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November 11, 2008
As Harvard's Endowment Plunges, the University Announces a Spending Freeze
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.
(Free registration is required to view the Globe article, and a paid subscription or short-term pass is required to view the Chronicle survey.)
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Oh, poor Harvard. They only have $25.9 billion instead of $36.9 billion.
How will they survive???
— G Nov 11, 02:21 PM #
Your headline is misleading. It doesn’t seem that Harvard announced a spending freeze. Money will be spent, they are just being careful about how they will spend it.
— An oberserver Nov 11, 02:21 PM #
Is the Harvard Management Co. going to undergo a similar budget and wage freeze, or are their fund managers still going to be earning $25-30 million like they always have?
— Colin Oakes Nov 15, 02:28 PM #