With all due respect to Mr. Priester, whom I'm sure is a wonderful instructor, we're not talking about his having a chaired-position at a major university. Although Cornish has been around awhile, it's a very small college (833 students) devoted solely to the performing and visual arts, offering only bachelor's degrees to it's graduates. I doubt they have much money to speak of, and cannot rely on large alumni contribuitions to boost their revenues. Bear in mind that Berklee, a 4,000-student institution, ended it's pension plan for new employees last year in favor of a 401(K)-style retirement plan.