Word: overheads
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Dates: during 1990-1999
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...still claiming victims. Chicago-based Midway Airlines, its strength sapped over the winter by the war-induced spike in fuel prices and slump in travel, flew into the shelter of Chapter 11 bankruptcy protection last week, joining recent arrivals Continental Airlines and Pan Am (with TWA circling overhead). Midway's jets continue to fly, thanks in part to a $40 million loan from Continental Bank, which will be first to be repaid if the airline fails in its attempt to reorganize...
...artillery and swarming with Iraqi troops. Soldiers herded all the hostages into a small room furnished with two beds and half a dozen broken television sets. The weary journalists spent the night without food, water or much sleep, as rifle fire barked outside their windows and artillery rockets screamed overhead...
Administrators point out that private industry charges overhead rates well over 100%, making university-based projects a relative bargain. "We're not looking at a situation where people are getting rich," says former M.I.T. Provost John Deutch. "This is not like Michael Milken." Despite an overhead ^ rate of 77%, for example, Harvard Medical School in 1989 still had to finance 17% of research-related indirect costs out of its own pocket. The rate has since soared to 88%, and Harvard Medical is now asking government negotiators to agree to an even more mind-boggling figure...
Lurking behind the debate about out-of-sight overhead rates and suspicious- sounding bills for flowers and bedsheets is a deeper issue: the high cost of modern research. During the Sputnik era, Washington launched an ambitious university building program, which it abruptly abandoned in the late 1960s. Since then, private universities have had to raise their own construction and renovation funds. At the same time, they have had to grapple with unrealistic government regulations that require them to write off building costs on a 50- year timetable, despite the fact that most scientific facilities outlive their usefulness in just...
...order to recoup some of the skyrocketing costs of erecting new labs and technical libraries, schools have become increasingly aggressive about billing Washington for overhead. It is no accident that Stanford's indirect-cost rate jumped 16% from 1982 to 1990, a period that coincided with a building boom on the campus. At some schools, reimbursements for overhead have come to account for alarming chunks of the budget. In fiscal 1990, Stanford relied on federal overhead to make up 22% of its operating funds. "They're hooked," says Middlebury's Light. "They've become dependent on the research money...