ROSE REACTIONS THE INDEPENDENT STUDENT NEWSPAPER
the
OF
FORUM SPECIAL SECTION, PAGE 25
BRANDEIS UNIVERSITY SINCE 1949
Justice www.theJusticeOnline.com
Volume LXII, Number 18
Waltham, Mass.
Tuesday, February 3, 2009
BUDGET
SAVE OUR SOUL
Univ endowment figures released ■ The endowment is down
by 25 percent, from $712 million to $549 million. By MIRANDA NEUBAUER JUSTICE SENIOR WRITER
Brandeis has experienced a 25percent drop in its endowment from $712 million at the end of June 2008 to $549 million at the end of December 2008 and is projecting annual operating deficits ranging from $4 million in fiscal 2009 to $23 million in fiscal 2014, according to Executive Vice President and Chief Operating Officer Peter French. French gave a presentation to students explaining the University’s financial situation during an open forum last Wednesday at which he and other senior administrators addressed the student body and answered students’ questions. The forum was organized by the Student Union, and it featured a questionand-answer session with students, University President Jehuda Reinharz and Provost Marty Krauss. French explained in the forum that the financial standing of the University is compounded by a long-standing structural deficit that has established itself as Brandeis has drawn too many funds out of the endowment, over-
DAVID SHEPPARD-BRICK/the Justice
SIGNS OF PROTEST: Students and other protestors hung signs on the doors of the Rose Art Museum after last Thursday’s sit-in, which was held to protest the University’s decision to close the museum and sell its artwork. Some signs read “R.I.P. Rose Art Museum, 1961-2009, Beloved by the Brandeis Community” and “Art is not a price tag.” See pages 8 and 9 for more coverage.
ROSE ART
University may not sell full Rose Art collection ■ The University must
receive approval from the Mass. attorney general’s office to sell any of the art. By HANNAH KIRSCH JUSTICE EDITOR
New developments in the aftermath of the University Board of Trustees’ decision to close the Rose Art Museum have raised questions about if and when the museum’s collection will actually be sold. During last Wednesday’s open forum with students, University President Jehuda Reinharz said the University may not sell any or all of the art in the Rose’s collection. The original statement released following the announcement of the museum’s closing stated that “after necessary legal approvals,” Brandeis would
“publicly sell the art collection.” The press release also said, “Proceeds from the sale will be reinvested in the University to combat the farreaching effects of the economic crisis, and fortify the University’s position for the future.” In response to a student’s question during the forum, Reinharz noted that “we are not mandated by the board to sell any particular number of artworks of any given time,” and that if “the economy turns around and the stock market is up by 45 percent, nothing impels me, nothing impels us to do anything.” The University is currently seeking the necessary legal approval from the Massachusetts attorney general’s office in order to try to sell works from the Rose’s collection. Before selling a piece of art, the University must determine whether that work was donated with restric-
See ROSE, 8 ☛
relied on gifts and failed to spend enough money to keep up the maintenance of its facilities throughout its history. “Historically we have taken too much out of the endowment,” he said. Because of the drop in Brandeis’ endowment, the University’s young age and its endowment draws in the past, French said at the forum that “we are going to have to go into our savings account.” The University can draw on $85 million in reserves for this year and next, “and then our savings account is, in essence, gone,” French explained in the forum. During the forum, French explained that many other schools that have existed for longer than Brandeis have a larger alumni base and a much bigger endowment. Those two factors have “resulted in a greater vulnerability of the University to economic downturns because we haven’t had enough in our endowment to support our operations,” he said at the forum. The University cannot access endowment funds that have decreased beneath their original value because a Massachusetts law only allows institutions to spend money from the appreciation or rise in value of their endowment funds. Twenty-six other states
See BUDGET, 6 ☛
FUNDING
Univ not affected by stop of Shapiro grants
INSIDE
■ The Shapiro Foundation
will suspend grants in 2009, but the Univ was not expecting to receive any. By ALANA ABRAMSON
HSIAO-CHI PANG/the Justice
JUSTICE STAFF WRITER
■ Reaction of the art
Brandeis will not be affected by the Carl and Ruth Shapiro Family Foundation’s decision to suspend grants in 2009 as a result of their monetary losses in the Bernard Madoff Ponzi scheme because the University did not expect to receive any donations from the Shapiro family even before the Foundation’s decision, according
world, p. 8. ■ Faculty committee to
reconsider closing, p. 8. ■ Students speak out
against decision, p. 9.
to Senior Vice President of Institutional Advancement Nancy Winship. The Shapiro Foundation announced last Friday that it will provide neither grants nor capital pledges in 2009 to any organizations to which they had previously donated, according to an article in the Boston Globe. According to the statement on the Foundation’s Web site, “The Foundation made this difficult decision as a result of losing a significant portion of its assets due to the fraudulent actions of Bernard Madoff,” and that suspending grants for a year will hopefully “ensure the long-term health and
See SHAPIRO, 6 ☛
News for free
Futureman
Golf program cut
■ Peter Osnos ’64 discussed technology’s effect on journalism.
■ JustArts interviewed the artistic director of the Black Mozart Ensemble.
■ The varsity golf program will be suspended after the spring season.
FEATURES 7
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INDEX
SPORTS 16
ARTS 21
ARTS
17
EDITORIAL FEATURES
10 7
OPINION POLICE LOG
10 2
SPORTS LETTERS
16 11
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