The Deficit, Diminished

Return to main article:

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

Click here for the July-August 2010 issue table of contents

You might also like

Isaac Kohlberg to Step Down as Head of Harvard Technology Development

Partnerships and licensing office could become more critical as funding cuts loom

Harvard Ramps Up Fundraising as Research Cuts Deepen

This week in the battle between Harvard and the Trump administration 

Most popular

See Their Faces

Confronting “some of the most challenging images in the history of photography”

The Standoff: Harvard’s Future in the Balance

Introducing a guide to the issues, players, and stakes 

Christiane Amanpour Points HKS Graduates to Opportunities Abroad

“America needs ambassadors like you,” CNN anchor says.

Explore More From Current Issue

A Justice’s Modest Counsel

Remembering David Souter ’61, LL.B. ’66

New Harvard Overseers and HAA Directors

Alumni showed increased interest in this year’s elections.

Harvard's Plant Collection Meets Space Science

Light-based analysis of botanical collections link plants to Earth’s changing climate.