Word: budgeting
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...this is only the beginning. At many schools, double-digit budget cuts are now being rolled out—but more are yet to come. Top administrators show little inclination to reverse course, or even to entertain questions as to how we got here...
...risk investments have increased the endowment exponentially, the story doesn’t end there. Many people strongly urge slow, low risk growth for educational institutions. Careful growth discourages $35 million salaries for investment-portfolio jockeys, helps restore balance between the liberal arts and the sciences, and minimizes steep budget fluctuations (leading to better departmental planning and reducing cuts). Most importantly, it controls the viral hunger for ever-larger returns on capital—a hunger that subverts the university’s critical search for a “veritas” that cannot be found in the marketplace...
Second, any manager knows that large budget cuts make it more difficult for a department to operate more “efficiently.” Cuts may “only” mean fewer support staff and janitors today, but they will definitely mean fewer faculty, courses, programs, and facilities tomorrow. It must be asked how this will affect our success as an educational institution. (Is this really the best we can do? Some of the greatest minds are assembled under one roof here, yet such measures as reducing shuttle bus runs, ending hot breakfasts, shutting down random elevators...
...educational mission, as embodied by trustees, deans, faculty, students, staff, and alumni—not by the Harvard Management Corporation—should drive educational and economic policies at Harvard. In our view, Harvard needs to engage in genuine innovation and a sober reappraisal of its educational, investment, and budget policies. This can only happen when Harvard takes into account the ideas and needs of the broad community of stakeholders who care about—and who have an interest in—the future of this university...
This year, 58 third-year students signed up for the initiative, which has a budget of $3 million per year for a five-year period ending in 2012, according to Lafler. About 50 to 60 students entered public service after graduation in previous years before the start of the tuition waiver...