RISD FACES LAYOFFS, BENEFIT CUTS, AND REDUCED MUSEUM HOURS

Faced with a steep drop in its endowment, the Rhode Island School of Design will rely on a combination of layoffs, benefit cuts, and reduced museum hours to make up the shortfall, according to the Providence Journal.

The measures, which include plans to trim as many as twenty full- and part-time staff positions––as much as 3 percent of the payroll––and close the school’s museum of art during the month of August, were announced on Wednesday in an e-mail to faculty and students.

In a statement, RISD president John Maeda said the value of the school’s endowment has plunged more than 30 percent over the past eighteen months. The endowment currently stands at $250 million, down from a peak of $375 million at the end of 2007, according to school officials.

“Like many other colleges and universities, RISD has been affected by the downturn of the financial markets,” Maeda wrote. “We have had to make some difficult decisions, but I am fortunate to lead an organization with such clear guiding principles. Above all, we must do everything we can to ensure the excellence of our academic programs and to create the best possible experience for our students.”