Word: budgets
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Dates: during 2000-2009
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...common misconception that Harvard’s endowment—admittedly still the largest of any university—is merely an ocean of cash that can be accessed on a moment’s notice, which is not at all the case. Sometimes, as the many budget cuts Harvard has made in the last year demonstrate, a wealthy organization still has a very real need for donations...
...preserve the long-term purchasing power of the endowment, we chose not to transfer funds from the endowment to the operating budget last spring,” wrote Princeton President Shirley M. Tilghman in a letter to the community on Tuesday, noting that utilizing the endowment would have required selling equities at unattractive prices. “That has proved to be a wise and prudent decision, given the recent recovery in the markets...
Endowment payout will fund almost half of Princeton’s $1.3 billion operating budget this year...
Despite the better-than-anticipated returns, Tilghman said Princeton will proceed with its plan to reduce the school’s total operating budget by $170 million over this year and the next, and warned that additional layoffs would be needed this fall...
...goal in paring down the budget was to preserve the quality of the educational experience of our undergraduate and graduate students, so that no one 25 years from now would say that he or she attended Princeton at a time when opportunities were limited,” she wrote...