Mar. 14--Private institutions of higher learning are not immune from the growing economic crisis, as the experience of the University of Tulsa indicates.

TU officials recently announced they would cut overtime hours, slow hiring of new employees and postpone merit salary increases in an effort to offset endowment fund losses.

Staff members and administrators also will not be paid for summer half-days on Fridays in June and July.

TU President Steadman Upham said all staff members are being asked "to take part in this reduction, and that starts from me on down."

Given the commitment of TU to the community, to quality education, and to laudable goals in general, there's little doubt that all TU staff and supporters will do what is necessary to preserve the university's outstanding programs and stellar reputation. Our hope is that the economic woes are short-lived and cause no long-term repercussions.

Unfortunately, more serious economic trouble could lie ahead. Upham said that market fluctuations aren't felt immediately by the school because endowment earnings are drawn on a 12-quarter rolling average.

If the economic crisis continues, TU could be looking at a $15 million budget shortfall in fiscal 2012. The hope is that measures enacted now will help offset losses that may be on the horizon.

Upham

said he hopes layoffs won't be necessary, but added, "If conditions continue to worsen, who knows what we'll have to do."

Some campus projects have been slowed because of economic conditions, but major projects such as the library renovation and new performing arts center are on schedule.

The times are tough on just about everyone, it seems. Time to tie a knot in the end of the rope and hang on.

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