Briefly: Yale Corporation discusses recession, fundraising

The Yale Corporation continued to discuss the impact of the economic recession on Yale this weekend, during its fourth set of meetings of the year. The group of 16 fellows had a “fairly routine” agenda, University President Richard Levin said Friday. Vice President for Development Inge Reichenbach presented her strategy for fundraising during the recession to the Corporation on Friday. The fellows also heard from Yale College Dean Mary Miller, who presented an interim evaluation of the Committee on Yale College Education Report, detailing the progress made on each of the eight main goals enumerated by the 2003 committee. In a break from tradition, the Corporation did not approve a budget for the upcoming fiscal year this weekend; because the University was delayed in giving budget guidelines to employees, a final budget will not be approved until the Corporation’s final meeting of the year in June.

Comments

  • George Patsourakos

    The Yale Corporation will need to make some significant cutbacks before it approves a budget for the upcoming fiscal year. America's economic slump has hurt Yale economically, as its endowment recently lost about 25 percent of its capital. Moreover, alumni and other donations have decreased significantly during the past several months. Because of the current recession -- the worst since the Great Depression -- the Yale Corporation will soon need to make some critical decisions. These should probably include the following: Eliminating courses and programs that are economically deficient; reducing library hours, especially from May through August; ending all new construction of buildings and athletic facilities; laying off staff and faculty; and raising tuition. While these are not pleasant decisions, they must be made, in order to retain the academic excellence that has been a Yale tradition!