Word: deficits
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Dates: during 1960-1969
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...called in to spread their ignorance and misinformation-and people believe all those nuts because they hear it on the radio," complained one school official. Some callers, for example, falsely claimed that the school board had extra money hidden away, and that the state would pick up any operating deficit. The tax increase lost by a scant 1,366 votes...
LAST YEAR, the Faculty ended up collecting more of the overhead costs than Ford had predicted, and the unexpected money helped bail the budget out of its predicted deficit. This year, however, prospects are bleaker. The Faculty will still get its overhead percentage--7 per cent of all research money--but the total amount of research grants will be much lower. For the first time since the 1940's, the grant totals will drop, and Ford predicts 25 per cent less research money than would have come with normal expansion...
...question that leers out from all this minute computation, of course, is what happens if the Faculty does end up with its much dreaded deficit. Under Harvard University's unusual financing plan (called "each tub on its own bottom" by University phrasemakers), the Faculty of Arts and Sciences, like each other department of the University, must balance its own budget. It may borrow from the University if it runs short one year, but whatever it borrows it must pay back. Long-term expenses, therefore, must be offset by tuition increases for each individual Faculty in order to keep the bottoms...
...Faculty miraculously manages to keep its deficit below $500,000 this year, it will be in no trouble. The Faculty has built a reserve fund from past surpluses, and this "departmental balance" of $500,000 is expressly intended to ease year-to-year shortages. If the deficit exceeds the relatively meager limits of the departmental balance, however, Dean Ford will probably ask the Corporation treasurer for a loan. Presumably, if the deficits continued, the Faculty would have to decide either to trim its costs or raise its tuition...
Ford is reluctant to say that this year's loss is the beginning of an unchangeable pattern; and he says clearly that the $9 million fund would be the first source to tap if the Faculty hits a big deficit. But he also points out that faculties and universities "are notoriously reluctant" to dip into these endowment funds, and the implication seems clear. If the deficits keep coming, the cost of being a Harvard man may rise more dramatically than it has before...