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ENDOWMENT FALLS 25 PERCENT 12.16.08
Yale’s endowment lost roughly a quarter of its value since the start of summer, and several capital projects — possibly including the two new residential colleges — will be delayed as a result, University President Richard Levin announced Tuesday.
Yale will not implement a formal hiring freeze or reduce financial aid even as its endowment has plunged in value to approximately $17 billion today from $22.9 billion on June 30, Levin said. But in a letter to the community and an interview with the News, the president called for budget cuts and postponements of many high-profile construction projects, including the new School of Management campus.
“In recent years, we have been in the fortunate position of being able to pursue many new ideas and exciting initiatives,” Levin said in the letter. “Now we will have to make harder choices.”
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