Carnegie Mellon Freezes Some Projects, Cuts Budget
PITTSBURGH (AP) - Carnegie Mellon University is halting some capital project plans and cutting its academic and administrative budgets to deal with an expected 30 percent drop in its endowment.
University president Jared Cohon says in an e-mail to staff and students on Friday that the recession "has affected and is expected to affect all of our sources of revenues. He says the school's endowment investments are expected to end the fiscal year on June 30 with a 30 percent loss and will only recover slowly after that.
Cohon says the university will enact the smallest tuition increase in years while financial aid requests rise.
In December, the university froze salaries and hiring. Carnegie Mellon has about 10,000 students and 4,700 employees.