Latest news with #JennyMartinez
Forbes
a day ago
- Business
- Forbes
Stanford University To Lay Off Staff, Cut $140 Million From Its Budget
Stanford University joins the growing list of universities forced to make major budget cuts, ... More announcing reductions of $140 million for the upcoming year. Stanford University announced this week that it would be laying off employees and cutting $140 million in general operating funds from its budget for the upcoming 2025-26 academic year. The news came in a June 26 letter to the campus from Stanford President Jon Levin and Provost Jenny Martinez. Acknowledging that the news was difficult to share, the administrators wrote that the university faces 'significant budget consequences from federal policy changes. These changes include reductions in federal research support and an increase in the endowment tax.' '(W)e need to be realistic about the current landscape and its consequences. There is significant uncertainty about how federal support for universities will evolve, but it is clear that the status quo has changed,' they warned. The Stanford campus has been bracing for bad budget news for months. On February 26, Levin and Martinez announced that Stanford had placed a freeze on staff hiring, writing that uncertainty about NSF and NIH funding and the possibility of an increased federal tax on university endowments would likely affect its bottom line. In April, Stanford deans were instructed to prepare various budget reduction models, and about three weeks ago, Martinez informed the Faculty Senate that the university "could experience policy changes that would reduce our operating budget by hundreds of millions of dollars a year.' This week that prophecy was fulfilled, and it's likely to get worse. The $140 million reduction does not include the School of Medicine, which will identify its own budget cuts in the coming weeks. Levin and Martinez instructed unit heads to formulate their budget plans, which should become final in the next several weeks, according to four principles: They also wrote that they expect schools and units to handle the reductions in different ways, and that the university will increase its endowment payout by 2.9%, which will provide departments some needed support. The administrators admitted that the budget cuts 'will require some reduction in staff positions, not all of which can be accomplished by eliminating open positions," before adding that the university will make benefits and other compensation available 'to support transitions in cases where layoffs are necessary.' Stanford's current budget plan includes several other elements. In 2024–25, Stanford operating budget was $9.7 billion, $1.8 billion, or about 20%, of which was covered by the annual payout of its more than $37 billion endowment. 'Though the budget reductions in the period ahead will be painful, we are confident that by acting now to put Stanford on stronger and more resilient financial footing, we will be better positioned to pursue excellence and new opportunities going forward,' Levin and Martinez concluded.
CBS News
04-05-2025
- Entertainment
- CBS News
Inside SoCal: Pampering Mom (5/4)
If your mom needs a break, one of the best gifts you could offer is relaxation and Yaamava's award-winning Serrano Spa delivers on another level. MOTHER'S DAY AT YAAMAVA Sponsored by Yaamava Resort & Casino This Mother's Day, Yaamava Resort and Casino is going all out. For those moms in desperate need of a break, the Serrano Spa is ready to welcome them with open arms, quiet and serious pampering (they were awarded the coveted Forbes 5 Star rating afterall). And if plans are already set, a gift card for a future treatment (and some of the spa's curated products) can do just the trick. If Mom is looking to have some fun in the sun, the pool deck is the place to be. GIRLS JUST WANNA HAVE SUN offers poolside music, relaxation, cocktails and food. And speaking of which, Celebrity Chef Jenny Martinez will be offering a custom Latin-inspired menu at Radiance Café. In fact, she'll be onsite on Saturday, May 10th for a meet and greet and cookbook signing. Space is limited so be sure to grab a reservation or ticket at
Yahoo
10-02-2025
- Health
- Yahoo
Stanford, Harvard Warn of ‘Deep Impacts' From Trump Funding Cuts
(Bloomberg) -- Stanford, Harvard and other top research universities warned of the potential hit to medical care and scientific innovation from the Trump Administration's cut to a type of federal funding from the National Institutes of Health that's set to go into effect Monday. Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille In New Orleans, an Aging Dome Tries to Stay Super How London's Taxi Drivers Navigate the City Without GPS At stake is the money universities can get reimbursed for from expenses such as laboratory buildings, equipment and staff — known as indirect costs. NIH said the rate would be cut to 15%, while some universities currently receive more than 50%. Stanford said the change will create a reduction in NIH funding of approximately $160 million per year. 'A cut of this magnitude would potentially have deep impacts on medical care, human health, and America's place in the world as the leader of biomedical research,' Stanford's provost, Jenny Martinez, said in a statement. The slashing of research funds is the latest salvo from the Trump Administration aimed at universities, which receive billions of dollars annually from the federal government. The White House last week announced federal investigations into potential violations of a federal law prohibiting sex-based discrimination over transgender athletes. Elite schools are also under examination for their response to antisemitism, concerns over free speech on campus and support for diversity, equity and inclusion programs. The cuts to research funding threaten university budgets, but according to Harvard president Alan Garber, it would also slow the discovery of new treatments and compromise the nation's science and engineering prowess. Harvard received almost $700 million in federal funding in the last academic year. 'Federal funding for scientific research has helped make the United States a magnet for outstanding talent, a springboard for ambitious ideas, and a wellspring of rapid and accelerating progress, manifested in an ever-growing list of life-saving treatments for heart disease, cancer, and genetic diseases, along with technological innovations that have strengthened our economy,' Garber, a physician, said in a statement. Trump's Tariffs Make Currency Trading Cool Again After Years of Decline Front-Loading Tariffs Undercuts Trump's Promise of Faster Growth The Reason Why This Super Bowl Has So Many Conspiracy Theories Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Orange Juice Makers Are Desperate for a Comeback ©2025 Bloomberg L.P. Sign in to access your portfolio
