p>\n The heart of this project remains the renovation of the residence towers to create state-of-the-art rehearsal, practice, and performance space on par with the caliber of our academic programs.<\/p>\nAdmissions<\/h3>\n
Capital Improvements<\/h3>\n