The government is not the only one having a deficit issue. Harvard University’s, an Ivy League school, deficit is $34 million.
The associated press reported that the universities finance officials are assuring the public that the deficit is a small amount of their budget and is manageable.
The university also says they will find ways to monitor their costs better and looking toward alternative methods of pursuing revenue.
The revenue for the school had increased by 5 percent and a 17 percent increase in gifts.
This is not the Ivy League’s first time in a deficit problem with its operation expenses. In 2011, Harvard had a deficit of $130 million reported Harvard Magazine at the time.
Boston noted that Harvard will be changing its health benefits for retirees to save money.
Many other expense changes will come under way by Harvard to save more money.
Harvard’s President Drew Gilpin Fause sees this as an economic trial that all universities are facing due to the economy and Harvard is no different, but can adjust. “Harvard has not been immune to [economic] trends and we have to adapt,’’ Fause said.