Stanford University will lay off 363 employees by September 30 due to a $140 million shortfall from federal policy changes affecting higher education. These budget cuts result from reduced federal research grants and increased tax on Stanford's endowment, which is currently taxed at 1.4%. The proposed tax on endowments could reach 21%, costing Stanford approximately $750 million annually. This challenging fiscal environment threatens financial aid programs and impacts valued staff members who have contributed significantly to the university.
The university is making a $140 million reduction in the general funds budget for the upcoming year. This is the product of a challenging fiscal environment shaped in large part by federal policy changes affecting higher education.
Stanford has a very large endowment, and therefore, even small changes in the tax rate on that endowment would have a big impact.
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