The Yale School of Management (SOM) will not be moving forward with construction plans for a new campus at this time. Last week, in a letter to faculty and staff, President Richard C. Levin and Provost Peter Salovey announced that the school is seeking larger budget reductions in response to the economic downturn. “No major construction will proceed until funding is available from donor support or financial markets recover,” they said.
Back in July, Yale SOM announced that design modifications for a new campus were approved, and that the project’s architect was cleared to move forward with the preparation of final construction plans and drawings. However, the University has continued to incur losses in the value of their endowment due to investments in private equity and real estate—down 30.4% to $16 billion, according to The Associated Press.
New construction is only one area that will be affected by the depressed economy. The University will also limit expenditure on the redesign and implementation of new administrative systems, and will cut non-salary expenses by another 5% this year—after already reducing staff and non-salary expenses by 7.5% for 2009-10. All areas of expenditure are under close scrutiny; however, Yale will proceed with all construction projects that were previously underway, and the school will remain committed to providing financial aid for students attending Yale College and the Graduate School. Further budget adjustments are under consideration, but will be outlined at a later time.
Read the full article: Plans for New Yale School of Management Campus on Hold