Harvard seeking spending cuts amid economic crisis

Financial Crisis Posted on

Harvard University says it is considering spending cuts because the economic slowdown may reduce federal grants or the school's substantial endowment.

In an e-mail to faculty, staff, and students Monday, school President Drew Faust said Harvard needs to prepare for "unprecedented endowment losses and plan for a period of greater financial restraint."

Harvard's endowment was valued before the current economic downturn at $36.9 billion. It is the nation's largest university endowment and provides about a third of the annual operating budget.

Faust said Harvard was looking at ways to cut spending and may curtail expansion plans. She gave no detail what cuts are being considered. Her spokesman declined further comment.

Legal News Media

Legal News is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. We reserve the right, at our discretion, to change, modify, add, or remove portions of the site at any time. Your This site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.


American Bar Association – Start and Run a Law Firm

NewYorkStateBar.com – Starting a Law Firm

Lawyer Website Designs