Here are a few excerpts from a little story in the Wall Street Journal about the choices being made by Harvard about how to spend its $$$
In 2009, as its endowment plunged by nearly 30%, Harvard University halted construction on a $1.2 billion science center across the Charles River, angering the neighborhood there by leaving behind a foundation and an idle construction site.
Harvard now says it will resume work on the project, but not until 2014 and even then at half the originally planned size, reflecting a newfound fiscal caution at the school. "The economic realities necessitate this," Kevin Casey, a Harvard spokesman, said in June at a community meeting.
"There was a definite change in mentality over there...there was a sort of sky-is-the-limit attitude but now they are taking much more cautious approach," says Gerald Autler, a senior project manager for the Boston Redevelopment Authority, a public agency which works with colleges on building projects and expansion.
Harvard isn't belt-tightening everywhere. Since 2007, its investment in financial aid to undergraduates has risen by more than 78%, which Harvard said is "significantly outpacing increases in tuition." Undergraduate tuition for the 2012-13 year climbed 3.5% to $54,496. In May, Harvard committed $30 million to edX, a collaboration with Massachusetts Institute of Technology to provide online classes to the public.
