Word: drops
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Dates: during 2000-2009
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Harvard first announced plans in February to slow construction on its much-touted Allston Science Complex due to financial pressures and an unprecedented drop in the endowment. And to top off the University's financial woes, Harvard’s multi-million dollar Allston development fund had been all but wiped out by the financial crisis as of early March, scuttling the hopes of some Harvard faculty and administrators that the money could be diverted toward their own strapped budgets. Allston residents feared Harvard would halt construction on the science complex—a core component of the University?...
...effort to right itself after news of a precipitous drop in the University's endowment, Harvard officials offered early retirement packages to staff in February to push back the possibility of layoffs. The plan, available to staff over 55 who have worked at the University for over 10 years, was implemented in two phases, first at the Faculty of Arts and Sciences and Harvard Medical and Dental Schools and then at the remaining schools. Roughly 530 employees accepted early retirement incentive packages this spring, exceeding the University's expectations, but Harvard was forced to lay off 275 employees in June...
...dollar value. In September, Harvard announced that its invested endowment assets took a 27.3 percent hit in the past fiscal year, bringing the total value of the endowment as of June 30 down to $26 billion (since December of 2008, the University had been planning for a 30 percent drop-of in endowment value for the year ending June...
...cities would synchronize their pocketwatches using a giant globe that would descend from a pole in a public space to mark the exact hour. Ochs conceived of an ornate "time ball" that would descend just before midnight to mark the exact end of the year. The first ball to drop - an illuminated 400-pound iron-and-wood orb - was lowered from a flagpole. Tradition took root and the ball has heralded a new beginning almost every year since - in 1942 and 1943, during World War II, the ball was temporarily put out of commission by a war-time "dimout." Instead...
This year's ball - first unveiled for the 2008 drop - is 12 feet in diameter (double the size of balls past) and weighs 11,875 pounds; it sparkles with 32,256 LED lights and 2,668 crystals. It's not the only thing that's gotten bigger since the 1900s; a crowd estimated at a million people will be celebrating in Times Square on Dec. 31, and millions more will be watching worldwide...