Our preemptive congratulations to New York University’s John Sexton on his expected announcement that the president will take a symbolic salary in the amount of $1 per year until the current fiscal crisis in
academia ends. As the largest private university in the world, this move will send a strong signal to the NYU community, as well as colleges and universities around the country. NYU is committed to do everything in its power to remain a vital institution in the intellectual life of New York City. This sacrifice demonstrates the university’s outstanding commitment to research, learning, and preparing the next generation of scholars and leaders.
“If we are to maintain both the extraordinary academic momentum of recent years and the financial stability of our University, we will have to be particularly nimble and creative, ” writes Sexton. This announcement serves as proof of the creativity, innovative thinking, and commitment to learning that has made NYU famous throughout the world.
This is not merely a symbolic action, and the president’s $850,000 contribution is only the most visible in a groundswell of material support to be shown by administrators and stewards of the institution. In response, Provosts, Vice Presidents and Deans are likewise expected to unanimously announce temporary salaries of $22,000 per year. This amount is equivalent to what the university’s estimated cost of room, board and transportation in calculating stipends to teaching assistant in the New York City area. In order that this move does not disrupt the vital business of our university, these administrators will retain their subsidized housing in Manhattan and work-related expense accounts.
We expect an outpouring of response from the university community. In times like these, the collective good must take precedence over individual interests. If there ever were an Ivory Tower, it has long since been dismantled. However, this does not meant that we should abandon idealism when the severity of the situation calls us to action. The Faculty Senate will follow the lead of NYU’s top administration to urge all making over $100,000 to tighten belts for a short-time in the interest of the university.
NYU’s administration is currently being asked to come to consensus on this initiative; participation is entirely voluntary. While the University cannot compel its staff and faculty to join this movement, it urges community mindedness in these hard times. With the expected announcement of the Transparency in University Governance Initiative, salaries, expenses, and costs will be held to public scrutiny. This initiative incentivizes and acknowledges the contributions of exceptional individuals. It also allows participants to rest assured that their sacrifices are being put to the best use.
These are brave moves in the face of a dire fiscal crisis. John Sexton must expect criticism in the world of higher education for this announcement. As the largest private institution of higher learning, NYU has long been seen as a bellwether and trendsetter for academia around the country. NYU is confident that it has the clout within the private university system to weather disparagement from vested interests outside our university. In time, we expect Harvard, Princeton, Columbia, Yale, Brown, and other private universities currently laying off staff and cutting teaching positions to follow our lead. With so many jobs threatened and loss of funding for research, it is only fair that university presidents at other schools sacrifice as well. Decades of presidents’ salaries at levels upwards of half a million dollars may be appropriate in free-flowing economic times. During these times of austerity, however, such salaries are better reinvested in preserving the place of the university in American life.
PLEASE! Take a moment of your time from your busy finals and graduation celebrations to send an email to John Sexton congratulating him on his groundbreaking decision. He can be reached at john.sexton@nyu.edu.
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