Student Union opens ‘hasbara’ room in effort to fill public diplomacy vacuum.
Yeshiva University President Richard Joel acknowledged the school was facing “substantial deficits.”
In an email to faculty and staff obtained by JTA, Joel disclosed that the measures taken to shore up finances at the New York City university following the financial crisis in 2008 have been insufficient.
“We intended to achieve a balanced budget by this year so that we could then begin to reverse the trend of cutbacks,” Joel wrote in the email sent Tuesday night. “Despite our best efforts, we have not yet succeeded. Simply put, the spending required to support what we have built outpaces the income we generate and the substantial deficits that we have incurred cannot be sustained.”
The university’s director of communications declined to comment further.
Now entering his second decade at the helm of Yeshiva University, the so-called flagship institution of Modern Orthodoxy, Joel enjoyed a fundraising windfall in his early years. The school recorded a record-breaking fundraising year in 2007. In 2006, businessman Ronald Stanton gave the university $100 million, the largest gift in its history.
But the recent years have been difficult. The university lost substantially from its heavy investments with Ponzi schemer Bernard Madoff. More recently, Moody’s downgraded the school’s credit rating. And the school is facing a $380 million sex abuse lawsuit.
Joel did not specify the size of the deficits facing the university, nor did he outline the precise steps being contemplated to address them. He wrote that the school would “reframe the way we educate” and formulate a “new strategic vision” to increase revenue and efficiency, including new graduate programs.
“Our immediate next steps, though, are clear,” the email said. “We must spend in accordance with our financial resources. We are looking at all aspects of our operations to increase revenue, improve operational efficiencies, and manage costs. We will require more support and more philanthropy. We must distribute financial aid more deliberately.”
In 2011, Joel was the highest-paid Jewish communal professional in the United States, earning a salary of $879,821, according to the Forward.
About the Author:
If you don't see your comment after publishing it, refresh the page.
Bibi’s cabinet unanimously rejected Kerry’s ceasefire proposal, but still considering 12-hour break.
Hamas exploited the fog of war: they did not kidnap Shaul Aron, he was killed in action.
1st Sgt. Yair Ashkenazi, Reserves, (36) HY”D, was killed this morning during operations in northern Gaza.
11:45am Rocket alerts, including Tel Aviv and Lod. The smell of a Cease fire is in the air. 11:47am 07-25-2014 Ramla, Lod 11:47am 07-25-2014 Tel Aviv – Yafo , Bat Yam, Bnei Brak / Givaatayim / Petach Tikva, Dan coastal plain, Kiryat Ono, Elad, Rosh Ha’yin, Ramla, Lod, Shoham, Kfar Chabad 11:47am 07-25-2014 Tel Aviv […]
Chabad has provided a list of all the soldiers injured so far in Operation Protective Edge, so you can add them to your prayers.
We’re waiting to hear back if there will be a cease fire this afternoon. The terms grant Hamas political legitimacy.
11:10am Massive number of rocket alerts: 11:10am 07-25-2014 Herzliya, Raanana, Emek Hefer, Kfar Saba, Sharon / Gaash 11:09am 07-25-2014 Herzliya, Raanana, Emek Hefer, Kfar Saba, Sharon / Gaash, Ashkelon 11:09am 07-25-2014 Herzliya, Raanana, Ashkelon, Emek Hefer, Kfar Saba, Sharon / Gaash, Ashkelon 11:09am 07-25-2014 Herzliya, Raanana, Ashkelon, Emek Hefer, Kfar Saba, Sharon / Gaash, Zikim […]
The IDF has released a list of senior Gazan terrorists who have been taken out…
Thousands of Israelis in Turkey have been trapped there due to the war with Gaza.
Abbas faces the acid test of his clinging to power, but he is forced himself into a lose-lose-corner.
Golani 12 Platoon commander, Shai Siman-Tov, was seriously injured yesterday,
The IDF has begun to systematically tear apart the roots of the Hamas terrorist infrastructure
Amb. Ron Dermer takes on CNN’s coverage of Hamas, and wins.
A chief rabbi of the Netherlands said unidentified individuals hurled stones at his home in what he said was the second anti-Semitic attack on him in a week. Rabbi Binyomin Jacobs said the latest attack took place at 5 a.m. Thursday, when two stones were hurled through a window of his home in Amersfoort. An earlier incident outside his home […]
Wave of anti-Semitic graffiti, physical attacks spreads, this time to University of Oregon
Police in Berlin say about 1,000 demonstrators, most of them Palestinian, held an unregistered march protesting Israel’s actions in Gaza. Up to ten demonstrators were arrested for breach of the peace and for trying to forcibly free others already arrested in Saturday’s melee, a police spokesperson said. Rocks were thrown during the disturbance and a police officer was struck but […]
Leftists talk “peace” in Tel Aviv, but Arab family won’t accept condolence visit from Peres
38 year old man beaten with metal bars; Third of Malmö residents from Muslim-majority countries
A Jewish-Muslim family from Syria escaped from the country’s civil war to Israel.
Printed from: http://www.jewishpress.com/news/breaking-news/president-joel-bewailing-yu-substantial-deficits/2013/11/21/
Scan this QR code to visit this page online: