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Putting a price on the collection Sometime last spring, as the Connecticut College budget and planning committee was deciding priorities for the coming fi s­ cal year funding, I defended our request for collection maintenance funds based on asset reinvestment arguments. If the col­ lege made it a priority, I argued, that build­ ings and grounds be maintained with asset reinvestment funds budgeted each year, then shouldn’t the college also protect the huge capital investment we have in library materials with similarly budgeted collection maintenance funds? This had some resonance with the faculty, students, and staff on the budget and plan­ ning committee (we are a shared governance campus) and, in fact, the committee voted to include an annual collection maintenance fund based on a rolling five­year average of the increased cost of materials at our college. For this argument, we assessed the value of the library collection at approximately $52 million, were we to try to replace it. I shared this information with my presi­ dent, Norman Fainstein, as I reviewed the information services budget request with him. Some weeks later, he spoke at the ACRL New England Chapter meeting and used the information I had provided him. In his remarks (designed, I dare say, for effect), he challenged the existing order of things in the academic academy—from ten­ ure and promotion to the nature of campus libraries. And he asked librarians to consider this question: “If your collection was lost, and you have $52 million in hand from the insurance settlement, would you replace the collection?” Of course, he believed that we would not—basically, that not all those dusty books on the shelves are really needed—because of changing pedagogical strategies, in­ creased digital materials access, and Web access to information. And so, diligent lieutenant that I am, I considered how I might answer his question

Principles are tested and come away with a win: The $52 million question