Weillcornellmedicine - Weill Medical College - Cornell University

Deans Messages
Antonio M. Gotto Jr.,
MD, DPhil, Dean of the
Medical College
4 WEILL CORNELL MEDICINE
Meeting the Economic Challenge
The economic turbulence that is gripping
the nation has not spared Weill
Cornell Medical College.
Our preliminary projections indicate
that, due to the economy, the
Medical College will realize a decrease in revenue
of about $55 million next year, on a budget of
approximately $1.1 billion. While that revenue
decline will be distributed across all funds and
operations, we anticipate that the fiscal year 2010
shortfall in Weill Cornell’s unrestricted general
funds will be a minimum of $12 million.
Despite those economic constraints, our essential
improvement and development projects will
continue to move forward. The College’s plan to
construct a modern biomedical research building,
perhaps our most critical active project, remains
on track. The Overseers and Trustees have already
authorized site work, which will begin in early
2009. On January 13, the Medical College received
word from the City of New York that all approvals
required by the City and neighborhood association
had been granted, without any changes to the
architectural plans or construction schedules. This
is a major boost to this phase of our campaign.
With the strong leadership of our board, faculty,
and donors, the current capital campaign will
be a success. It is, however, difficult to predict how
the turmoil in the stock and real estate markets
will impact the timing of our fundraising for the
biomedical research building. Therefore, prudence
dictates that we begin evaluating alternative implementation
plans. This new facility remains the
Medical College’s most important priority, and we
are devoting our most crucial development efforts
to that. This project will proceed, but our planning
staff will begin analyzing different options for con-
struction, in case fundraising takes longer than
originally anticipated.
As Weill Cornell approaches the conclusion of
a five-year period of significant renovation and
construction, we have limited capacity to undertake
new capital projects. Projects essential to the
College’s long-term clinical and research strategies,
such as work at the Weill Greenberg Center, the
new space on 61st Street, and the imaging center,
will continue.
We must also approach staffing issues with a
mind toward the uncertain future. Recently, under
Stephen Cohen’s signature, we issued instructions
to all department heads that directed them to defer
hiring new personnel and to immediately begin
reducing expenditures.
The advisory committee on financial planning,
co-chaired by Dr. Daniel Knowles and Mr. Cohen,
has been organized. It will make specific recommendations
as to the actions necessary to balance
next year’s budget, as well as lay the foundation for
evaluating the way the Medical College manages
such critical resources as space, working capital,
staffing, and program size.
The purpose of these actions, which are fully supported
by the Board of Overseers and which parallel
similar actions on the Ithaca campus, is to exercise
prudence so the Medical College remains financially
strong as we proceed toward the goals expressed in
our strategic plan, Discoveries That Make a Difference.
Those goals are to strengthen and expand the scientific
enterprise, to extend the excellence of our
extraordinary physician organization, and to keep
medical education affordable and accessible.
Those are our objectives—and with your continued
support I am confident that we will
achieve them.
JOHN ABBOTT