Word: recessional
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Faust announced in December that the University would be halting construction of its $1 billion Allston Science Complex, the centerpiece of Harvard's planned 50-year expansion into Allston, due to financial troubles. Harvard's endowment shrunk by 30 percent last year amidst the recession.
“We are as concerned as ever about the prospects for funding of science and students during this recession and with so many competing federal priorities,” Casey said.
Formerly a low-profile dean of a Faculty most heavily dependent on endowment income, Faust had barely settled into Mass. Hall before she was confronted by the deepest recession since the Great Depression.
But Light took quick action to minimize the impact of economic turbulence, showing foresight in taking precautions against an increasingly deeper and more widespread recession, according to several students and faculty.
But however compelling the idea may be, the University finds itself recovering from the recent recession and facing an uncertain financial future, one that restricts its ability to engage in new capital ventures.