Word: fas
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...addition to the one-time injections of cash in the last fiscal year, FAS achieved a small unrestricted surplus from various savings measures—allowing FAS to grow its reserves by $58.6 million...
Still, Smith noted that FAS received about $33 million in unrestricted gifts from two anonymous donors this past year, while also making a strategic withdrawal of $20 million in cash from its endowment to help offset the increased costs of the middle-income financial aid initiative...
These savings included reductions in the amount of unrestricted sums—known as subventions—that are distributed to major FAS units, as well as lower costs associated with faculty recruitment and relocation, which appeared to follow from a Smith letter last December that announced a sudden, severe slowdown in searches for new faculty...
...FAS also pocketed about $12 million in additional revenues from various funding sources such as Extension School tuition—more than budgeted for the last fiscal year...
...report, Smith wrote that the administration should avoid spending all of the surplus accrued over the last fiscal year, and stressed the importance of aggressive fundraising, especially for unrestricted, current-use funds. He also reiterated what has become a continual note of caution—that FAS should be careful to only hire faculty and staff with the assurance of long-term funding...