Facing a potential $30 million budget gap, Brown University is eliminating 60 non-faculty jobs by June. Bloomberg reports the budget shortfall is the result of Brown’s endowment falling to a value of $2.04 billion on June 30, the lowest in the Ivy League.

The value of Brown’s endowment dropped 27 percent during the last fiscal year, according to reports. The university has about 3,000 non-faculty employees and 139 of those accepted early retirement.

“These are enormously challenging times for our entire community,” Provost David Kertzer said in a statement. “The economic downturn has forced the university to review and rethink the way we operate in order to reduce budget deficits while maintaining academic excellence in teaching and research.”

Brown was founded in 1764. had 8,261 undergraduate, graduate and medical students enrolled at the start  of the school year.