Stanford University — one of the most prestigious universities in the U.S. — is laying off 363 employees by Sept. 30, according to a WARN Act notice recently filed with the California Employment Development Department.

Stanford University will lay off at least 363 employees this fall as part of $140 million in budget cuts driven by rising costs and changes in federal funding policies, including a steep revision to the endowment tax.

In a letter, Stanford University cited “ongoing economic uncertainty,” looming federal cuts and rising operational costs as the reasons for the staffing cuts.