Stanford University announced a hiring freeze in anticipation of funding cuts from the federal government, a decision highlighted in a statement from President Jonathan Levin and Provost Jenny Martinez. This comes alongside the National Institutes of Health's plans to reduce payments to universities for indirect research costs. Their concerns extend to an expanded endowment tax proposed by Congress, which would also impact Stanford's financial landscape. While the freeze impacts mostly non-essential hires, critical positions and roles funded by external research budgets can still be filled.
"Though this is currently under review by the courts, a cut of this magnitude would have a significant negative budget impact at Stanford."
"The annual payout from Stanford's $43 billion endowment is a crucial part of the budget, supporting roughly two-thirds of the budget for financial aid and a significant portion of faculty salaries."
"Taken together, these are very significant risks to the university," Levin and Martinez said.
"The freeze doesn't apply to faculty positions, temporary employees or student workers, and critically needed positions can still be appointed by deans."
Collection
[
|
...
]