From a Norman Oder Library Journal article about a recent ALA panel entitled "Negotiating the Downturn: Collection Development for Tough Times." In the Cornell section, Borrow Direct and the 2CUL initiative between Columbia and Cornell are cited as two ways in which Ivy League libraries are collaborating on new content and, in the case of 2CUL, "co-purchasing" back files.
"In FY 09-10, Cornell faced its first-ever materials budget reduction, a 5.3% cut in the general purpose allocation compounded by a 15% reduction in endowment payout...For FY 11, the library's general allocation is cut 4.1%; while the collections budget is not suffering from that cut, a 13.7% reduction in endowment payout means a 2.6% budget reduction."
"'Over the past four or five years, "thanks to a fairly militant faculty, collections were protected,'....With the payout on the endowment expected to go down by another 12%, Harvard is not expecting further relief, however."
Oregon State University
"The library's collections budget has faced multiple crunches, with $464,000 worth of serials canceled in 2009, $1.1 million in 2010, and $208,000 anticipated in 2011."