Dean Michael D. Smith reported on May 11, at the last regular Faculty of Arts and Sciences (FAS) meeting of the academic year, that the faculty’s unrestricted operating deficit for the fiscal year beginning July 1 had been reduced to between $50 million and $55 million. This is significantly better than the $110-million gap he projected last September, and the $80-million figure as of this past February. By the time FAS’s budget is submitted to the Corporation for approval, Smith said, he hoped to trim it further, to perhaps $35 million. He aims to fill that remaining gap with FAS reserve funds, and then to achieve a balanced budget for fiscal year 2012--assuming no worsening of economic conditions, and a flat distribution from the endowment (following 8 percent and 12 percent reductions, respectively, in the 2010 and 2011 fiscal years). For a more detailed report, see https://harvardmagazine.com/breaking-news/harvard-arts-and-sciences-budget-cuts.
The Deficit, Diminished
You might also like
Five Questions with Professor Peter Der Manuelian
Harvard professor of Egyptology on unsolved mysteries, cats, and the beauty of ancient craftsmanship.
“A Game of Inches”
Harvard women’s basketball prepares for its rematch with Columbia.
Nieman Foundation Leader Departs
Ann Marie Lipinski led the organization through a time of unprecedented change for journalism.
Most popular
Explore More From Current Issue
Is Gambling Becoming a Public Health Crisis?
Responding to the explosive growth of online gambling and sports betting, a new report urges governments to regulate with public health in mind.
A Contentious Era for U.S. Higher Education
President emeritus Neil L. Rudenstine on changes in the academy and society that made universities more contentious—and diminished support for humane learning