Word: fords
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Dates: during 1960-1969
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Some $300,000 of this year's increase came from the teaching fellows' pay hike that Ford announced in September. An even worse blow may come next year. If all the recommendations of the Dunlop Committee are accepted, faculty salaries will rise by another $370,000. And while this year's teaching fellow raise apparently came too late to hamper many plans for faculty expansion, the Dunlop Report may force several departments to slow down their ambitious expansion projects...
...Ford's predictons show a $560,000 drop in income, from $35.4 million last year to $34.8 this year. Unlike the expense column, where the blame was spread over many small increases, the cause of the income drop is immediately obvious. While most items contribuing to income show modest increases, the "Overhead from Research Contracts" entry takes a $480,000 drop...
LAST YEAR, the Faculty ended up collecting more of the overhead costs than Ford had predicted, and the unexpected money helped bail the budget out of its predicted deficit. This year, however, prospects are bleaker. The Faculty will still get its overhead percentage--7 per cent of all research money--but the total amount of research grants will be much lower. For the first time since the 1940's, the grant totals will drop, and Ford predicts 25 per cent less research money than would have come with normal expansion...
...this year, it will be in no trouble. The Faculty has built a reserve fund from past surpluses, and this "departmental balance" of $500,000 is expressly intended to ease year-to-year shortages. If the deficit exceeds the relatively meager limits of the departmental balance, however, Dean Ford will probably ask the Corporation treasurer for a loan. Presumably, if the deficits continued, the Faculty would have to decide either to trim its costs or raise its tuition...
...Ford is reluctant to say that this year's loss is the beginning of an unchangeable pattern; and he says clearly that the $9 million fund would be the first source to tap if the Faculty hits a big deficit. But he also points out that faculties and universities "are notoriously reluctant" to dip into these endowment funds, and the implication seems clear. If the deficits keep coming, the cost of being a Harvard man may rise more dramatically than it has before...