Word: bray
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With projected expenses likely to exceed revenues by the year 2005, FAS is going to have to utilize all available resources to avoid deficit spending, Associate Dean for Finance Cheryl Hoffman-Bray said at yesterday’s meeting...
...Hoffman-Bray said FAS will need to check the growth of its expenses given that for the next two years the Harvard Corporation has only approved a “modest” two percent growth in payout from the endowment. This payout, which has increased in past years by as much as 28 percent, comprises half of FAS’ operating budget...
...Hoffman-Bray said other main sources of revenue are not likely to fill the gap. She predicted that donor gifts will not grow much despite fundraising efforts...
...Faculty Council, an advisory body to the dean that sets the agenda for Faculty meetings, was briefed yesterday on the fiscal status of the FAS by Associate Dean for Finance Cheryl Hoffman-Bray...
...Hoffman-Bray was not available for comment...