Possible Pay Cut

I've mentioned before that I work in the nonprofit sector. I (and my office) live and die based on the grants we receive. Our final grant came in last week, and while we were ecstatic about the total amount they cut salary. This was further complicated because our grant manager talked to me about it without looking at our file. She confirmed that we could use some funds for salary and then called to say no, no salary.

So right now 10% of my salary/benefits is hanging out there. A part of my thinks we could live with the cut and I could drop my hours accordingly. Then I remember that many weeks of the year I'm closer to 50 hours that 40 hours, so getting the job done on 36 would be comical. Then I think of an admin person that recently went full time. Though I also know that the difference in her full/part time hours doesn't equal 10% of mine.

Tomorrow, first thing, my boss and I are sitting down to get it figured out. Hopefully it will all go well, but given the choice this is not how I'd start the week.