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Faculty of Arts and Sciences Dean Michael D. Smith gave professors their first full briefing on the implications of the current financial crisis yesterday, highlighting the need for cutbacks but leaving some confusion regarding what specific savings measures will be employed by the University...
Speaking at an unusually crowded meeting of the full Faculty, Smith used a slide with a picture of three buckets to illustrate departments’ need to prioritize their budgetary desires. Two small buckets represented programs that would suffer little, or even not at all, from the financial situation. The largest bucket by far—comically magnified in the foreground of the screen—represented those areas that would need significant cuts...
...We’re going to have to do something that we typically don’t do, which is actually reduce some of the programs that we have across the FAS,” Smith said...
...some professors seemed to have gotten the message already. When Smith had trouble with his laptop before beginning the presentation, one professor loudly suggested that the dean’s computer had been a victim of the new budgetary reductions...
According to Smith, administrators assumed FAS would have $750 million in endowment funding available to them for next year’s budget. But if outside estimates projecting “unprecedented” endowment losses of 30 percent prove accurate, Smith said, that figure would be slashed to around $550 million, leaving the Faculty at least $200 million in deficit if plans are not modified...