Dartmouth announced a budget-reconciliation plan on Feb. 9 to decrease its $450 million College-only operating budget by $47 million between now and 2011.
PRIORITIES: Protecting the excellence of Dartmouth's academic programs and providing access for the best students regardless of their financial means.
FACTORS: In the six months ending Dec. 31, 2008, investment returns dropped 18 percent, and Dartmouth's endowment declined by $700 million to a value of $3 billion. Dartmouth relies on the endowment to fund 35 percent of the College-only operating budget.
ACTIONS: The Board of Trustees has approved a plan to reduce compensation by $28 million, building projects by $10 million, non-compensation costs by $8 million, and to add $1 million in new revenue. The majority of the compensation reduction results from a freeze in salaries for fiscal year 2010. No tenured or tenure-track faculty positions are being eliminated. The financial aid budget will increase 13 percent in 2009-2010 to an estimated $72 million.
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