Ivy League Budget Deficits Prompt Harvard, Yale to Seek Cuts

At least half of the eight Ivy League schools ran budget deficits in the past fiscal year, reflecting cuts to federal research funding and difficulty in controlling operating costs.

Of the seven schools that have released audited annual reports, Harvard University, Yale University, Cornell University and Dartmouth College posted gaps in the year that ended in June. Brown University, which had a small surplus, said it faced a deficit and used reserves to make up the difference internally. Yale said it may cut personnel as it seeks savings.