A funky roommate named recession is settling in on campuses this fall as colleges and universities slash budgets for virtually everything from salad bars to ski teams. U.S. colleges and universities suffered, on average, a 23% endowment drop in the second half of last year, according to a study by a group of campus business officers. That reduction in funding has set off a scramble to freeze hiring, cut hours and hunker down until the economy improves. “Institutions will have to manage with less,” says Oberlin’s vice president for finance, Ron Watts. Here’s a look at how schools are getting creative with their wallets.
Colleges Find Creative Ways to Cut BackKai Francis