Text Version
RSS Feeds
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  -Text Version
  -RSS Feeds
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
Harvard makes big budget cuts
+ -
10:44, June 18, 2009

Click the "PLAY" button and listen. Do you like the online audio service here?
Good, I like it
Just so so
I don't like it
No interest
 Related News
 Budget crisis to prolong economic woes in California
 China allocates more than 60% of central budget to public works as of May
 Beijing municipal gov't trims travel on public funds
 CBO: U.S. budget deficit to hit 1.8 trillion dollars this year
 Chinese shares rise 1.04% on record high fiscal deficit budget
 Comment  Tell A Friend
 Print Format  Save Article
Harvard University, the world's richest educational institution, is making big budget cuts because of the economic downturn, university officials said.

The financial crunch is hurting the university at every level from introductory freshman courses to advanced graduate programs and research, The Boston Globe quoted the university's officials as saying on Wednesday.

While the university has a large endowment, the recent decline in value has been the biggest in its history, they said.

Harvard depends more than most other U.S. universities on endowment income for operating expenses.

Its endowment, standing at 36.9 billion U.S. dollars as of last June, is expected to drop by 30 percent by the end of this month.

Meanwhile, the university, like many institutions and individuals during the boom years, borrowed too much for new buildings, and now those debts are coming due.

Source: Xinhua

  Your Message:   Most Commented:
India's unwise military moves
Controversy over China's first sex-theme park
China slams U.S. foreign affairs bill proposal, urges deletion
China slams Clinton's June 4 comments
13 more bodies from Air France flight 447 recovered

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved