BEREA, KY -- Berea College is eliminating 39 full- and part-time jobs as it copes with huge losses to its endowment, which is the school's main source of funding, reports The Lexington Herald-Leader in its Saturday edition.
A cut of 30-full-time jobs — including 21 vacant positions — amounts to about 5 percent of the 572 full-time positions at Berea College.
Nine part-time positions, six of which are vacant, will be cut, according to a statement released by the college.
Berea spokeswoman Julie Sowell said no program or department would be shut down because of the budget reductions for the 2009-2010 academic year, but she said details about specific job cuts weren't available.
Berea, which has about 1,500 students, provides financially needy and academically promising students with full scholarships. The school relies on its sizable endowment to cover 80 percent of its expenses.
The endowment fund tumbled from its peak of $1.1 billion in the summer of 2007 to less than $800 million this winter as the stock market dropped, reports The Lexington Herald-Leader.
Copyright - The Lexington Herald-Leader