Letter to Emory School of Medicine Faculty
From Dean Thomas J. Lawley on the School of Medicine and the Economy
Distributed via email May 19, 2009
Dear Colleagues,
The economic downturn that has struck all aspects of the national and world economy is affecting Emory and, of course, the School of Medicine.
As outlined in letters to the Emory community from President Wagner and from the University"s Ways and Means Committee, Emory"s endowment has lost a sizable part of its value (approximately 25 percent). The same is true for the School of Medicine endowment. Since income from our endowment is one of the major sources of income for the School, any significant decrease affects the budget of the School and the general and administrative budgets of its departments and units, as well as the value of endowed chairs and professorships.
Given our financial circumstances, it is clear that selective reductions in the operating budgets of academic departments and units as well as decreases in the budgets of School of Medicine central administration will be necessary in FY10 to maintain financial stability during this challenging time. We are currently determining the exact amount for each department and unit. I have met with every department chair in the School of Medicine to discuss the economic situation of the School and the potential impact this will have on each department"s budget.
My goal is to help guide the School of Medicine through these troubled economic times while advancing our core missions of clinical care, teaching, and research and, to the extent possible, of course, preserving jobs. You, the faculty and staff, are Emory"s most important asset. I will engage my Faculty Advisory Committee as a resource, and they will serve as ambassadors to solicit broader input. Central Administration will also open an email address for constructive cost-cutting and revenue-enhancing suggestions. While a balanced budget is important, preserving our core missions within the limits of our economic resources is the real key to success.
This recession will not last forever. When better times return, Emory and the School of Medicine will be well positioned to capitalize on the opportunities this brings. In the meantime, your hard work, collegiality, and mutual support are deeply appreciated.
Sincerely yours,
Thomas J. Lawley, M.D.
Dean, Emory University School of Medicine
More on the School of Medicine and the Economy
Message from President Jim Wagner to the Emory Community
Emory and the Economy: Frequently Asked Questions
Managing Financial Stress Seminar
School of Medicine and the Economy
