In the wake of this weekend’s meeting of the Yale Corporation, University President Richard Levin will again update the community on Yale’s financial health.
Speaking to the News late Sunday night, Levin said his letter — the second such missive he will have sent in less than three months — will arrive in inboxes across campus “early this week.” While he said that the financial situation at Yale has changed little in the time since his letter of Dec. 16, Levin said the weakening global economy has added further implications for Yale’s budgeting.
“What’s changed is the general macroeconomic backdrop,” said Levin, the Frederick William Beinecke professor of economics. “The prospects of an early recovery seem less than they did two months ago. The recession looks deeper, it’s spread more widely around the world, and it looks like a harder problem for us.”
The 16 fellows of the Yale Corporation, the University’s highest governing body, spent much of their time on campus this weekend discussing operating and capital budgets for the coming year. In their previous two gatherings this academic year, Levin added, they discussed similar matters.
But finances were not the only thing on the Corporation’s plate this weekend. The rest of the weekend, as Levin put it, was “more uplifting.”
The Corporation heard a presentation from School of Architecture Dean Robert A.M. Stern ARC ’65 on designs for the two new residential colleges. While that project will almost certainly be delayed because of the economic difficulties, it is unlikely that the project will be entirely cancelled. Levin said designs for the colleges, which he called “dazzling,” will be made public later this semester.
“Nobody would ever have any doubt that these are Yale colleges,” said Levin, emphasizing the traditional design qualities that will define the colleges on Prospect Street.
In other Corporation business, Vice President for Human Resources and Administration Michael Peel laid out his plans for improving diversity and labor relations. Peel, who took office in the fall, also discussed the development of administrative talent within Yale, Levin said.
University Vice President and Secretary Linda Lorimer also presented three-year goals for Yale’s internationalization efforts. The last such set of goals was for the period between 2005 and 2008; the new goals project Yale’s international growth through 2012.
Levin said the Corporation also held its regular committee meetings and heard a report from Yale Dining Services about its operations.