Word: budgeting
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...recent 27 percent drop in the University endowment last fiscal year has had a significant impact on the Medical School budget, which consists of 42 percent of funding from research grants and 29 percent from endowment income...
...other major pressure that Harvard faced was the continuation of the budget crisis that struck the University last year. Harvard’s endowment plummeted nearly 30 percent, and Faculty of Arts and Sciences budget deficits led to many cuts in services. The most visible sign of this may have been the absence of hot breakfasts in the Houses, but other cuts include shrinking library and Bureau of Study Counsel hours. While none of the actions that the University has been forced to take have been unreasonable, administrators should be sure to continue with trepidation...
...suspension of the Harvard Law School’s Public Service Initiative that provided funding for students at the Law School interested in working in public service, is one of the more irresponsible cuts made by the University. Budget cuts should not interfere with the school’s commitment to support students who make the difficult choice to dedicate their lives to serving others, and suspending this program is a disservice both to those students and to the people they could have helped...
...pleased that the University is making an effort to uphold certain commitments even in spite of budget cuts. Development of the University’s Allston project has somewhat stalled this year due to cuts, but some encouraging progress has been made in certain areas, including a land concession that allows residential development, helping dull the negative effect that halting construction could have on Allston development. We are also glad that the University plans to continue its long-needed project of renewing undergraduate housing despite the budgetary pressure and believe that increasing living space, social space, and privacy...
...common target of criticism regarding the budget is Harvard’s financial management. Harvard’s risky investment strategies earned public criticism for their role in the diminishing of the endowment, which has severely affected the Harvard community. However, these strategies were responsible for Harvard’s enormously high returns in previous years, and we believe that Harvard’s investment practices are ultimately correct in intention. Some have also criticized donations to Harvard, arguing that there are more effective ways to spend money charitably. However, Harvard serves an important role in improving the world...