Word: fas
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...Professors stood three-deep at the doors on both sides of the room and some sat on the floor at a meeting held just one day after the Faculty’s top deans sent a letter to department chairs freezing the salaries of all FAS professors and announcing a hold on the majority of the searches for new Faculty...
...Eight new senior faculty and seven new junior faculty will join FAS if the pared-down searches all prove successful. [CORRECTION APPENDED...
...paper tabulations on two screens in either corner of the room, Smith outlined the Faculty’s precarious financial situation. With University estimates of an annual endowment loss hovering at 30 percent in the midst of an unprecedented financial crisis, Smith said it was unlikely that FAS will see an increase on the $650 million of endowment payout it received last year...
...That leaves FAS administrators with far fewer resources to combat a deficit for the upcoming fiscal year, which will see increased costs from debt and energy payments on new buildings, increased demands from financial aid, and a $25 million shortfall on the current year’s expenditures...
...part of the gap that the Faculty is unable to make up will come out of the FAS reserves, which stood at $138 million on July 1, but are largely invested in the now-deflated endowment...