The day he announced Yale's endowment had fallen about 25 percent since June, President Richard Levin told the Yale Daily News that "this is not the end of the world." Yale's decline, which was similar to percentages reported by Harvard, Columbia, and the University of Michigan, puts its endowment at about $17 billion, down from $22.9 billion. According to the president's 2,000-word letter, a number of high-profile construction projects, such as a revamped School of Management campus, would be delayed indefinitely. Levin said Yale will not impose a formal hiring freeze or reduce financial aid but would restrain salary growth. Also, certain parts of the university will be expected to cut 5 percent of their costs.