A state-of-the-university speech isn’t normally a source for political news, but in his address this week, Emory president Jim Wagner dropped several hints this week that his institution’s relationship with Grady Memorial Hospital is about to change.
The 46-minute YouTube clip can be seen here:
But if you don’t have that kind of time, at the 13-minute mark, Wagner a warning, and it wasn’t just for about-to-be furloughed employees. The Grady references are marked in bold:
”Spending from our endowment is entirely a short-term fix. In fact, it is an entirely unacceptable strategy for the long term. Instead, our strategy must be to come to a new financial level as soon as possible, that will allow us to go forward spending only a portion of the interest earned on that endowment…
“By developing new revenue, and reducing expenses, we must go forward on a financial base that is at least $60 million smaller annually than we had planned for from the endowment and our