Articles by Maggie Lloyd and Vinayak Ranade
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February 2, 2010
This past year, MIT saw sweeping budget cuts in response to the national economic crisis. One-fourth of the General Institute Budget is funded by MIT’s endowment, which saw a 20.7 percent decline in value during FY2009 from slightly over $10 billion to $8 billion. The original proposal to avoid a major Institute deficit was to reduce expenses by up to $150 million over two to three years, but this plan was changed to up to $130 million over the next two fiscal years. Through immediate cuts, such as DAPER’s cut of eight varsity sports and the closing of two libraries, the FY2010 budget was reduced by $58 million on a goal of $50 million.