FAS Faculty Meeting (Nov. 4, 2025)

Edgerley Dean of the Faculty of Arts and Sciences (FAS) Hopi Hoekstra devoted this month’s Faculty Meeting to the current state of the FAS’ finances. Hoekstra set the tone early, noting that tackling the “persistent structural gap,” could no longer be delayed, and called the work ahead “a long-term redesign.”

“What we are facing is not a short-term budget gap that can be solved with temporary cuts. Instead, we face a structural problem that demands structural solutions. And while that reality is sobering, it also gives us a clear sense of purpose,” she said. “We are taking this on now — decisively and deliberately — because doing so allows us to chart our own course. If we act thoughtfully now, we can preserve our teaching and research today and, at the same time, invest in our priorities tomorrow.”

Prior to the meeting, Hoekstra detailed the $350 million projected financial gap – 20 percent of FAS’ operating budget – in a message to the FAS community, noting that while FY25 ended with a modest $8 million deficit, the structural deficit persisted.

“The analysis reflects an increase from 1.4 percent to 8 percent in the federal tax on university endowments, which is particularly consequential for the FAS where over half of our revenue comes from endowment income,” she wrote. “Importantly, it does not account for the uncertainty of federal research funding, including potential declines in the number of new grands awarded, agency budgets, and lower indirect cost recovery. This imbalance leaves us with little ability to absorb financial shocks or invest strategically in our academic priorities.” 

At Faculty Meeting, Hoekstra said the committees she has engaged – Faculty Resources Committee, Task Force on Workforce Planning – are being “thoughtful, careful and planful” in their work. 

FAS Chief Financial Officer Kofi Ofori reported in more depth on the AY25 numbers. He noted that spending outpaced revenue, and likely positive effects of belt-tightening and the hiring freeze would be felt in AY26 and beyond. Jeremy Stein, Moise Y. Safra Professor of Economics, presented slides on the work of the Faculty Resources Committee that he has chaired since Hoekstra reengaged it last spring. He acknowledged the “strong tail wind” from financial markets, leading to an annualized endowment return of 9.6 percent over the last eight years (more than half of the FAS budget is reliant on the endowment). But persistent challenges include the significant upkeep costs of maintaining FAS’ 250 buildings (10 million square feet) and the federal government’s increase of the endowment tax. Stein also noted that returns could be lower in the future.

Earlier in the meeting, Hoekstra acknowledged the temporary reduction in the size of graduate student admissions planned for the next two years and noted that the Faculty Council and ultimately, the December Faculty Meeting, would take up further discussion of the topic.

Celebration of faculty kicked off the meeting with Hoesktra recognizing Claudia Goldin, Samuel W. Morris University Professor, Cumrun Vafa, Timken University Professor, and Catherine Dulac, Xander University Professor, for their new University Professorships. Faculty also celebrated newly tenured colleagues: Professor of English Beth Blum, Martin Feldstein Professor of Economics Rebecca Diamond, Professor of History Arunabh Ghosh, Professor of Organismic and Evolutionary Biology Mande Holford, Ahmad Khalil, Hok Lam and Kathleen Kam Wong Professor of Bioengineering and Professor of Molecular and Cellular Biology, Jason Buenrostro, Alvin and Esta Star Associate Professor of Stem Cell and Regenerative Biology, Vijay Janapa Reddi, Gordon McKay Professor of Electrical Engineering, and Adam Mestyan, Ford Foundation Professor of Middle Eastern Studies in the Department of Near East Languages and Civilizations.

Memorial Minutes for Ralph Mitchell, Gordon McKay Professor of Applied Biology, Emeritus, who passed away in April, and Roger Owen, A.J. Meyer Professor of Middle East History, Emeritus, who died in 2018, were also shared.

Stephen Ansolabehere, Frank G. Thomson Professor of Government, gave a well-timed Research Minute given that Tuesday was Election Day. The elections and public opinion expert who works the CBS News Election Decision Desk, took faculty behind the scenes, describing the simulations the CBS team had rehearsed the weekend prior, and talked about predicting in outcomes in real time– “our job is to get it right and beat everyone else.”

“I usually know by 7 pm,” he said. “I have a small family text chain, and I usually ruin everybody’s night.”