University Finances | June 7, 2010

FAS deficit, diminished

The Faculty of Arts and Sciences faces a smaller, but still multimillion-dollar, deficit.

From The July-August 2010 Issue

Return to main article:

Are final examinations on the way out at Harvard?

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.

Published in the July-August 2010 print issue under the headline “The Deficit, Diminished,” in the John Harvard's Journal section.

You might also like

University Hall with steps and the John Harvard statue, surrounded by trees and a grassy lawn.

Long-discussed reorganization includes layoffs and the end of the Dudley Community.

Ornate wrought iron gate detail against a clear blue sky.

FAS leaders say restructuring will be complete by mid-October.

A man smiling in a blue shirt next to a white gate with a plaque and greenery.

The award-winning international journalist has served as interim curator since 2025.

Most popular

Red brick building with large windows and greenery, set against a bright blue sky.

After a final round of layoffs, University leaders say 165 staff jobs were eliminated across the division.

A woman with long hair stands confidently with crossed arms next to a pickup truck.

All That’s Unseen charts the Harvard graduate’s uneasy journey from Appalachia to Cambridge and back.

Architectural stonework featuring floral motifs and an inscription reading Veritas, set against the brick exterior of Widener Library.

Court finds the government’s arguments that the University continues to violate civil rights laws unpersuasive.

Explore More From Current Issue

Smiling woman stands beside a large skull in a display cabinet.

Faculty

From competing in youth gymnastics to studying tetrapods, the Harvard curator has always chased her curiosity.

A woman with long, wavy hair wearing a white suit, seated in a bright, modern room.

Politics and Law

The Harvard graduate’s roundtable talk show touches on hot button issues from religion to sex.

A vase of yellow flowers on a table next to an orange and a glass.

Museums & Collections

Harvard Art Museums restores a rare glimpse of an American master.