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 http://harvardmagazine.com/breaking-news/harvard-arts-and-sciences-budget-cuts.
The Deficit, Diminished
You might also like
Football 2023: Harvard 38-Holy Cross 28
The Crimson springs a major upset.
“The Promise of This New Presidency”
Harvard officially installs Claudine Gay, its thirtieth leader.
Installation Academics
A half-dozen symposiums feature Harvard research on AI, climate change, inequality, and more