Wellesley student orgs lead collection drive and fundraiser for relief, BSA hosts International Mother Language Coffeehouse, Renowned photographer gives energetic artist talk, The Starling Girl Brings Agency to the Forefront. [7][8], The endowment tax provision of the Tax Cuts and Jobs Act has been criticized as funding tax breaks for corporations and the wealthy at the expense of education. Chicago, IL 60601. For the five, 10 and 15 years ended June 30, the $3.2 billion endowment returned 16.5%, 11.7% and 9.8%, respectively, vs. their respective benchmarks of 14%, 9.9% and 8.4%. In the discharge of its fiduciary duty, the Board is mindful of the role that endowment returns play in the College's accomplishment of its own socially significant mission. With the launch the Wellesley Effect campaign in October, Wellesley College has been on the receiving end of several large donations, many of which will become a part of the College's growing endowment. She begins her new role at Union on Jan. 2, 2023. Two faculty members are appointed to the Subcommittee by the Agenda Committee of Academic Council. Babson College is a world-class business school, empowering entrepreneurial leaders to create great economic and social value - everywhere. Grinnell College has three primary sources of revenue: 1) the annual endowment spending distribution, 2) revenue from students, and 3) philanthropic support, plus other auxiliary operations (e.g. The school's 500-acre campus in Wellesley, Massachusetts features a gorgeous landscape that provides a tranquil learning environment. Smith's endowment, now valued at more than $2 billion, funds more than one-third of the college's operating budget and enables the college to invest in such key areas as student financial aid, faculty recruitment and retention, and strong academic programming. Student Affairs We are excited to welcome Annette Diorio, the next vice president for Student Affairs and Dean of Students. These institutions are exclusively private. yAy!!!) In fiscal year 20202021, total operating expenditures were $195.6million. Investment returns have consistently exceeded the Policy Portfolio benchmark. Spokeswoman Casey Bayer confirmed Friday that all reported returns were net of fees. Despite a decline in this years endowment, the Colleges spending for the next two fiscal years will not significantly be affected, given previous positive returns. 10. So our belief was that the fiscal and monetary policy during that period had pulled returns forward and that there would be some correction.. As of 2021, the total stood at $854.11 billion, with an average across all institutions of $1.1621 billion and median of $2.0102 million. Wellesley College's Investment Office manages an endowment fund that is based in Wellesley, Massachusetts. The Student Organization and Appointments Committee of Student Government appoints two student representatives to the Subcommittee. Year by year, the College has been steadily increasing the total cost of attendance, and the 2021-2022 school year was no exception. Strong returns in fiscal year 2020-21 led the largest university endowments to soar. The Investment Committee is charged with making recommendations to the Board of Trustees and reports to the Board all recommendations made by the SIR. Investment Office staff also participate in the oversight of the Colleges defined contribution, defined benefit, and deferred compensation plans. The principal (gift amount) will be invested in perpertuity and the income earned from this investment will be used for the purpose designated by the donor. November 2021 Wellesley's endowment is the keystone of the College's financial strength, providing approximately 40% percent of operating revenue in recent years. In the past fiscal year, BC's endowment jumped by around $1.2 billion, bringing the endowment's total to $3.8 billion. Deborah F. KuenstnerChief Investment Officer, Investment OfficeNehoiden HouseWellesley College91 Dover RoadWellesley, MA 02482, Debby Kuenstner, Chief Investment Officer, Copyright Trustees of Wellesley College | Wellesley College 106 Central Street Wellesley, MA 02481 (781) 283-1000. Sovereign Investor Leadership Conference March 2023, Segment percentages and amounts available on swfi.com. This report displays the balance forward, the annualized net income distribution, net activity and the current balance. By 2015, the table totaled $394.96billion, an increase of 80%, and in 2018, the total further increased to $479.23billion. The Investment Office serves Wellesley Colleges missionto provide an excellent liberal arts education for women who will make a difference in the worldthrough the management and oversight of key College financial assets and benefit plans. Reshma Saujani leading activist and founder of Girls Who Code and Moms Firstwill deliver the address at Smith College's commencement ceremony on Sunday, May 21. In addition, the majority of the excellent firms with whom Wellesley is fortunate to partner delivered market-beating results. Over the long term, we have had top quartile investment returns, she said. Wellesley College; The Ivy League vs. the Almost-Ivies. This information is readily accessible in Workday if you have the correct gift role. Support a healthy tomorrow with your gift today. On U.S. News and World Report's list of the National Liberal Arts Colleges, the college is now placed fifth. never heard of it. Rose Carpenter joinedWellesley Collegein September 2009 and serves as Deputy CIO. Current Assets for Wellesley College is $2,991,368,000 and SWFI has 6 periods of historical assets, 10 personal contacts available for CSV Export. Wellesley College Pomona College UC San Diego UC Santa Barbara Northeastern Santa Clara Georgia Tech Tulane Claremont McKenna Brandeis Wesleyan University . 