Harvard University’s president, Drew Faust, said on Monday that the university is planning to reduce spending as Harvard’s endowment plummets, reports The Boston Globe.

Harvard’s endowment before the economic crisis was $36.9-billion, the newspaper noted. While the institution would not say how much it has lost, Ms. Faust said that Moody’s has projected a 30-percent decline in the value of college and university endowments this fiscal year. For Harvard, that would mean an $11-billion loss, the newspaper said.

In an e-mail message to faculty members, employees, and students, Ms. Faust did not specify what cuts university officials were considering, but a Harvard official familiar with the university’s finances said the institution may enact a wage freeze for administrators and faculty, as well as a budget freeze on all programs.

To learn more about the assets at other nonprofit endowments, see The Chronicle’s annual survey.

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