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

Harvard University tower with a red and gold dome against a blue sky.

Most popular

A blue refrigerator covered with animal pictures, notes, and drawings, surrounded by greenery.

An animal’s journey from grief to love shows how much humans need each other, too.

Soccer player and goalkeeper Matt Freese standing in front of the net

The former economics concentrator brings his talent for crunching numbers to netminding.

White House and Harvard University buildings split diagonally with contrasting colors.

Harvard Weathers a Year of Turmoil

The federal government has launched unprecedented actions against the University. Here’s a guide.

Explore More From Current Issue

Black and white photo of Joseph Murray in a white lab coat sitting in an office.

Alumni Profiles

Nobel Prize recipient Joseph E. Murray dedicated much of his career to organ transplant surgery.

Graduates in caps and gowns celebrate joyfully, raising their hands in excitement.

Commencement

Conan O’Brien headlines a star-studded cast

Massachusetts Hall at Harvard Red brick building with a large clock on top, surrounded by green trees.

University News

With a grade inflation vote and in the courts, the University argued that it’s taking steps to change.