Tuesday, January 27, 2009

Brandeis’s money

Brandeis is saying it is taking drastic measures, including shuttering its Rose Art Museum and selling its art collection, because it is facing a $10 million budget shortfall.

How did the Waltham university get here? Brandeis did well financially between 2005 and 2007, the most recent year for which tax filings are available, reporting a combined budget surplus of $175.7 million for those three years. In 2007, expenses totaled $304.2 million and the school posted a $58.6 million surplus.

And the school’s investments grew. In 2005, the school reported dividends and interest from securities totaling $14. 2 million, by 2007 that had climbed to $18.6 million. It’s investments grew from $495.4 million at the start of 2005 to $734.7 million at the end of 2007.

Also, a spokesperson for the state Attorney General’s Office tells me: “It’s fair to say that our office learned of this yesterday and has not signed off on it, as the Globe reported today.”

If you have information about this Rose stuff, please contact me here.

Brandeis to close Rose, sell art.


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