School cuts staff to fight $150 million deficit
March 7, 2010 by Jacob HawleyPosted in: Finances, In this week's e-newsletter, Latest News & Views
Staff cuts and salary freezes are just the start of new measures one prestigious school is taking to close its budget gap.
Yale University will also be reducing graduate student numbers, limiting funding for research programs and even keeping the thermostat set to 68 degrees, in their efforts to close a $150 million budget gap.
Last year, the school’s endowment dropped from $22.9 billion down to $16.3 billion, forcing 100 staff layoffs, with more to come – though faculty positions won’t be affected. Meanwhile, new graduate student intake will be reduced by 10-15%.
Another cost-cutting step: Staff earning more than $83,000 will have to pay for part of their Yale Health Plan coverage.
How is your school working to cut costs? Let us know in the comments section below.
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Tags: staff cuts, Yale University
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March 10th, 2010 at 5:18 pm
Our school is getting rid of support staff such as all the laboratory coordinators in the science building and adjunct teachers in all departments. They are NOT getting rid of redundant, decorative and non-credit hour producing administrative staff.