Belt Tightening at MIT
The Institute plans to decrease spending
The ongoing global financial woes are likely to diminish all of MIT’s major income streams: the endowment, tuition, gifts, and research grants. So in November, President Susan Hockfield and provost Rafael Reif announced that MIT plans to decrease spending by 10 to 15 percent over the next two to three years, beginning with a 5 percent base budget reduction for the 2010 fiscal year. An Institute-wide Planning Task Force made up of faculty, staff, and students and led by Reif, chancellor Phillip Clay, and executive vice president and treasurer Theresa Stone will assess how MIT carries out its mission and look for ways to make improvements while reducing expenses. For reports and news of MIT’s budget planning process, visit web.mit.edu/institute/budget-planning/.