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.
FAS deficit, diminished
The Faculty of Arts and Sciences faces a smaller, but still multimillion-dollar, deficit.
Related topics
You might also like
Graduate Student Union Schedules Strike
The work stoppage will begin October 27, unless a final bargaining session next week yields an agreement.
Harvard Stabilizes Finances With Strong Endowment Returns, Philanthropy
Small operating surplus is dwarfed by reduced federal research support and endowment tax liabilities.
Harvard Graduate Student Union Authorizes Another Strike
The University warns this walkout may not be protected by labor law, an assertion the union disputes.
Most popular
Explore More From Current Issue
Artists Enzo Camacho and Ami Lien turn a colonial symbol from Cambodia inside out.
Harvard researchers investigate climate’s impact on cocoa crops, innovations in nasal vaccines, and links between pain and skull marrow.
Take this quiz on six healthy habits that Harvard doctors recommend