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Friday, September 25, 2009

Financial Problem Within Educational Field

Failure to manage money / fund will not only affect the matter of employment but as well the educational field. That's what happen in Harvard.

Harvard University will look for savings in its information technology services and 70 libraries after losing $11 billion of endowment value in the last fiscal year, President Drew Faust said.

Even the great university like Harvard is able to be trapped in its fund administration - the individual like us are having higher probabilities to suffer self-economic downturn if we are not able to wisely manage our money/funds.

Harvard’s decentralized financial and administrative structure, often called “every tub on its own bottom,” gives each of its units, including the business, medical and law schools, an independent budget and administration. The power held by individual divisions sometimes interferes with cost savings in purchasing and other matters, Faust said.

It is important that we observe the money flow. I am not an economic student but it is just a common sense that you spend more, you loss more but you save more, you are actually planing and creating a better and bright future for yourselves.

Now Harvard is planning to make things right, so same goes to us as an individual.

Source:
Bloomberg.com
http://www.bloomberg.com/apps/news?pid=20601103&sid=aQvELZBe3VZc

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