Stanford University will cut $140m from its budget citing ‘federal policy changes’

The university has lost millions of dollars in federal grants and faces further hardship from a proposed endowment taxStanford University will cut $140m from its budget in the coming academic year, citing “consequences from federal policy changes” including “reductions in federal research support and an increase in the endowment tax”. The news came in a letter Jon Levin, the university president, and Jenny Martinez, the provost, sent to faculty and staff last week.The budget cuts will likely necessitate staff layoffs, deepening the impact of a staff hiring freeze the university announced in February. The university will continue hiring faculty, “although the pace may be somewhat slowed”, Levin and Martinez wrote. The cuts exclude the School of Medicine, which will make its own budget reductions. Continue reading...

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