4-16-09: Yale: Briefly: Harvard restructures to cut budget

Harvard’s Faculty of Arts of Sciences will reduce its budget by 19 percent, or $220 million, over the next two years. The dean, Michael Smith, said in a talk with faculty and staff Tuesday that six groups of professors, staff and students would be formed to identify areas in which to make the cuts. The cost-saving measures are a response to the projection that Harvard’s endowment, the largest in higher education, will fall 30 percent this year. The Faculty of Arts and Sciences has already cut $4 million from this year’s budget and $73 million from next year’s. Smith said the working groups have to find another $143 million in cuts to balance the budget in the following year.

http://www.yaledailynews.com/news/university-news/2009/04/16/briefly-harvard-restructures-to-cut-budget/