Nonprofit news roundup for Sept. 4, 2009

September 4, 2009

Coming off a 30 percent drop in the value of its endowment in fiscal 2009, Stanford University has taken harsh measures to make up the difference, including laying off 412 employees and closing its physics library, The San Francisco Chronicle reported Sept. 3 (see Stanford story). Another 50 faculty positions will go unfilled and 60 additional layoffs likely will occur before year's end.

Facing a $1.9 million budget deficit, the Honolulu Symphony, which already has instituted an across-the-board pay cut of 15 percent, will receive a $1.8 million "advance" on future interest distributions from the Honolulu Symphony Foundation to pay back wages and cover operating expenses, Pacific Business News reported Sept. 3 (see Honolulu Symphony story). The funds are contingent upon the hiring of a new executive director and the development of a balanced budget and detailed business plan.

The University of Washington received about $126 million from the National Science Foundation to improve ocean observation by constructing a cable network on the ocean floor, The Associated Press reported Sept. 2 (see University of Washington story). The network will facilitate monitoring of earthquakes, ocean currents and water chemistry.

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