As Purim approaches, thousands of Israeli children and families grapple with poverty
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.
Comments are closed.
Pres. Barack Obama says Israel’s prime minister offered “no viable alternative” to the current deal with Iran. Here’s how it lines up.
Dozens of Democrats gathered to spew a stream of venom before the cameras Tuesday at Israel’s prime minister after his speech to Congress.
Eli Beer stunned the 16,500 AIPAC conference participants by arriving on stage with lights and sirens blaring on an ambucycle, a specially equipped motorcycle ambulance designed by United Hatzalah to speed up emergency response times.
The transcript of PM Netanyahu’s speech is available here. The speech begins at 6pm Israel Time / 11AM NY Time.
Former US Secy of State Hillary Clinton is found to have exclusively used private email while at State Dept.
Bottles of wine accompany the Pesach storytelling – each glass of wine represents the four expressions used by G-d in describing the redemption of the Jewish people from Egypt.
“Today the Jewish people face another attempt by yet another Persian potentate…” to wipe out Israel, PM Netanyahu told Congress.
The Prime Minister showed AIPAC a map of Iranian-backed Hezbollah attacks in five different continents.
If Iran is serious, Netanyahu can skip his speech and tell the Air Force to rev up its engines.
Names and contact information of House Democrats who have confirmed attendance at Bibi’s speech.
The anti-Netanyahu crowd, in the spirit of topsy-turvy Purim, drummed up support for his speech.
Iran, like the Palestinian Authority, has one mindset. A deal is not peace. It is an evil piece of paper.
PA President Mahmoud Abbas is making sure PA children will go without milk and the parents forced to ration what little milk they have.
US President Barack Obama contends Israel is “safer today than ever before,” says give Iran talks a chance.
More than 20 cars and buildings in a Jewish community in north London were vandalized with swastikas. The Nazi symbol was drawn on approximately 27 cars in the Osbaldeston Road area of Stoke Newington on Sunday night, The Daily Mail reported. An unnamed 32-year-old man was arrested in connection with the vandalism Tuesday. The neighborhood […]
New York State Assemblyman Dov Hikind called on the Jewish community to attend the funeral of an assassinated New York police officer. “The brave men and women of the NYPD risk their lives every day to protect us. We value them and stand with them,” Hikind, a Democrat who represents Brooklyn, said in a statement […]
“Move Jew” scrawled on a Philadelphia home and slurs written on a synagogue and 10 garages in Chicago.
Cuba has “the largest pool of untapped baseball talent in the world, and Major League Baseball may tap and leave Cuba dry.
Argentina’s president Christina Fernandez has accepted an official Jewish godson for the first time in the country’s history to help counter legend of death to a seventh son. She described in seven tweets her meeting with her new godson, Yair Tawil, a member of a Chabad-Lubavitch family. He was adopted as a godson under a […]
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: