Yeshiva U. Faces Growing Fiscal Crisis Amid Downgrades and Abuse Suit

Richard Joel Admits Problems as Rumors of Cuts Swirl

Storm Gathers: Yeshiva President Richard Joel has warned the flagship Modern Orthodox institution faces dark fiscal days ahead.
yeshiva u.
Storm Gathers: Yeshiva President Richard Joel has warned the flagship Modern Orthodox institution faces dark fiscal days ahead.

By Paul Berger

Published November 22, 2013, issue of November 29, 2013.
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Between 2008 and 2009, Y.U.’s net assets fell $439 million — a 17% decline. Pay freezes and staff cutbacks followed.

This year, Y.U. staff received modest pay rises of 2% and additional tenure track jobs were authorized.

But the upbeat mood appears to have been short-lived.

“Austerity measures will no doubt continue to plague Y.U., contracting student offerings when, unfortunately, there really doesn’t seem to be any more room to contract,” said Gavriel Brown, a senior at Yeshiva College and the editor of The Commentator.

“Skeletal course offerings, decreased opportunities to study and travel abroad, and fewer student services will translate into pretty unhappy students.”

Y.U.’s deepening financial uncertainty comes ahead of the highlight of the university’s fundraising year, Y.U.’s annual Hanukkah dinner, which will take place on December 8 at New York’s Waldorf Astoria hotel.

This year’s keynote speaker, and the recipient of an honorary degree, is The New York Times columnist David Brooks.

Contact Paul Berger at berger@forward.com or on Twitter @pdberger


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