Harvard President Expects to Scale Back Expansion Plan
October 23, 2009 | Read Time: 1 minute
Harvard is likely to scale back its planned $1-billion science complex in the Boston-area town of Allston, The Boston Globe reports.
Drew Faust, president of the university, said the institution is “reimagining” the 589,000-square-foot complex to “assess options which would be affordable.”
Harvard’s endowment declined 27 percent to $26-billion in the year ending in June, and last week the school disclosed that it had lost $1.8-billion in cash accounts that were invested rather than placed in conventional accounts.
Ms. Faust acknowledged that the university’s financial managers took on too much risk in investing Harvard’s endowment.
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