Harvard’s budget deficit reaches $34 million - Beth Healy, Boston Globe

Harvard University said its budget deficit rose to $34 million in fiscal year 2013, a gap that will force the world’s richest school to trim near-term spending even as it proceeds with ambitious building plans and fund-raising. The results, reported in the university’s annual financial report released Friday, show Harvard is in better financial condition than five years ago, during the financial crisis. But the deficit is up from $7.9 million in 2012, and school officials indicated their focus is still on containing costs. Daniel Shore, Harvard’s chief financial officer, wrote in the report that the institution’s “ability to stay in financial balance going forward’’ depends largely on its “commitment to cost management and an embrace of innovative revenue opportunities.’’http://www.boston.com/business/news/2013/11/08/harvard-budget-deficit-reaches-million/efAULqZFKqMTqHyWbEi7KP/story.html