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Tuesday March 4, 2003
UNIVERSITY P
AY FROZEN
HARD TIMES HERE AGAIN!
STANFORD'S FISCAL CRISIS DEEPENS

By Amy Williams, Staff Writer

    Hoover Institution and Stanford Quad!PALO ALTO -- Last month, Stanford's provost, John Etchemendy, announced a hiring freeze. The moratorium was to apply to all regular and academic staff positions, including temporary and casual employees, as well as staff members hired through employment agencies.
     Although the freeze would have spared faculty positions, and deans. However, it was hoped that the administration would retain the discretion not to fill empty faculty posts in their departments. However, those pending budget cuts could include layoffs, as well.
     University officials project a reduction of 8 percent in the university's general-fund budget in the 2004 fiscal year. At $507-mil in the current fiscal year, the general fund represents about one-fourth of the university's total budget. "Even the most prestigious and most financially well endowed among us still feel the effects of the bear market," said Randall S. Livingston, Stanford's vice president for business affairs and chief financial officer.
    Making matters worse, this week Stanford announced on its website that things have gone from bad to worse in just the last couple of weeks. Now, the university is facing a $25-million deficit. Nearly 9,000 Stanford workers will have their wages frozen at last year's rates. All bets are off.
   The Bulldog Newspaper has learned that Stanford president, John L. Hennessy has just made it known that he will voluntarily take a 5-percent salary cut.
    University officials are now projecting a reduction of 8 percent in the university's general-fund budget in the 2004 fiscal year. Hold on it could be getting worse.
   At $507-million in the current fiscal year, the general fund of $507-million
is about twenty-five percent of the Stanford's total budget according to Randall S. Livingston, Stanford's vice president for business affairs and chief financial officer.
     Part of the present fiscal crisis may be the generous raises averaging 8-10% over the past couple of years, or so. Trustees this week raised tuition, room and board rates for he academic year '03-'04. Ther hike is 4.8 percent increase over the current year's rates for undergraduates.
       Undergraduate tuition was set at $28,563, a 5 percent increase from $27,204 this year. The standard undergraduate room rate was set at $4,702, compared with $4,450.
     Standard board increased to $4,347 from $4,230. "Given the downturn in the economy, this year is a challenging one. But we have attempted to limit the increase as much as possible," said Isaac Stein, chair of the Board of Trustees. "Despite mounting economic pressures, we have kept the overall rate of increase slightly below last year's increase."
     Stein also noted, "Our financial aid program is one of the best in the country and our commitment to need-blind admission remains unchanged. Because of the state of the economy, we have seen a rise in the number of families who need aid, and we will continue to provide necessary funds for those who have demonstrated need."
     Stanford is one of the few private universities with a need-blind admissions policy, accepting students regardless of their ability to pay. Tuition covers only 60 percent of the costs of educating an undergraduate.
     Tuition for terminal graduate students -- doctoral candidates who have completed all coursework and degree requirements except the dissertation -- was increased to $4,950 for three quarters. At this figure, which is an increase of 50 percent over the previous rate, Stanford's terminal graduate rate is still lower than that charged by most of its peer institutions.
     Many of these institutions charge full tuition until the doctoral degree is awarded. In addition, part-time graduate tuition will increase from 62 percent of full tuition to 65 percent of full tuition.
     The new part-time tuition rate was set at $18,600. Full-time tuition rates for graduate students vary depending on the school. Rates for most schools will increase by 5 percent. Tuition at the Graduate School of Business next year will rise 8.9 percent to $36,252.

    [Editor's Note: Go directly to latest Stanford University News Release page.]

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