On March 7, 2008, Executive Vice President Michael C. Alfano outlined for the NYU community a new effort: a plan — called "Re-engineering" — to achieve $25 million per year in administrative savings that could be directed to supporting financial aid and our academic enterprise. On May 20, 2009, in response to the effects of the national recession and accompanying economic challenges, Dr. Alfano announced an expansion of the Re-engineering program called "Re-engineering II" that sought new savings from within the University administration, as well as savings within school-based administration. As of January 27, 2010 the Re-engineering efforts from the University Administration, not including school based Re-engineering efforts which are ongoing, have created structural efficiencies of $66 million per year which may be redeployed to academic programs and projects. This has the equivalent impact of increasing the NYU endowment by $1.3 billion.