Word: tightenings
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...personality, Harvard is in trouble.”The decline of the University’s endowment, which fell by an estimated 22 percent in four months during a period of global economic turmoil, may restrict the new dean’s first moves. As the University prepares to tighten its belt, Kagan’s successor will inherit the responsibility of making decisions based on financial compromises.As a result, Law School professor Richard H. Fallon said, it will be difficult to distinguish any changes brought about by a new dean from those forced by the economic climate.Fallon said that...
...Amid the current economic slump, Freecycle has seen a record surge in membership - which, you guessed it, is free - as people look for new and innovative ways to tighten the belt. Worldwide, Beal says Freecycle is adding 30,000 to 60,000 members each week. And Martinez says that in Tucson alone, the average number of new members per month has jumped from 250 to 450 - an increase of 80%. She also says she knew the economy was reaching a new low last month when she posted that she was looking to unload a few extra sweet potatoes...
Tiller says that business travel will slow but not disappear altogether. "It's more mixed that people think," he says. "We're hearing that pharma and agra companies are actually increasing their travel budget." Companies, while not cutting out travel, are looking for ways to tighten their belt. "Instead of sending 10 people, they'll send 7 to a convention, for fewer days." Instead of sending managers to meet with colleagues, "they'll be spending that money on sending salespeople to meet with their clients." If those salespeople are smart, they'll haggle for freebies and upgrades...
Asking departments to limit their searches for new faculty also helps send a message that budget issues are serious and likely to persist. This will hopefully help departments internalize the need to collectively tighten the belt and not expect to adhere to prior spending levels...
...Harvard’s primary sources of revenue, which was valued at $36.9 billion as of last June—has been hit, but University President Drew G. Faust cautioned in a letter to the community earlier this month that each school will need to tighten its belt in the coming months. The Medical School holds roughly 11.7 percent of the University endowment, or $4.32 billion, as of last June. Though Flier said that the Medical School will need to “make some hard decisions and difficult tradeoffs” in response to the impact of the turbulent...