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

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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.

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