Wednesday, May 6, 2020
Following up on my previous posts:
Bloomberg, Harvard Sees $1.2 Billion Revenue Shortfall Due to Pandemic:
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.”
Harvard Magazine, Harvard Projects $750-Million Revenue Shortfall in Next Academic Year
For complete TaxProf Blog coverage of the coronavirus, see here.