Christopher L. Eisgruber

Rachel, I mean, right now we are facing a variety of different threats to our funding model. So just to be clear, because I think this needs to be there for me to answer your question, there's the kind of risk that you just mentioned. There are the threats to NIH funding or scientific funding more generally, right? Not specific to us, but across universities.

Rachel, I mean, right now we are facing a variety of different threats to our funding model. So just to be clear, because I think this needs to be there for me to answer your question, there's the kind of risk that you just mentioned. There are the threats to NIH funding or scientific funding more generally, right? Not specific to us, but across universities.

There are proposals to increase the tax on the endowment, and there are adverse economic circumstances. My understanding is looking at the stock markets down again rather significantly today.

There are proposals to increase the tax on the endowment, and there are adverse economic circumstances. My understanding is looking at the stock markets down again rather significantly today.

Yeah, so we are modeling various kinds of risks to our enterprise. What I would say, Rachel, is that moves that we could make to try to raise other revenue or to reallocate priorities, to decide we're going to refocus certain kinds of funding on research and give up on some other things that we might be doing. Those could enable us to deal with short-term losses

Yeah, so we are modeling various kinds of risks to our enterprise. What I would say, Rachel, is that moves that we could make to try to raise other revenue or to reallocate priorities, to decide we're going to refocus certain kinds of funding on research and give up on some other things that we might be doing. Those could enable us to deal with short-term losses

while we try to overturn decisions that were a threat to our academic freedom.

while we try to overturn decisions that were a threat to our academic freedom.

What we are looking at is... how best we can use resources to preserve the core mission of the university. So, look, I was the chief budgetary officer during the global financial crisis. That was a 25% hit to our endowment. We had to make around a $180 million adjustment at that point to our budget baseline.

What we are looking at is... how best we can use resources to preserve the core mission of the university. So, look, I was the chief budgetary officer during the global financial crisis. That was a 25% hit to our endowment. We had to make around a $180 million adjustment at that point to our budget baseline.

We basically said under those circumstances, and those numbers, if you do the inflation adjustment on them, are comparable to our total budget. federal research funding on the main campus, we said, we're going to protect three things that are critical to what it is we do. That's our teaching, our research, and our affordability and access to the university.

We basically said under those circumstances, and those numbers, if you do the inflation adjustment on them, are comparable to our total budget. federal research funding on the main campus, we said, we're going to protect three things that are critical to what it is we do. That's our teaching, our research, and our affordability and access to the university.

And we're going to find ways to change other parts of our operation, to draw upon other resources, to allow for temporary increases to our endowment programs. spend rate in order to get us through this period. And Rachel, we can do that kind of thing, again, with temporary being an important word in there. You can reallocate across purposes. You can sustain your core for a period of time.

And we're going to find ways to change other parts of our operation, to draw upon other resources, to allow for temporary increases to our endowment programs. spend rate in order to get us through this period. And Rachel, we can do that kind of thing, again, with temporary being an important word in there. You can reallocate across purposes. You can sustain your core for a period of time.

But if you're not able to change the basic fundamentals there, I mean, basically our endowment bounced back after the global financial crisis. At that point, what you're doing is saying, okay, we're going to have to stop doing some of the

But if you're not able to change the basic fundamentals there, I mean, basically our endowment bounced back after the global financial crisis. At that point, what you're doing is saying, okay, we're going to have to stop doing some of the

Well, you know, the first things you look at, so we're already in what we would call a kind of a soft hiring freeze that extends both to our faculty and to our staff hiring. So what I would say is you pull in your wings a bit on what it is you're doing. You're unable to take up. Faculty members are coming to us all the time at places like this. with research initiatives.

Well, you know, the first things you look at, so we're already in what we would call a kind of a soft hiring freeze that extends both to our faculty and to our staff hiring. So what I would say is you pull in your wings a bit on what it is you're doing. You're unable to take up. Faculty members are coming to us all the time at places like this. with research initiatives.

And some of the most exciting ones are often ones that they may not be able to get government funding for even in a kind of robust federal funding environment. They're saying, if you make an initial investment here, right, we'll start doing things that are really exciting. And then we'll be able to put this onto federal grants once we have proof of concept.

And some of the most exciting ones are often ones that they may not be able to get government funding for even in a kind of robust federal funding environment. They're saying, if you make an initial investment here, right, we'll start doing things that are really exciting. And then we'll be able to put this onto federal grants once we have proof of concept.