myVU - Resources for Faculty and Staff

A message from Provost Richard McCarty

Posted 2/19/2009

University Central Colleagues,

As we begin to prepare budgets for the next fiscal year, we continue to face challenges at Vanderbilt as the economic outlook continues to deteriorate.  We have come through the first two quarters of this fiscal year in a strong position thanks to the many sacrifices and cost-saving efforts of our dedicated faculty and staff.  In preparing for the inevitable challenges ahead, our efforts are focused on building up a strong cash reserve to cushion against continued downturns in the national economy. 

To keep our costs in line with our reduced income from endowment earnings in the current economic environment, Vanderbilt must accomplish the difficult task of reducing its expenditures in the coming year.  I join with Vice Chancellor for Health Affairs Harry Jacobson in supporting the decision for Vanderbilt to freeze salaries for faculty and staff for fiscal year 2010, which begins July 1, 2009.  Exceptions to this policy include salary adjustments for faculty promotions, staff promotions, and certain market sensitive, mission critical positions.  I know this is a disappointing decision for many but I believe it is the right thing for us to do to preserve job security and to insure that we are well positioned to continue our steep upward trajectory as an institution when the economy begins to improve.

Although these are challenging times for the university, they will be temporary.  We remain a fundamentally strong, financially healthy institution. Your contributions in support of our missions of teaching, research and service are significant and deeply valued.

Thank you for your dedication to and support of our university.


Richard McCarty
Provost and Vice Chancellor for Academic Affairs

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