With the endowment down sharply and employee compensation accounting for nearly half of University expenses recently, the administration plans to trim staff jobs.
Reunioners and seniors of 2009 give the University a welcome assist.
School-specific news on layoffs; FAS cost-cutting working groups; and the endowment’s forward commitments
The University has begun laying off employees, part of its efforts to reduce costs to cope with the projected 30 percent decline in the value of the endowment.
The University has disclosed information on the staff members, by school, who were offered and who accepted its voluntary early-retirement incentive program.
Updated May 28. Executive Vice President Ed Forst, who joined Harvard last fall and helped shape the University’s financial strategy, is returning to New York.
The Faculty of Arts and Sciences gave some details of initial efficiency measures—one-third of the savings it must effect.
At a “town hall” meeting for Faculty of Arts and Sciences professors, staff members, and students, Dean Michael Smith outlined daunting financial challenges, even after modest budget savings already effected and larger ones planned for the next academic year.
The University’s financial gap measures in the hundreds of millions of dollars.
In affirming Harvard’s credit rating, Moody’s detailed recent and current financial challenges; Princeton, in the meantime, adopted a more pessimistic outlook on its finances and reined in its budgets further.
Distributions from the endowment will be reduced 8 percent in each of the next two fiscal years; that action sets the stage for significant budget cuts.
Updated. Citing the deepening economic and financial crises, Stanford has decided to make deeper expense cuts in the next fiscal year; Yale recently imposed deeper cuts, too.
Harvard assesses the feasibility of completing capital projects now under way, and the timing of other parts of its institutional master plan.
Harvard and its schools are preparing for broad and potentially deep cost reductions.
An update on the University’s financial contribution