Word: vesting
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...President Charles M. Vest announced that due to an almost $1 billion drop in the endowment since 2000, the university has been taking steps since July 1 to reduce its operating budget this year—and plans to cut it by around $70 million next year...
...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...
...Hillary Mendelsohn (Bantam; 672 pages). The author browsed through thousands of Internet shopping sites, then tested and organized 1,600 of them for the reader's convenience. In snappy reviews, Mendelsohn evaluates familiar sites such as amazon.com and exotic ones like travelinpets.com which "features pet car seats and restraints, vest carriers and backpacks." The book helpfully gives the phone numbers of websites, plus their shipping, gift-certificate and gift-wrap policies. --By Andrea Sachs