Radical savings steps at Johns Hopkins University

From Johns Hopkins University News Releases:

Some radical steps announced by JHU’s President in order to address the problems caused by the current economic situation:

We now project that university revenues during fiscal 2010 and fiscal 2011 will be a total of more than $100 million short of previous estimates. Effective July 1, all members of the executive leadership — the president, the divisional deans and directors, and vice presidents — will voluntarily reduce their salaries by 5 percent. Savings will be used to fund divisional priorities, including student aid. Savings from central administration will be added to undergraduate financial aid budgets.

– Starting immediately, and effective through June 30, 2010, we are freezing hiring for both faculty and staff positions. We are also freezing staff reclassifications. In both cases, rare and essential exceptions can be approved by the appropriate dean, director or vice president.

 

– There will be no salary increases, except those that are contractually obligated, in the fiscal year beginning July 1. Exceptions will be considered by deans and directors

– Overtime is to be eliminated, except as approved by a dean or director to fulfill a unit’s core mission. Similarly, there will be no use of temporary agency employees or independent contractors to cover unfilled positions, unless approved by a dean or director.

Difficult times ahead. Similar message from Cornell.