<p>In case anyone has missed it, here’s President Leahy’s addressing the issue:</p>
<p>"The most immediate impact of the economic downturn on Boston College as an institution has been a decrease in our endowment, similar to what has happened to investment portfolios of other colleges and universities. This year our overall budget totals $773 million, and approximately 10% of that amount comes from endowment earnings. While Boston College depends on investment income significantly less than many of our peers, the decline in our endowment certainly affects our revenue
projections and must be compensated for in our budget process. </p>
<p>Our cash position remains strong,and we will continue to maintain necessary liquidity. Need for financial aid will increase as some BC families struggle with lost jobs and diminished home values. We want to be able to help as much as possible students and parents facing financial challenges, and I encourage them to contact our Financial Aid office to discuss options. It will be critical to have additional funds available for financial aid. To do so, all units at BC should take steps necessary to save at least 2% of their total general operating budgets this year; these funds will be placed in a reserve account to assist needy students as required during the upcoming semester and the 2009-2010 academic year. </p>
<p>Work on the budget for our next fiscal year, which starts on June 1, 2009, has been underway for several months and will be ready for consideration by the BC Board of Trustees in March. Financial deliberations and choices will give priority to continuing Boston College’s commitment to need-blind admissions, meeting full demonstrated financial need of accepted students, and pursuit of academic and student formation goals articulated in the Strategic Plan adopted by our Trustees in February, 2006."</p>
<p><a href=“http://www.bc.edu/bc_org/rvp/pubaf/08/WPL_letter08.pdf[/url]”>http://www.bc.edu/bc_org/rvp/pubaf/08/WPL_letter08.pdf</a></p>