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Harvard’s endowment—valued at $36.9 billion at of June 30—tumbled 22 percent in the ensuing four months, University officials announced last month. As of June 30, 2007, the Radcliffe Institute had $587 million and the Divinity School had $620 million.
Helen T. Ouellette, Radcliffe’s administrative dean, said the institute is undergoing a budgeting process aimed at “trimming at the margins.”
The institute is currently reducing its expenditures by one to two percent from an expected spending level of $24 million, and plans to reduce by an additional four percent in fiscal year 2010, Radcliffe Dean Barbara J. Grosz reported. Radcliffe spent $19.7 million in fiscal year 2008, ending the year...
“Even as recently as last summer the economic situation looked very different, the Corporation was encouraging us and all of Harvard to grow,” said Grosz, referring to the University’s governing board. Ouellette said the institute is looking to ?...
The deans said the University also asked the institute to postpone for at least two years its plans to renovate Fay House, its main administrative building, which included making the building more environmentally sustainable.