While the global economic crisis steadily whittles away at the foundation of the ivory tower, President Skorton and the trustees convened in New York City this weekend to approve a series of commendable budgetary stipulations that seek to preserve the “strength and character of Cornell.” The conditions, however, must come hand-in-hand with increased transparency from the administration to ensure that as the University digs deeper into its pocket, its spending can be directed in the most efficient of ways.

Making the decision to extract $150 million from the reserves is a smart move. In years past the University has been criticized for spending, on average, less than five percent of its long-term investment in order to preserve the future prosperity of the school. It is dire times like these that command the long-term investments are put to good use in order to preserve the vitality of Cornell.

The gravity of last night’s propositions demands a level of accountability, and in the coming weeks we expect to see a more visible stream of communication and increased transparency from Day Hall. We are assured that those who manage Cornell’s investments are working around the clock to safeguard the future security of the endowment, but a monthly statement from the president and an online suggestion box are simply not enough. Cornell will be under the watchful eye of its concerned investors to ensure that its cash flow is being properly maintained and it is the University’s responsibility to report its revamped financial plans to maintain responsible financial practices and efficiency.

The heart of the world of academia is not reflected by its meticulously manicured lawns or top-ranked dining; rather, the most essential components of intellectual pursuit are the thinkers that keep the engines of higher education churning. It’s crucial that the money being spent from the endowment over the next two years is allotted to a rigorous pursuit to both expand Cornell’s professorial staff and sustain its commitment to financial aid for students.

One of Cornell’s most critical decisions in recent months was to limit its external hiring pause exclusively to staff positions, allowing for the turnover of professorial jobs. With a historically low unemployment rate scourging the nation, the University must seize the opportunity to sweep up some of the brightest minds on the market and recruit a new generation of Ph.D.s who are being turned away from the daunting job market.

And while we appreciate the voluntary 10-percent salary cut the president took — which, in effect, could foot the tuition bill for two students — the announcement will resonate particularly strongly in the ears of Cornellians who have seen their parents laid off.

Skorton’s announcement left little to criticize, but with its propositions comes a questionable future. Not even the brightest minds can predict where the financial crisis will continue to creep, but the preservation of higher education rests in the hands of the leaders of Cornell and its peer institutions.