Briefly: Brown endowment to fall 30 percent by June

Brown University expects its endowment to fall almost 30 percent to $2 billion by the end of June 2009, Brown President Ruth Simmons announced Tuesday. The reduction will force a $40 million cut in Brown’s operating budget for the coming fiscal year, Simmons said. As a result, she will recommend to the Brown Corporation that the school freeze faculty and staff salary increases, reduce administrative spending by $4.5 million, slow faculty expansion and postpone planned growth of the graduate school. Meanwhile, Brown will uphold its commitment to financial aid, which is expected to cost an additional $1 million more than previously planned, Simmons said.

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