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Yeshiva U. Plans Deep Budget Cuts

Yeshiva U. Plans Deep Budget Cuts
December 13, 2013

Yeshiva University this week announced plans for deep budget cuts, the continuation of cuts to faculty retirement accounts and the sale of some buildings owned by the university, The Jewish Daily Forward reported. Like many universities, Yeshiva lost a considerable share of its endowment after the economic downturn started in 2008. But Yeshiva also lost about $100 million due to investments with Bernard Madoff. And the university has been sued for millions by men who say that, as boys, they were abused at the university's high school -- and that officials ignored the problem. In October, Moody's Investors Service Moody's Investors Service downgraded the university's bond rating to Baa2 from Baa1, citing "the university's weak liquidity with a full draw on operating lines of credit, expected covenant breach on lines of credit, deep operating deficits driving negative cash flow, and uncertainty regarding the outcome of litigation."

 

 

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