Economy Tests Harvard
Elite Universities See Recession’s Toll on Endowments, Pinching Operating Costs
By Jennifer Levitz

BOSTON—In 2009, as its endowment plunged by nearly 30%, Harvard University halted construction on a $1.2 billion science center across the Charles River, angering the neighborhood there by leaving behind a foundation and an idle construction site.

Due to budgetary constraints, Harvard has delayed the construction of a science complex, seen in the foreground above, inside the fenced-in area.

Many universities face shaky finances because of declining state aid and weakened returns on endowments. At Harvard—and some of its Ivy League peers —the recession has lingered because of an unusually heavy dependency on their endowments for operating income. Harvard’s $32 billion endowment is up from its 2009 drop to $26 billion, but still off its pre-recession 2008 value of $36.9 billion.

Read more.



Post comment

Forbidden Bookshelf

Forbidden Bookshelf




“While We Were Sleeping”

While We Were Sleeping is an urgent call to save Greenwich Village from New York University's uncontrolled expansion.

Click here to donate to NYUFASP and receive a copy of "While We Were Sleeping: NYU and the Destruction of New York" (minimum donation to receive a book is $10 plus $8 shipping).

Orwell Rolls In His Grave, featuring MCM – Buy the DVD



About News From Underground

News From Underground is a daily e-news service run by Mark Crispin Miller, a Professor of Culture and Communication at NYU. It is based on his belief that academics, like reporters, have a civic obligation to help keep the people well-informed, so that American democracy might finally work.

If you'd like to receive updates delivered to your inbox daily, sign up for News From Underground Alerts:

Help News From Underground!





Message from Mark: "I am a one-man operation, although assisted greatly by some volunteers, and, now and then, by people paid by others for one-time projects. There is no shortage of skilled, dedicated folks out there who want to help me. There is, however, nothing I can pay them with, unless you decide you can contribute something."

Please donate via the PayPal button above or via PayPal by email to: markcrispinmiller@gmail.com

Recent Posts

Recent Comments

Popular Posts

Blogroll

Need a bigger font size?




Sponsored Links



  • Your link could be here too, contact us for pricing details.