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...Twenty million dollars is not where I expect us to end up at the end of the year. I think we can do tremendously better—in fact, I think we can come back to a balanced budget in fiscal year ’10,” Smith said. “We started out tremendously well here, but we aren’t out of the woods yet. There’s still more work to be done. But I wouldn’t want to be anywhere else...
Most of the $36 million figure resulted from cost reductions in utilities, operations and maintenance, faculty expenses, and funds given to FAS units. Smith said that the school also raised $12 million in additional revenue culled from research grants, tuition revenue from the Harvard Extension School due to higher enrollment, and alumni donations...
Though overall University donations decreased by 8 percent in the past fiscal year, FAS saw a windfall 7 percent increase in donation revenue—thanks in large part to two anonymous unrestricted gifts that add up to approximately $32 million, according to Smith...
...Every three or so years we see one of those kinds of gifts,” Smith said. “We saw two of those gifts this year—so that came at an incredibly opportune time...
...following month, Smith called for a comprehensive “reshaping” of FAS to close the two-year $220 million deficit, $130 million of which would need to be addressed in the current fiscal year...