Washington Post 2015 Annual Report Download - page 7
Download and view the complete annual report
Please find page 7 of the 2015 Washington Post annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2 -
3 -
4 -
5 -
6 -
7 -
8 -
9 -
10 -
11 -
12 -
13 -
14 -
15 -
16 -
17 -
18 -
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
 |
 |
5
2015 ANNUAL REPORT
to growth. Andy’s fluency with the organization and
ability to quickly drive change has helped position
Kaplan for a much improved 2016.
Kaplan University still has many battles ahead, on
both the regulatory and competitive fronts. Increased
competition from the non-profit sector, misguided
regulations that create a risk of “throwing the baby
out with the bathwater” and an overall mentality
of “guilty until proven innocent” in U.S. private-
sector higher education have created a business
environment with massive challenges.
We believe the best way to turn the tide at Kaplan
University is to continue to focus on successful
outcomes for our students. Over the course of
2016, we hope to share data that continually show
the value of a KU degree and how we provide career
advancement opportunities for an under served
student population. Greg Marino, CEO of Kaplan
Higher Education, and his team remain true to this
mission despite the obvious diculties that have
been thrown in their path.
An additional area I’d like to touch on briefly is our
pension plan. We have a dierent definition of a
unicorn than the version popularized in recent years,
and we think ours is much more rare: an overfunded
pension plan contributed $62 million in profits in
2015. But if you’re like us, you ignore that number
because the earnings are not tied to operations, nor
can they be used for corporate investment purposes.
We pay much more attention to the funding status.
At the end of 2015, overfunding hovered around
$1 billion, even in what was clearly a sub-par year in
terms of our pension investment management, with
a 6.2% loss on plan assets. We think overfunding is a
real resource for Graham Holdings; but, because of
the uniqueness of the position, there are few tried
and true methods to follow. In 2016, we have a few
paths we plan on exploring to see whether we can
put that overfunding to work.
Two big changes occurred on the Graham Holdings
Board of Directors in 2015, one wonderful and
one tragic.
In late 2015, Jim Shelton joined the board. Jim is smart,
passionate about ensuring broad access to high-
quality education, and acutely aware of where the
education sector is headed. Jim most recently served
as the U.S. Deputy Secretary of Education where
his responsibilities ranged from policy to program
implementation. Jim also has a depth of knowledge
we hope to tap through his work managing a port-
folio of over $2 billion in philanthropic investments
while at the Bill and Melinda Gates Foundation. Jim
immediately makes our board stronger as we think
through the future of education both domestically
and abroad.
In May, Dave Goldberg passed away suddenly. Dave
was the CEO of SurveyMonkey and a wonderful
We belIeve the best Way to turn
the tIde at kaplan unIversIty Is to
contInue to focus on successful
outcomes for our students.