Wow, the Coop is considering charging undergraduate students tuition for the first time since its founding in 1859, according to The New York Times today.
Per the article:
[University president Jamshed] Bharucha said that in recent decades, the school had resorted to unsustainable practices to support its operations — like selling assets and dipping into the principal of its endowment, which stood at $577 million in mid-2010 — rather than just spending the endowment’s earnings. In recent years, it also spent heavily on a new academic building and renovations of its historic building, both on Cooper Square.
The school also generates significant income from real estate it owns, including the land under the Chrysler Building, but the value of those properties has also been dropping.
The Wall Street Journal reports that the school's $16.5 million budget deficit this year has been growing for decades.
Nothing definite about the tuition, Bharucha said. There will be task forces and blue ribbon committees and stuff exploring all this. Also: lower-income and many middle-income students would continue to attend free ... and none of the current 900 undergraduates would be charged, per the Times.
Meanwhile, not looking so good now for a rent reduction for the St. Mark's Bookshop, though that matter wasn't mentioned in the articles.