Yale to Cut Spending Annually Until 2014

Despite the fact that it is the second-wealthiest school in the United States and one of the most prestigious universities in the entire world, Yale University has not been spared by the recession. In order to help soften the impact of a shrinking endowment, the university has planned to cut back annual spending by $150 million until 2014.
In all, staff and non-salary spending will be cut back by 12.5 percent, according to President Richard Levin and Provost Peter Salovey in a recently released statement. Yale’s endowment shrunk 30 percent to around $16 billion in June, $1 billion less than the …read more