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Weis announced a reduction of 1-1.5 million in operating costs for this year in the Marquis Society letter dated Dec 12. "In addition to facing lower returns from the endowment , we do not expect that our fundraising totals will match those of recent years. Another major source of operating revenue, tuition, will also be affected."
" Lafayette will not undertake new building and renovation projects except
in cases where full funding has been secured." He states that although total dollars has remained at budget levels the numbers of contributors has dropped. The BOT will meet to reevaluate the goals and kickoff for a campaign. He had anticipated that Lafayette's endowment was going to be 1 Billion dollars and that goal has eroded.
He is also going to adjust the planned hiring of 35 faculty positions.
I can't argue with any of these actions. I would debate the characterization of our loss as not as bad as Harvard's. According to a well placed source Weis announced at a meeting this week the loss was 200 mio dollars. Even using the 2007 base.... percentage wise it is larger than Harvards!!
carney2
I assume that the critical Diversity Czar hire is still going forward. The College will cruble without that position - and staff - being filled.
Lafalum
carney2 wrote:
I assume that the critical Diversity Czar hire is still going forward. The College will cruble without that position - and staff - being filled.
Yes along with staff and a building ( the old Phi Delt house or DU depending on your year) The building is partially endowed by an alumnus and his wife. (Hope he has the money in cash!!)
TheTruth
This is a start but it would be nice if they would let the rest of us poor schleps who support the school know this as well.
