CAMBRIDGE, MA-Drew Faust, president of Harvard University, issued a letter to the faculty, students and staff regarding the current financial crisis and its effect on Harvard’s ability to continue doing business as usual. The president says, in the letter, “Our principal sources of revenue are all likely to be affected by these new economic [problems].”

The letter focused on the collective tightening of Harvard’s belt over the next year or two, while emphasizing the endangerment of the endowment. Returns and donations from alumni account for the coffer, which in light of the current financial crisis, will become strained. The endowment, the president points out in the letter, “has come to fund more than a third of [Harvard's] annual operating budget.” Faust, in the statement, looks toward a possible worsening of the economy, saying, “we need to be prepared to absorb unprecedented endowment losses and plan for a period of greater financial constraint.”

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