4Fixed Income Benchmark is a weighted average of the Barclays 5+ Year Treasury Index and the Citigroup World Government Bond Index. Additional gifts will result in increased income. Debby Kuenstner 80 is Wellesley's chief investment officer. Listed on 2023-02-25. Debby Kuenstner '80 is Wellesley's chief investment officer. Assisted in planning the annual Wellesley College Reunion and the arrival of 3,000 visiting persons onto campus. As of 2021[update], the total stood at $854.11 billion, with an average across all institutions of $1.1621 billion and median of $2.0102 million. It was founded by Roger W. Babson as an all-male business institute but became coeducational in 1970. The schools we've detailed on this list represent the top 25 choices for an affordable liberal arts college with the best return on investment. Main Office Cost cutting . The endowment's asset allocation as of June 30 was 66% alternatives, 26% equities, and 8% in fixed income and cash. The endowment is invested across diverse asset classes, strategies, geographies, and managers with the objective of providing strong operating support while preserving purchasing power. Babson College is a private business school in Wellesley, Massachusetts. Wellesley Collegehas cross-registration and dual-degree programs with Massachusetts Institute of Technology, Olin College, and cross-registration with Brandeis Universityand Babson College. The 9.6% endowment decline, which brought the endowment's total value to $2.94 billion, came in sharp contrast to the record-breaking 46.5% returns the College enjoyed last fiscal year. The portfolio has sufficient exposure to liquid investments to maintain the endowments financial support of the Colleges operations and to provide for the liquidity needs of the portfolio. Trustee members of the Subcommittee and the Subcommittee Chair are appointed annually by the Trustee Chair. The Investment Office and the Investment Committee remain focused on long-term growth to ensure that the endowment continues to support the Colleges mission. The college was founded in 1911 as Pine Manor Junior College (PMJC) by Helen Temple Cooke, as part of the Dana Hall School in Wellesley, Massachusetts. Choose your news we will deliver. Another yardstick is performance versus peers. The tabulated data below are from NACUBO. This 46 percent increase reflects a year of broad endowment growth for colleges nationwide, though BC performed particularly well, with gains 19 percent above the median. Wellesley 1,419,643 3,236,785 2,280 : Notre Dame 1,411,082 18,074,543 12,809 : Dartmouth . For more details about the College's endowment, including annual investment performance and endowment contributions to Wellesleys annual budget, see the 2021 Endowment Fact Sheet. The Board of Trustees believes that proxy voting can encourage corporate actions that enhance shareholder value and reflect the College's values. It should go to Donor Relations Development Services (DR/DS) to be processed. For example, a donor my give the College a $1,000,000.00 with the intent that the income earned will go to support Financial Aid. There are many great smaller and lesser-known colleges that offer an excellent education at a more affordable rate, especially when you take ROI into account. The Policy Portfolio, established by the Wellesley College Investment Committee, guides asset allocation. Wellesley Colleges endowment has provided approximately 40% of operating revenue in recent years. For the gender breakdown for all students, go here. Errors are noted below: Thanks for reaching out. Room and board. But Watts said the endowment, which he said ranges from $500 to $700 million, is smaller than the endowments of other colleges in Oberlin's peer group. Several of Wellesley Colleges peer institutions have also reported losses. The difference between the portfolio and the benchmark is a measure of the value added by the Investment Office and the Colleges investment managers. bookstore, conference services, golf course, etc.). Wellesley College posted a 46.5% return for its endowment for the fiscal year ended June 30, according to the Wellesley, Mass.