In an all-campus email sent earlier today, Cappy gave an update on Vassar's financial situation.
"It appears that, by the close of the 2008-2009 fiscal year, the investment loss in the market value of our endowment was just under 20% — a better result than the 30% loss on investments we had modeled as a potential worst-case scenario," Cappy writes. She qualifies this optimism, however, calling our budget "unsustainable... which can only be addressed through spending reductions and permanent structural change."
Unfortunately, the worst may be yet to come. "We need to reduce overall employment at the College by 10-15% over the coming years," Cappy writes, which is the equivalent of 60 positions.