Prof Salaries Not Cut in Recession

Faculty salaries at major universities across the nation remain unaffected despite widespread budget and general economic woes.
Salaries for professors across the country rose by 3.9 percent last year, well above the inflation rate, according to the American Association of University Professors. According to USA Today, Weill Cornell Medical College Prof. Zev Rosenwaks, obstetrics and gynecology, allegedly earned a paycheck of $3.1 million last year, the fifth highest salary at any U.S. college.
The median salaries at the endowed colleges during the 2008-2009 school year were $93,500 for assistant professors, $109,800 for associate professors and $154,300 for full professors, according to data from the AAUP.

Collegetown Restaurants Adjust as Sales Decline

Compared to typical, economically thriving times, Collegetown restaurants have seen fewer customers enter their establishments while their costs of operation continue to increase during the current recession. In order to continue earning a profit, Collegetown restaurants and bars have had to change many of the details of their operation.
Collegetown’s more formal restaurants seem to be most effected as students look to spend their money more efficiently. Once a popular weekday lunch spot for Ithaca’s locals, the Japanese restaurant Miyake’s weekday sales are reportedly down about 20 percent compared with this time last year as it has been forced to rely on increasingly frugal college students to sustain its business, according to its owner.

Students Petition Against Closing of Science Library

The University, in an attempt to maintain economic buoyancy, has had to reduce the variety of services offered, often to the chagrin of the students. One recent example was the closing of the Physical Sciences Library in Clark Hall, which generated much backlash from concerned students. The decision to close the library at the end of 2009 was made in early March by the University Library System in an effort to minimize its sizeable deficit.

Bond Sale Secures Liquidity

When the University decided that it would take on $500 million in debt to raise liquidity on March 6, Cornell’s financial officers went to work picking a date during which the bonds would fetch the best interest rate in this dramatically fluctuating market. The coupon rate, or rate of interest on which the bonds sell, depends heavily upon events like release of jobless rates, corporate earnings reports, other assets being sold that day and religious holidays, according to Joanne DeStefano, vice president of finance.

High Demand Generates Quick Sale of C.U. Bonds

The University successfully sold $500 million in debt last week, as Cornell maintained its credit rating on one index but slipped a notch on another.
Investors fully subscribed to Cornell’s bond offerings in under 30 minutes last Thursday, according to Tommy Bruce, vice president of University Communications.
The bond offering was divided evenly between $250 million of 5-year bonds at a 4.35-percent interest rate and $250 million of 10-year at a 5.45-interest rate.
While the University has lines of credit and regularly sells-tax exempt bonds to finance construction, the sale of these taxable bonds are unusual. The magnitude of the offering is, in fact, unprecedented.

Hotel School Strives to Meet Budget Reduction

Unlike the other seven undergraduate colleges, the School of Hotel Administration is particularly market-driven because of its status as a “tub college.” Although this grants the School more financial independence, the University’s policies — including an across-the-board 4.8 percent budget cut — still directly affect how the Hotel School manages its $60 million budget.
“We are responsible for our own expenses and have our own revenue streams while we pay certain charges to the University, but we operate financially with a bit more independence than the other schools and colleges,” said Michael Johnson, dean of the Hotel School and the E.M. Statler Professor.

Job Fair Draws a Meager Crowd Despite Recession

Even in the midst of the current economic crisis, few students wandered in and out of Willard Straight Hall’s Memorial Room where CampusLife hosted a job fair yesterday for on-campus employment opportunities for the current spring, summer and fall semesters. Representatives from several different departments, such as information systems and Cornell dining, waited for employment-seeking students behind tables with information, applications, business cards, free pens and cookies.
When asked if the economy has affected on-campus jobs, Melanie Ciotoli, CampusLife human resources manager, said that “there has not necessarily been a cut back on employment positions” overall and continued by saying that each department seeks different needs at different times.

Recession May Prompt Early Graduations

Graduating a semester or even a year early, while not the norm, is becoming an attractive option for many undergrads across the country and at Cornell as well.
The cost of attending a university has dramatically increased nationwide in recent years. Many parents and students alike are feeling the impact of increasing tuition and room and board costs. For the 2009-2010 academic year, Cornell’s undergraduate tuition in endowed colleges will increase by four percent, which is less than the increase in previous years. But tuition will also rise by 7.2 percent in statutory colleges.