Harvard University, the richest U.S. college, is forecasting a revenue shortfall of nearly $1.2 billion over two academic years, showing how the economic effects of the coronavirus pandemic are crippling schools.
Harvard faces a drop of $415 million in anticipated revenue for the year ending June 30, and a further $750-million shortfall compared to budgeted expectations for the year beginning July 1, Executive Vice President Katie Lapp said in a statement Tuesday. …
“The university is facing significant financial challenges which will require difficult decisions in the coming months,” Lapp said in the statement. “It is clear that additional cost saving measures will be needed in the coming months including the possibility of furloughs and layoffs of some members of our workforce.”
1. Ivy League payments and entitlements cost taxpayers $41.59 billion over a six-year period (FY2010-FY2015). This is equivalent to $120,000 in government monies, subsidies, & special tax treatment per undergraduate student, or $6.93 billion per year.