DePauw University President Dr. Brian Casey addressed a letter on Dec. 11 to the university community telling them that the nation's economy has created issues for the institution.
At the same time, he assured staff and students that the school is committed to maintaining its current standards in education including keeping the school's core activities and high level of teaching and learning.
"The financial crisis has indeed adversely affected the University's endowment and has placed significant pressure on our operating budget," said Casey in a letter published on the University's Web site Friday.
"We will weather this storm--there may be some painful decisions to make while we are adjusting to changed circumstances, but this University will preserve its core activities and its commitment to teaching and learning at the highest level," he said.
While the university is looking at ways to reduce expenses, Casey claims he is committed to keeping the current levels of scholarship support for students, moving forward with all tenure-track faculty searches and plans no reductions in tenure-track faculty positions.
So far, the University has not implemented any freezes in hiring or spending. They are looking to reduce expenditures and as a result are reviewing staff vacancies as they occur, only filling those that meet a critical need.
Casey also admits the university does not yet know the full extent of the financial crisis and may not for some time.
"We have been vigilant in keeping abreast of the challenges thus far. But financial difficulties are likely to be ongoing," he stated.
Casey stressed how important continued support and funding by alumni and other friends is to the university. He said the school has faced challenges before and the strength of its community has helped DePauw survive those challenges.
"That loyalty to and belief in the University's commitment to teaching and scholarship will remain DePauw's very foundation," he concluded.