USA: Recession hits one of America’s wealthiest universities
March 1st, 2009
By Keith Nuthall
One of America's richest higher education institutions - Duke University - has unveiled a business plan to help it deal with the global recession, which will see demand for student support clashing with declining revenues.
Its president Richard H. Brodhead has accepted that the downturn's impact on the North Carolina private university will denude Duke's operating budget by US $125 million. This followed a fall in its endowment from US$6.1 billion last June by more than 20% by the end of 2008.
In a letter to university staff, Brodhead said: ...
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