Yale Makes $50 Million Budget Cut, Seeks More Savings - Oliver Staley and Janet Frankston Lorin, Business Week

Yale University, the second-richest institution of higher learning in the U.S., will cut more than $50 million from its 2010-11 budget, partly by freezing officers’ salaries, and seeks $100 million more in savings. The university, in New Haven, Connecticut, will lower the number of new students by 10 to 15 percent in the Graduate School of Arts & Sciences, reduce time off for some staff and require employees making more than $83,000 a year to contribute to their health-care plans, President Richard Levin and Provost Peter Salovey said today in an e-mailed letter. Individual schools at Yale will be asked to make additional reductions, they said.