Dartmouth College says its endowment declined by $700 million by the end of last year and despite the fact that more than 70 employees have taken early retirement, some staff layoffs are inevitable.
Dartmouth’s Board of Trustees will be asked to approve a preliminary budget for Fiscal Year 2010 at its meeting in February.
In a letter to the college community yesterday, Dartmouth Provost Barry Scherr and Executive Vice President Adam Keller said the college is analyzing the impacts of proposed reductions made by division and department heads; tallying the savings from retirements and deferred building plans; and evaluating the size of the salary pool and whether compensation can be increased.
In spite of the news, David Russ, chief investment officer, said he believes Dartmouth is well-positioned for a recovery and he believes that the Obama administration plan will stimulate the economy.