Reed College Hires New Vice President and Treasurer
Portland, Ore (October 9, 2013)--Reed College announced today that it has hired Lorraine Arvin, former University of Chicago associate vice president for finance and administration and treasurer, to be the next Reed College vice president and treasurer. Arvin will take over as chief financial officer for the college in 2014. Arvin will oversee all finance, budgeting and investment responsibilities at the college, including oversight over the college's $494 million endowment. The position also supervises a broad array of the college’s administrative functions including human resources, buildings and grounds, environmental health and safety, the bookstore, and risk management.
Arvin will succeed Edwin O. McFarlane, who has held the position for the past 35 years. McFarlane has served under six Reed presidents and has managed the college through both good economic times and the worst recession since the Great Depression. When McFarlane began at Reed, the endowment barely topped $3 million and only 30 percent of students received financial aid. Today more than 50 percent of students receive over $20 million in need-based aid from the endowment and operating budget. Reed was recently given a grade of A+ for financial strength from Forbes. Moody’s Investors Services confirmed Reed’s Aa2 rating, noting the college’s strong student market position, proven fundraising ability, strong financial resources—a significant portion of which are unrestricted—and consistently positive operating performance.
"Lorraine Arvin is a proven leader in higher education and finance," said Reed President John R. Kroger. "Her experience will help make Reed even stronger than it is today."
Arvin became the University of Chicago treasurer in 2009. She has previously served as a partner at KPMG consulting and vice president of finance and operations at the Latin School of Chicago.
“I’m thrilled to be coming to Reed College because of its great tradition of leadership and innovation in higher education,” says Arvin. “Reed is deeply committed to the excellence of its academic program. I feel Reed is poised for continued success through this time of change in the industry.”
Arvin earned a bachelor of science, accountancy at University of Illinois at Urbana-Champaign, and a master of education, administration at Loyola University of Chicago where she also completed a PhD in education, cultural and policy studies. Her dissertation was titled “Teachers' Perceptions of Equity in Education in High-Poverty Schools.”
McFarlane has served Reed for 40 years, first as comptroller, and then as vice president and treasurer. “Ed’s steady hand has been on the tiller of Reed’s finances for four decades,” says Kroger. “He’s helped lead the college with grace, competency, and fiscal discipline. It would be hard to quantify the benefit of Ed ’s contributions to the college, but to say they have been astonishing may be too modest.”