Over these past few months, the world has seen the best of Duke. Every member of our community has risen to meet extraordinary difficulties that none of us expected when the academic year began with such promise last August. For all that, and on behalf of your colleagues around the world, I thank you. I have never been prouder to be a Blue Devil.
Even as we rise to meet the public health challenges and navigate this new world of social distancing and working from home, we must also rise to meet the financial headwinds now confronting us, both individually and collectively. As I noted last month, the fallout from the pandemic has had a significant negative effect on almost every aspect of our operations. Indeed, as predicted, every one of our sources of revenue—tuition, research grants, clinical and patient care services, private philanthropy and income from our investments and endowment—has already suffered large reductions or is expected to be quite substantially diminished in the months ahead.