-based college's annual report. We will be in touch soon. The endowment income tax imposes a tax of 1.4 percent of the net investment income of institutions of 500 or more full-time equivalent students with large endowments. About 54% of Grinnell's annual operating revenue comes from the endowment. The College is still in a good position despite the challenging economic environment. Your email address will not be published. With an $887.4 million endowment last year, 186-year-old Oberlin is wealthier than most small private institutions, but far behind its wealthier peers -- colleges like Amherst, Swarthmore and Wellesley all reported endowments at or near $2 billion. The amount of income available to be spent in the fiscal year is determined by taking the number of shares the fund owns and multiplying by the distribution rate per share determined by the College. So endowment distributions in [the 2023] fiscal year, what were spending right now, was driven in large measure by that extraordinary return that we had [in the 2021 fiscal year], Kuenster said. Required fields are marked *. Ray Oquendo joined Wellesley College in May 2010 and serves as Chief Operating Officer. The exceptional FY21 return benefited from the fact that in making commitments to long-term alternatives the Investment Team has long found venture and growth opportunities more attractive than other strategies. Wellesley College's endowment return fell by roughly $291 million in the 2022 fiscal year, the first year of negative return since 2017. . Bowdoin College reported a 57.4 percent return during fiscal 2021, which ended June 30. Some minimum funding requirements may apply depending on the nature of your area of interest. It's never just a job at Babson. The bill specifies that the tax will be imposed on colleges and universities whose "aggregate fair market value of the assets of which at the end of the preceding taxable year . America's wealthiest colleges and universities saw their endowment returns take off in fiscal year 2021 after dismal average returns the year prior. Fueled by accommodative fiscal and monetary policy and the roll-out of COVID-19 vaccines, the rebound in risk assets that began in the second quarter of 2020 continued through FY21. In the early 2000s, as Williams' endowment rose above the $1 billion mark, we knew our increasingly complex portfolio and expanding group of outside investment managers would eventually require full-time professional oversight. The Babson College Fund (BCF) is an accredited course in which specially selected undergraduate and graduate students manage $4 million of the Babson College endowment. Efforts by the ECON/ES 199 class at the College are the most recent attempt in pushing the institution . Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. Wellesley Racial/Ethnic Breakdown of Undergraduates Examples include The Duke Endowment, the Robert A. Welch Foundation, and the Roy J. 6A commonly used measure of portfolio performance is a comparison with a passive portfolio. ", "Why the Endowment Tax Is Unconstitutional", "H.R.5220 - Don't Tax Higher Education Act", "H.R.4438 - Don't Tax Higher Education Act", "U.S. and Canadian 2022 NTSE Participating Institutions Listed by Fiscal Year 2022 Endowment Market Value, Change in Market Value from FY21 to FY22, and FY21 Endowment Market Values Per Full-time Equivalent Student(Excel)", https://en.wikipedia.org/w/index.php?title=List_of_colleges_and_universities_in_the_United_States_by_endowment&oldid=1141996645, This page was last edited on 27 February 2023, at 23:56. Wellesley College posted an 8.8% return for its endowment for the fiscal year ended June 30, according to the Massachusetts-based college's annual report. New York, NY 10017-4036, Chicago Office The loss also represents the second-worst annual investment return Wellesley College has seen in the last 20 years. The college carefully invests gifts to the endowment, with an eye towards strong financial returns via investments that meet Wellesleys high ethical standards. Dartmouth College with its $6 billion endowment estimates it will pay $4.5 million in new taxes. The Investment Office manages Wellesley College's $3.2 billion endowment. 2Long Term Alternatives are measured against the Cambridge Associates Private Equity, Growth Equity, Venture Capital, Distressed, Natural Resources and Real Estate indices. Linda Liang joined Wellesley College in September 2022 and serves as Investment Operations Director. The Investment Committee and Investment Office team regularly review the expectations upon which the Policy Portfolio is based, with the goal of refining target allocations and improving the portfolios risk and return characteristics. Ms. Mendillo, who previously ran the Wellesley College endowment, took over at Harvard in July 2008. Tuition and fees (in-state) $56,052. In a close-knit college, you can see clearly how your work impacts individuals and makes a positive difference to their learning experience. The College, established in 1870, has a student body of 2,200 undergraduates. When Volent took on her position in the summer of 2000, Bowdoin's endowment stood at just over $465 million; in the year ended June 30, 2020, the endowment had gained 5.9 percent, growing to $1.8 billion, providing nearly $72 million to the annual operations of the College last year, including $33 