University’s plan for financial downturn and what future may bring
This is part of our Coronavirus Update series in which Harvard specialists in epidemiology, infectious disease, economics, politics, and other disciplines offer insights into what the latest developments in the COVID-19 outbreak may bring. The coronavirus outbreak has pitched financial markets into turmoil and raised the likelihood of a deep global recession, leaving entire industries, including higher education, scrambling to adjust to what could become an existential threat. Colleges and universities, including Harvard, have already experienced significant additional costs, as they took unprecedented steps to reduce risk to their community members. At Harvard, the decisions to send students home for the rest of the semester and move classes online, while prorating room and board and providing moving assistance, have all occurred while the majority of expenses the University incurs has remained the same. The Gazette spoke with Thomas J. Hollister, vice president for finance and chief financial officer at Harvard, to learn more about...