September 30, 2008

To: Faculty and Staff

Dear Colleagues,

I am writing ahead of my annual letter on the academic and fiscal health of the University because of the uncertainties created by the upheavals in the financial markets and the nation’s poor economic outlook. The collapse of several long-standing financial institutions and the degrading capital markets have created unprecedented volatility for our students, their parents, and the University. The University is preparing to weather this period from a position of financial strength created by the two best operating years in our history; more detail on our performance last year and the initiatives we are attempting to fund, as a result, will follow in my annual letter later in October.

Even from our position of relative strength, I feel it is important to act preemptively to manage the potential short- and longer-term risks to us created by the current economic uncertainty. Accordingly, I am freezing all hiring of new employees effective immediately (October 1, 2008). Only for absolutely critical positions will staff hiring be approved. Searches for new faculty already approved by the University Provost or the Provost of the Medical Campus may continue, with the understanding that final approval to extend an offer will be given when the case for appointment is brought forward.

I also am freezing commitments to all new capital projects for which construction contracts are not already in place, irrespective of the source of funding. Approval for new projects will be granted on a case-by-case basis by the Executive Vice President and me.

Hopefully, the economic conditions will brighten in the weeks and months ahead and we can lift these constraints on our operations. Foremost, we must protect the financial integrity of the University through this turbulent time and provide the most stable environment possible for our students, faculty and staff. Boston University has a strong foundation, built on the quality of our faculty, students, and staff, and on our sound financial operations. Now is a time for prudence; I am confident that we will weather this economic storm and resume moving forward soon.

Sincerely,

Bob

Robert A. Brown
President

Boston University Office of the Budget
25 Buick Street
Phone: (617) 353-4330
Fax: (617) 353-4391

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