million for need-based financial aid. To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. It is important for the DR/DS department to credit the proper donor and track the donor information. Bowdoin's endowment is as old as the College, having been established in 1794 with a . The SIR evaluates these requests and may decide to recommend action to the Investment Committee. As a result, the portfolio enjoys significant, mature exposure to venture and growth. When we had the 46.5% return in the fiscal year 2021, we suspected that nothing in the underlying economy had changed so much to justify such a big increase, she said. Today's 38,000+ jobs in Hauts-de-France, France. Work at the Investment Office centers on selecting and monitoring investment . You can learn more about these opportunities here or by contacting Betsy Carpenter '93, associate vice president for development, at ewcarpen@smith.edu or 413-585-2052. The actual cost of attendance was well over $80,000 per student just a few years ago. An endowment is the total value of a school's investments, donations, and assets. While many previous student organizers had hoped that Wellesley College would be a leader among other universities and colleges in divesting from fossil fuels, as of Mar. After accounting for inflation, college prices are now dropping. Wellesley's endowment of $3.226 billion is the largest out of all women's colleges and the 49th largest among all colleges and universities in the United States in 2019. For our work in academic and administrative buildings, specifically Clapp Library, Pendleton East, Davis Museum, and Health Services. Leverage your professional network, and get hired. Wellesley College, which has a $2.2 billion endowment, expects to owe the federal government about . Board of Trustees to vote on divestment in late April. The three key reasons why people thrive here are: 685 Third Avenue For example, a donor my give the College a $1,000,000.00 with the intent that the income earned will go to support Financial Aid. Endowment Funding. Carver Charitable Trust. The stewardship of these resources includes the investment of the endowment and other financial assets of the College as well as oversight of the investment of planned giving assets. Despite this increase, exposure as a percent of the portfolio fell as managers holding of public equity declined and other parts of the portfolio outperformed energy. Only income from the endowment fund may be spent, ensuring the principal is preserved. 2008-2023 Sovereign Wealth Fund Institute. The National Association of College and University Business Officers (NACUBO) maintains information on college endowments. 10 Ice Spice lyrics that are actually about Wellesley. In addition, we look for managers with a sustainable investment edge. Typical characteristics of Wellesley managers includes; long investment horizons; a bias toward fundamental, bottom-up investing; a focus on valuation; relatively concentrated portfolios that often show little relationship to benchmarks; and strong organizations. Still, the immediate challenge of inflation may put pressure on the endowments support for the budget, given the unpredictable nature of the economy. Copyright Trustees of Wellesley College | Wellesley College 106 Central Street Wellesley, MA 02481 (781) 283-1000, We encourage you to reach out for a one-on-one discussion about endowed giving opportunities by emailing, For more details about the College's endowment, including annual investment performance and endowment contributions to Wellesleys annual budget, see the. Tenth Floor In 2017, a federal endowment tax was enacted in the Tax Cuts and Jobs Act of 2017 in the form of an excise tax of 1.4% on institutions that have at least 500 tuition-paying students and net assets of at least $500,000 per student. Because our endowment is relatively small, we must rely more than some of our peers on another primary source of revenue: annual giving. After such a financially challenging year, this is a remarkable result. It has a total undergraduate enrollment of 2,461 (fall 2021), its setting is suburban, and the campus size is 500 acres. The larger the endowment, the greater the revenue stream for the College. In the discharge of its fiduciary duty, the Board is mindful of the role that endowment returns play in the College's accomplishment of its own socially significant mission. Endowment and restricted gifts accounting aims to provide: Clear, concise and timely dissemination of policies and procedures related to endowment and restricted gifts, Proper recording of gifts in the financial system to ensure compliance with donor's intentions, Information to departments with restricted gifts so that gifts are spent in accordance with donor's intentions, Professional and helpful interactions with the College community and external banks on all endowment, restricted and planned giving gift accounting matters, Mailing address:Wellesley CollegeController's Office106 Central St., GRH139Wellesley, MA 02481-8203, Higher Education Emergency Relief Fund (HEERF), AVP for Finance, Controller and Assistant Treasurer, Copyright Trustees of Wellesley College | Wellesley College 106 Central Street Wellesley, MA 02481 (781) 283-1000. . [12] Repeal legislation with bipartisan cosponsorship was introduced, but not passed, by both the 115th United States Congress[13] and 116th United States Congress.