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

Ornate wrought iron gate detail against a clear blue sky.

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

Stone building with large windows and stairs, under a clear blue sky.

At informational town hall meetings, faculty and staff press administrators for details.

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

Harvard Discloses Top Earners’ Compensation

The University files its annual report for tax-exempt organizations.

Most popular

A busy classroom filled with students working at computers, colorful decor, and a bright atmosphere.

In 2004, a frenzy spread across Harvard Yard in days. Four billion users later, we are only just catching up.

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.

Stone building with tall columns, steps leading up, and a flag atop under a cloudy sky.

The University will compensate families of those whose remains were sold and establish a scholarship to honor anatomical donors.

Explore More From Current Issue

Portrait of a man in a denim shirt beside a blue book cover for "Gretal and the Great War" featuring an illustration of a leg holding an army helmet..

Arts & Culture

The Gretel and the Great War author on how the Lampoon derailed his science career—and set him on a literary path.

A flooded office scene with computers, a woman working, and a pink sunset backdrop.

Undergraduate Column

A College student’s attempt to recapture the romanticism of the workplace.

Colorful cartoon animals, including dogs, cows, rabbits, and a fence, on a pink background.

Letters to the Editor

Inseparable cows, big dogs fostering a tiny kitten, and a show beagle’s second act