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.
Harvard's also spending perhaps several hundred million more on various just-completed and on-going projects, such as the Science Center plaza, Law School "causeway" from Mass Ave. (involving removal of part or all of Pound Hall), total renovation of Tozzer Library (with collections and staff relocated), $60-70 million spent for new stem-cell labs at the Fairchild building, the recently-completed new Law School building, major renovations at Paine Music Hall and for the Admissions Office at Agassiz, lots of smaller renovations, and before long, conversion of the Inn at Harvard to temporary housing for students affected by the billion-dollar House renovations. Not long ago, the LISE building and Northwest Labs were finished, new space was created for School of Public Health administrative offices, and Harvard bought 170 or so apartments for Medical School faculty, students and staff. Farkas Hall was built not so long ago. The Harvard Square Hotel was completely renovated (as was the Inn at Harvard). Tata Hall's at least all paid for. I'm sure there's plenty more I don't know about. I might have had more to say about such things, but for unexplained reason I was banned from the 02134 Google Group a few years ago - apparently I was posting too much stuff which I had imagined would be helpful.
ReplyDeleteOh, and the Fogg Museum construction will take about a year longer than planned, so that's more money. Also, apparently over $1 million was spent on extra security and police coverage this past years (but two police officers have been laid off, and more may have to go; the story being that Harvard used its self-insurance to cover those costs). One has to acknowledge that the university has spent a pretty phenomenal amount on Allston enhancements as well.
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