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...know, the current projection of a 30% decline in our endowment presents the FAS with a substantial financial challenge. To help address this challenge, we will need to draw upon our endowment at a higher spending rate than we have historically. Even with a higher spending rate, we still face a large gap in funding. Based on preliminary estimates, we need to plan for a cost reduction of $105 million to $125 million relative to this year’s (FY2009) budget. In other words, even if we do not take on any incremental expenses (such as a salary increase...
Second, we are postponing almost all current tenure-track and tenured searches. There will be a small number of exceptions (selected with an eye toward minimizing costs and maintaining priorities) and, of course, internal promotions will continue as planned. The FAS remains committed to a tenure-track system...
...attract and support h ighly qualified candidates who have recently or will shortly earn their Ph.D., the FAS is developing a new program akin to a teaching post-doc. You will soon receive a description of this program. This program provides one way in which the FAS can support our Ph.D. students who are graduating into what looks to be a tight job market. At the same time, we must support our continuing graduate students...
Some clarification is certainly on the way. In a letter circulated to Department chairs yesterday afternoon, top FAS officials announced several cost-cutting measures that included a hold on searches for tenure-track faculty and a stay on any salary raises for faculty and non-union staff. The letter urged department leaders to keep news of the cuts quiet until their announcement at today’s meeting...
Some help with the decisions is to come from the Priorities Committee, an ad hoc body that will function until the completion of the Faculty’s budgetary plans in March. Smith will announce the members of the committee at today’s meeting, according to FAS spokesman Robert P. Mitchell...