Harvard President: School Adjusting To Tight Times

BOSTON — Harvard president Drew Gilpin Faust says the university is making numerous adjustments to keep its academic and expansion goals moving ahead during the economic downturn.

Speaking Thursday before the Greater Boston Chamber of Commerce, Faust noted 38 percent of the Harvard budget is drawn from endowment income, so its $11 billion loss this past fiscal year had broad impact.

Faust said the university’s investment strategy now includes broader risk assessments and efforts to increase liquidity.

Harvard is also beginning a leasing program to provide interim uses of space in the Allston neighborhood as the school slows its planned expansion there.

Also, stem cell researchers have been moved to a shared space, for better collaboration, until the school can afford a planned new facility.