November 21, 2008

A Sobering Message From Harvard's President

By KATHRYN MASTERSON

The economic crisis has reached even the nation's wealthiest university.

In a letter to Harvard University students and members of the staff and faculty, President Drew Gilpin Faust said Harvard anticipates that its principal sources of revenue will be hurt by the downturn, and that the university will need to make hard choices about how it spends its money.

Harvard's endowment, which was reportedly $34-billion last year, pays for more than one-third of the university's

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