Stanford University will lay off employees and implement $140 million in budget cuts because of significant changes in federal policies, such as reductions in research funding and an increase in taxes on endowment gains. President Jon Levin and Provost Jenny Martinez have stated that while these cuts will be difficult, they believe it is necessary to strengthen the university's financial position. The cuts will not affect the School of Medicine immediately and focus on prioritizing research and education. Despite the layoffs, employees will receive modest raises, and laid-off staff will be offered benefits.
"Though the budget reductions in the period ahead will be painful, we are confident that by acting now to put Stanford on stronger and more resilient financial footing, we will be better positioned to pursue excellence and new opportunities going forward."
"For example, an endowment tax will heavily impact undergraduate financial aid. We intend to continue the generous aid we currently provide, but that will require moving money from other areas to fill in the gap."
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