Word: fausts
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...Because each school is funded through different mixes of the three income streams, Faust said that University leaders will tailor solutions to the individual schools. The Faculty of Arts and Sciences, for example, receives a substantial portion of its budget from the University endowment income, whereas the Harvard School of Public Health depends heavily on sponsored research grants...
...letter to the Harvard community Monday, Faust wrote that the turbulent economic climate will impact the University’s finances, but that administrators have not yet laid their plans to mitigate the effects of the financial crisis. Because all three of the University’s primary sources of revenue—endowment income, donations, and tuition—are expected to take a hit, Faust said that the University will be tightening its belt and determining which initiatives to maintain or to scale back, and if necessary...
...phone interview, Faust declined to discuss specific budgetary changes, only stating that each of the University’s schools will be responding to the financial strain in its own way. She also declined to say definitively whether the University would slow down its physical expansion or limit the growth of the faculty, saying only that deans would look to achieve cost savings by wringing out administrative inefficiencies...
...Faust emphasized several times in the interview that despite tough economic times, the University will maintain current levels of funding for financial...
...must, even in these difficult times, keep our eye on this priority and make choices that continue to enable us to advance our highest priorities University-wide and in individual schools,” Faust said, adding that hiking up the tuition is not a solution to closing the gaps in the budget...