Money Church on Nation's Campuses
Plight of Many Colleges: Cutbacks and Closings
The great money problem looms over the American campus this year. It has, for the moment at least, replaced issues of war and peace, riots and drugs as the preoccupation of the college community. Emphasizing the extent of the problem, the incoming president of Harvard, Derek Bok, announced at his first press conference that the nation's oldest and most lavishly endowed university (over $1 billion) is “heading toward a period of financial stringency. There will,” he said, “be a great deal of attention paid toward cost-consciousness.”1 Last year the university ran a deficit of $760,000 for the first time in 25 years.
Bok's remarks appeared in the midst of a growing stream of announcements and ...