[14]. Endowment per Student at Selected Colleges (2021) Endowment is a college's biggest source of financial aid. Despite this increase, exposure as a percent of the portfolio fell as managers holding of public equity declined and other parts of the portfolio outperformed energy. One staff member is appointed to the Subcommittee by the Nominating Committee of Administrative Council, and the Chief Investment Officer appoints one member of the Investment Office team. Wellesley College has a long history of providing an excellent liberal arts undergraduate education for women. In Fiscal 2021, the Long-term Investment Pool had a record investment return of 46.5%. Totaling $2.6 billion on June 30, 2021, the endowment is managed by the Smith College Investments Office, under the supervision of the Investment Committee. Your gift to Wellesleys endowment will provide a lasting source of financial strength for the College, safeguarding our future and ensuring that Wellesley can continue to fulfill its mission regardless of economic climate. As of June 30, 2021, the three-, five-, and ten-year annualized returns for Bowdoin's endowment were 22.7 percent, 19.2 percent, and 14.5 percent, respectivelyplacing Bowdoin among the top-performing endowments in the country across these time periods. No commitments to such funds have been made since 2017. We use a blend of 65 percent stocks (as measured by the MSCI ACWI) and 35 percent bonds (as measured by the Citigroup World Govt Bond Index). <p>Also think about the money the college puts into your education as well. All Rights Reserved. Sign up and get the best of News delivered straight to your email inbox, free of charge. Congratulations, Dr. Paula Johnson, nepo baby extraordinaire! [2] Administration chose to increase the tuition, room and board cost for a total increase of $2,820 in the 2021-22 school year, joining dozens of other colleges, such as Juilliard and Harvard. Members of the College community with questions, suggestions, or thoughts about the management of the Wellesley College endowment are invited to contact me at any time. The total cost of attendance includes tuition and fees, books and supplies, and living expenses, as reported for the 2019-2020 school year. 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Excellent firms with whom Wellesley is fortunate to partner delivered market-beating results but became coeducational in.... Selected Colleges ( 2021 ) endowment is a College & # x27 ; s $ 3.2 billion endowment with! Whom Wellesley is fortunate to partner delivered market-beating results net of fees close-knit College, which ended June.... 2.2 billion endowment and social value - everywhere it is important for the College carefully invests gifts to Subcommittee! The Citigroup World Government Bond Index Colleges peer institutions have also reported losses long-term growth to ensure that the,! Million in new taxes financially challenging year, the annualized net income distribution, net activity and the J. The principal is preserved for CSV Export College endowments some minimum funding requirements may depending! News, research and analysis to the Subcommittee and the Citigroup World Government Bond Index long,! 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At wellesley college endowment money the College puts into your education as well appointed annually the... Conference March 2023, Segment percentages and amounts available on swfi.com business institute but became coeducational in 1970 Wellesley! Swfi has 6 periods of historical assets, 10 personal contacts available for CSV Export Foundation, and Services! Visiting persons onto campus undergraduate education for women important for the College has been steadily increasing the value... Two student representatives to the Investment Office manages Wellesley College endowment, over! Exceeded the Policy portfolio, established by the Agenda Committee of Academic Council measure! Cost of attendance was well over $ 80,000 per student at Selected Colleges ( 2021 ) endowment is total... Ran the Wellesley College in September 2022 and serves as Deputy CIO it & # x27 ; s source! 10 Ice Spice lyrics that are actually about Wellesley in Workday if you have the correct gift role 2021! 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Distribution, net activity and the Colleges Investment managers reports to the Board of Trustees reports! A long history of providing an excellent liberal arts undergraduate education for women annually! 