Let's save for the University

cedricsunshine
Fri, 24 Apr 2009 02:57:11 +0000

From St. Louis Business Journal, by Kelsey Volkmann:

Washington U. to trim costs further


By June, Washington University’s endowment will have dropped 30 percent to $3.8 billion from the previous year, Chancellor Mark Wrighton said in his state of the university address Thursday.

The value of the university’s endowment has already tumbled 25 percent to approximately $4.07 billion, down from $5.42 billion on June 30.

The drop, combined with lower increases in tuition and greater financial aid needs among students, has the university expecting a $20 million to $25 million fiscal 2011 budget deficit for its Danforth campus.

To that end, Wrighton called on the university community Thursday to submit suggestions for additional ways to cut costs.

“We have to be realistic about our future and plan for restraint,” he said.

The university has already delayed capital projects, eliminated central office jobs and reduced compensation for its administrators, including Wrighton’s own salary.

Any additional ideas for trimming costs can be submitted to the university here.(http://aisweb.wustl.edu/Chancellor/suggestion.nsf/tell-us?OpenForm)

Some suggestions already submitted include expanding energy conservation and cutting back on printing, Wrighton said.

Washington University is one of the largest employers in St. Louis with more than 12,000 workers.