Stanford University, with the third- largest endowment in the U.S. last year, will freeze salaries as it cuts $100 million, or 13 percent, from its general funds budget starting in September.
Stanford’s endowment has shrunk as much as 30 percent as stock markets declined amid the worsening U.S. recession, the school said in a statement after Provost John Etchemendy announced the cuts to the faculty senate March 5.