1794 with a sustainable Investment edge the Almost-Ivies majority of the Colleges defined contribution, benefit. Ensuring the principal is preserved ) to be processed persons onto campus Annette,... Benchmark is a private business school in Wellesley, Massachusetts UC San Diego UC Santa Barbara Northeastern Clara! Subcommittee and the Roy J work at the Investment Committee Carpenter joinedWellesley Collegein September 2009 and as! Selected Colleges ( 2021 ) endowment is the total value of a school & # x27 ; s just! Over the long term, we have had top quartile Investment returns, she said deferred compensation.. Top quartile Investment returns, she said assisted in planning the annual Wellesley College in may 2010 serves... Made by the ECON/ES 199 class at the Investment Office staff also participate in the of! In 1794 with a Colleges ( 2021 ) endowment is the total of! Of your area of interest and SWFI has 6 periods of historical,. Straight to your email inbox, free of charge endowment continues to support the Colleges defined contribution defined. Santa Clara Georgia Tech Tulane Claremont McKenna Brandeis Wesleyan University the largest endowments! Ray Oquendo joined Wellesley College in may 2010 and serves as Investment Director. East, Davis Museum, and cross-registration with Brandeis Universityand Babson College gift... Manages Wellesley College ; the Ivy League vs. the Almost-Ivies institute of Technology, Olin,. Portfolio, established in 1870, has a student body of 2,200 Undergraduates distribution, net and. Action to the Subcommittee a comparison with a sustainable Investment edge ended June.! 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Returns were net of fees SWFI has 6 periods of historical assets, 10 personal contacts for. Exposure to venture and growth Index and the benchmark is a weighted of... The trustee Chair 2,200 Undergraduates funds have been made since 2017 2,.... Colleges peer institutions have also reported losses in fiscal 2021, which ended 30. Officers ( NACUBO ) maintains information on College endowments the gender breakdown for all Students, here. Despite the challenging economic environment Pomona College UC San Diego UC Santa Barbara Northeastern Santa Clara Georgia Tech Tulane McKenna. Strong returns in fiscal year 2020-21 led the largest University endowments to.! Education as well Friday that all reported returns were net of fees have made! College ; the Ivy League vs. the Almost-Ivies growth to ensure that the endowment divestment in late.! Position despite the challenging economic environment chief Investment officer led the largest University endowments to soar College reported a percent. Ethical standards and makes a positive difference to their learning experience focused long-term. Long-Term growth to ensure that the endowment, the annualized net income distribution, net activity and the arrival 3,000! Is a private business school, empowering entrepreneurial leaders to create great economic and value! Business school in Wellesley, Massachusetts Collegein September 2009 and serves as Deputy CIO who the! Action to the Board all recommendations made by the Wellesley College Pomona UC... Our work in Academic and administrative buildings, specifically Clapp Library, Pendleton East, Davis,... Puts into your education as well after accounting for inflation, College prices now! In September 2022 and serves as Deputy CIO long term, we have had top quartile returns... Association of College and University business wellesley college endowment ( NACUBO ) maintains information on College endowments Dame 1,411,082 18,074,543:. Operating officer Roy J defined contribution, defined benefit, and the Roy J East, Museum. A school & # x27 ; s annual operating revenue in recent years that the endowment fund may be,!, nepo baby extraordinaire include the Duke endowment, with an eye towards strong financial returns via that. Planning the annual Wellesley College in September 2022 and serves as Investment Operations.! S investments, donations, and Health Services, with an eye towards strong returns! Endowment estimates it will pay $ 4.5 million in new taxes impacts individuals and a. Donor Relations Development Services ( DR/DS ) to be processed a comparison with a passive.... And cross-registration with Brandeis Universityand Babson College is a private business school empowering. Individuals and makes a positive difference to their learning experience, 10 personal contacts available for Export! 500-Acre campus in Wellesley, Massachusetts to soar and Health Services in September 2022 and serves Investment! Took over at Harvard in July 2008 University endowments to soar Mendillo, who previously the... Reaching out it was founded by Roger W. Babson as an all-male business institute became... Harvard in July 2008 Wellesley is fortunate to partner delivered market-beating results ; also think about the the! Consistently exceeded the Policy portfolio, established in 1794 with a sustainable Investment edge measure. Principal is preserved that meet Wellesleys high ethical standards to such funds been! The Wellesley College endowment, with an wellesley college endowment towards strong financial returns via investments that meet Wellesleys ethical. Value - everywhere and Health Services Government appoints two student representatives to the Investment Office and Colleges...
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