Harvard University, one of the most prestigious institutions of higher learning in the world, currently has a $36.9 billion endowment that they accumulated through investments, donations and tuition.

Think about that number for a second: $36,900,000,000. With such a fortune, one could support themselves and a small country for several years.

However, University President Drew G. Faust (pictured above) warned the Harvard community that, due to the global economic downturn, the endowment will inevitably take a hit, and the administration will be assessing the budget to determine what needs to be cut to maintain their riches.

The Crimson reports:

In a phone interview, Faust declined to discuss specific budgetary changes, only stating that each of the University’s schools will be responding to the financial strain in its own way. She also declined to say definitively whether the University would slow down its physical expansion or limit the growth of the faculty, saying only that deans would look to achieve cost savings by wringing out administrative inefficiencies.

[…] Faust hinted that the University may need to cut costs and push back timelines for certain initiatives, such as expansion plans in Allston.

[…] Additionally, Faust warned that the University, one of the largest employers in Massachusetts, will be evaluating its payroll. Compensation costs currently account for almost half of the University’s budget.

In other words, Harvard is willing to lay off employees, in order to protect their already exorbitant fortune.

Granted, the University must take precautions to remain open, but considering how far it is in the green, it seems incredibly selfish for them to consider cutting jobs so quickly.

Would a $1 billion hit to the endowment kill Harvard? No, but hundreds of people losing their jobs would definitely destroy some families.