Yale University projects $40 million deficit in 2013-’14 - SOPHIE GOULD, Yale Daily News

Over four years since the onset of the nationwide economic recession, Yale’s operating budget remains in recovery mode. Newly appointed Provost Benjamin Polak said Monday that current budget projections indicate the University will face a roughly $40 million gap between expenses and revenues for the upcoming academic year. While Polak said in a Thursday email to faculty and staff that the budget for the fiscal year beginning July 1 will not require “across-the-board reductions,” he added that the University will likely have to draw on reserve funds and consider other one-time measures to close the deficit. “The good news is that, relative to where we were at the beginning of the endowment collapse, things look completely different,” Polak said. “The bad news is that we haven’t closed the hole yet. We’re not in balance; we don’t have the resources to move forward with everything we want to do.” http://yaledailynews.com/blog/2013/01/29/university-projects-40-million-deficit-in-2013-14/