Interesting. They're instituting furloughs at state institutions, but the College came up with a pretty good plan for it - it's a sliding scale based on your pay range. I'm on the lower end of the scale as they created it, which means I will have to take 1 day off. Interestingly, they're telling us the day off will be during our regular winter holiday (the week between Christmas and New Year's), which means we'll have one day of holiday time left over which we can take later. So, really, time-wise, we're not losing anything, and it could be argued that it will actually feel like we're gaining another paid day off. Also, any pay reductions will be spread over 20 pay periods, so it's not like I'm really even going to notice one day's pay over the next 8 months.
I have to say, if you're going to do this, I think they did it right.