PEC Update, December 21, 2007

We would like to thank all of you who contributed to PEC's General Fund and the Art Defense Fund this year. If not for your financial support, we would be unable to continue to pursue the litigation and research that we believe will restore Randolph-Macon Woman's College and preserve the art in the Maier Museum. 

This PEC update comments on the recent announcement by the Southern Association of Colleges and Schools (SACS) lifting the "warning" from the College, the status of fundraising for the art injunction and Art Defense Fund, and recent PEC activities.

SACS Announcement 

We are delighted that SACS decided to remove the "warning" from Randolph College on December 11.

This decision by SACS indicates that – despite what the Randolph College Board of Trustees said as recently as last month – drastic changes like the sale of irreplaceable educational and cultural resources such as the art in the Maier Museum were completely unnecessary to remove the SACS warning.

The SACS decision also shows the wisdom of the Court in stopping the sale of the art last month by granting the temporary injunction. Without that injunction, the four paintings would have been sold at Christie's in November and both Lynchburg and the College community would have been irreparably harmed by the sale.

Unfortunately, college spokeswoman Brenda Edson stated immediately after the SACS announcement that the College "still has plans to sell the unrestricted artwork in the future. That decision hasn't changed." This is surprising considering that President Klein has gone on record that the "main emphasis of the college's financial plan will be attracting students at "reasonable tuition levels" in the coming years" – a goal that PEC applauds, but that clearly has nothing to do with selling art to increase an already generous endowment. Regrettably, this decision by the College to persist in selling artwork to increase the endowment, even though the SACS warning has been lifted, means that the art lawsuit will continue – at great expense to all parties.

Injunction Funding

Thanks to the many supporters who responded to our urgent call for Art Defense Fund donations before December 3, PEC was able to raise $500,000 in cash to deposit with the Court, avoiding bond fees and other financial complexities. We now have to raise the other $500,000 by February 15 to keep the art injunction in place while still paying for the ongoing costs of the art litigation.

Thus, our strategy to fund the second $500,000 is to find ten individual supporters who are willing to place $50,000 each in certificates of deposit at PEC's bank to collateralize a letter of credit that can be used to secure a $500,000 bond to meet the February 15 deadline. If the lawsuit is won, the funds would return to these supporters. If the lawsuit is lost, and the College is able to prove damages, the funds would be used along with the $500,000 that has already been deposited with the Court to cover these damages.

If you are in a financial position to set aside $50,000 as collateral for the art defense injunction, please contact PEC's Treasurer Carol Curcio Lang ('68) at langcarolc@gmail.com. We regret that the complexity of setting up a collateral pool among many supporters for the purpose of one letter of credit dictates a minimum investment of $50,000. Many of you have already expressed an interest in this arrangement but perhaps are not in a position to set aside such a significant sum. Please consider an outright donation to the Art Defense Fund of whatever amount you are comfortable. Without donations to that fund we will not be able to pay the ongoing litigation costs of the art suit which are already in excess of $150,000. We need both outright donations for art litigation expenses and collateral from major supporters; they are the hand and glove of a successful art defense. As always, we are grateful for every dollar you are able to send.

You still have time to send an end-of-the-year donation to the Art Defense Fund so that we can continue to pursue the art litigation.

To donate, send your check to:

Preserve Educational Choice, Inc.
P.O. Box 29612
Richmond, VA 23242

Make the check payable to "Preserve Educational Choice, Inc." and write "Art Defense Fund" on the memo line. All donations to this fund are restricted to preserving the art, not the general restoration of Randolph-Macon Woman's College. You can also make a donation via PayPal through the PEC website (www.PreserveEducationalChoice.org). All donations are fully tax-deductible to the amount allowed by law.

Other Matters

On December 6, PEC's Executive Director, Anne Yastremski, spoke at "Donor Intent and the Future of Higher Education Philanthropy" a conference organized by the Center for Excellence in Higher Education (CEHE). She was part of a panel entitled "Broken Covenants: Three Stories, Several Lawsuits" along with William Robertson, the lead plaintiff in Robertson v. Princeton, and Renee Seblatnigg, President of The Future of Newcomb College, the group supporting the lawsuit to restore H. Sophie Newcomb Memorial College.

The conference was well attended – the audience even included a current Randolph College trustee and the husband of another current trustee (although they both left after Anne's presentation). Most of the speeches have been archived on the CEHE website at http://www.cehe.org/events/12062007.html and we encourage you to read them.

While PEC will continue to process donations through the end of the year, we will be officially "closed" from December 22 through January 2 for the holidays. We will respond to emails, phone calls, and other communications when we return to work in 2008. Donors who contributed in 2007 will receive their tax letters in January 2008. If you have not received your letter by February 1, please let us know.

We wish all of you and your families a safe and happy holiday season.

Vita Abundantior,

PEC Board

Diane U. Montgomery (R-MWC '85)
Carol Curcio Lang (R-MWC '68)
Anne Yastremski (R-MWC '05)
Madeline Miller (R-MWC '66)
Chantel Sheaks (R-MWC '91)

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