Stanford is cutting pay for its top administrators and freezing hirings because of financial problems caused by COVID-19, Provost Persis Drell announced Thursday. Drell said in an email to the Stanford community that Stanford has already had to spend extra money responding to the pandemic. She said the university is also losing money because it has to cancel programs, including on-campus summer classes. She said the stock market’s decline will reduce the university’s endowment which means less money will be available next year. The endowment was $27.7 billion as of last October.
https://padailypost.com/2020/04/04/stanford-cuts-pay-for-top-administrators-as-it-trims-budget/
