Word: vesting
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Dates: during 2000-2009
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...bottom line is this: If we make no course corrections now, an unacceptably large gap between our expenses and our revenue will develop in 2004-05,” Vest said in a prepared statement. “We must put together budgets for next year that will eliminate this gap. This will be difficult, and for some parts of the Institute, it will be painful. But there is no way around it, and I am absolutely confident that together we can work through this period and begin a recovery in the following year...
...Vest also outlined in his statement a number of other measures the university will take to meet its reduced budget...
...Vest said that while the endowment has increased from its value a decade ago, the recent economic downturn has hit the university hard because of its increase in dependence on gifts and endowment income in the past ten years...
MIT’s endowment grew 57 percent in 2000, but has since dropped from $6.5 billion in 2000 to $5.4 billion in the 2001-2002 fiscal year—and fell again in the 2002-2003 fiscal year, according to Vest...
...have planned substantial belt tightening for next year, after which we will return to a steady growth in our operating budget,” Vest said...